Plant Hormones Market Research Future Insights:
According to market research future insights analysis, the global plant hormones market is expected to register a CAGR of ~10.20% from 2022 to 2030 and hold a value of over ~USD 4.97 billion by 2030.
The growth of the plant hormone market is primarily driven by the rise of the organic market and the significance of sustainable agriculture. Market expansion has also resulted from increased investment in agricultural activities in emerging nations. As a result of better financial resources being made available to farmers, farmers now have more access to various plant hormones. While the clearance procedure takes some time, patent protection and exclusivity enable businesses to recoup their R&D expenditures, encouraging them to make more investments that will promote global growth in the future. Additionally, the growing demand for improving crop yield and expanding global consumption is promoting the expansion of the plant hormone market. The market’s growth is also anticipated to be boosted by an upsurge in the textile industry, including an increase in cotton production and the practice of organic farming. However, a sizably large proportion of farmers still need to learn about these plant hormones and how precisely and appropriately to use them for various applications, which limits the market for plant hormones.
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Regional Analysis
Europe dominated the market for plant hormones in 2021as a result of the presence of developing nations like the UK, Germany, and France, which account for the majority of the cotton textile industry. In addition, it is anticipated that during the forecast period, The market for plant hormones in this region will expand more quickly due to the increased demand for pulses, cereals, and oilseeds in these areas.. Plant hormones work best to raise the residue level in agricultural soil because they are more environmentally friendly and make Europe one of the main plant hormone residue-free regions.
Due to the region’s growing living standards and higher disposable income, Asia Pacific is predicted to have profitable expansion in the plant hormone market. China has the largest market share for plant growth regulators in Asia. A high level of agricultural productivity is also required due to the nation’s rapidly growing population, which increases product demand. The Asia-Pacific region has a greater demand for plant hormones due to the abundance of land suitable for organic farming. The market for plant hormones is expanding in this region due to the rising demand for fruits and vegetables due to the expanding population.
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Market Segmentation
The global plant hormones market has been segmented into type, formulation and application.
The market has been divided into types: auxins, cytokinins, ethylene and gibberellins. The cytokinins category accounted for the largest share of the market in 2021. Several aspects of plant growth and development, including shoot and root growth, cell division and differentiation, senescence, apical dominance, sensitivity to abiotic and biotic stresses, and fruit and seed development, are known to be favorably impacted by the use of cytokinins. On the other hand, the auxins category is anticipated to grow at a significant rate. Auxins are generally employed to induce the abscission of mature leaves and to stop early leaf and fruit drops from plants. Additionally, it aids at the beginning of stem-cutting germination, one of the most popular applications in plant propagation.
Based on formulation, the market has been segmented into powders, granules and solutions. The granules category accounted for the largest revenue share in 2021 in the plant hormones market. Granules enhance stability and handling ease during supply chain activities. They are anticipated to experience the agricultural market’s fastest growth.
Based on application, the market has been segmented into fruits &vegetables and cereals &pulses. The fruits &vegetablescategory accounted for the largest revenue share in 2021 in the market for plant hormones. Fruits and vegetables are treated with plant growth regulators to slow down ripening, guard against illness, and lengthen shelf life after harvest. By delaying the fruit’s ripening phase, they aid in extending harvesting times and enable more products to be collected per cycle. On the other hand, the cereals &pulses category is anticipated to grow at a significant rate. Plant growth regulators are employed in cereal and grains to control the crop cycle, avoid the lodging of crops, and improve grain size and quality. By delaying ripening so harvesting times can be prolonged, they reduce post-harvest losses.
Key Players
Some of the key market players are BASF SE (Germany), Syngenta AG (Switzerland), The Dow Chemical Company (U.S.), Nufarm Australia Ltd. (Israel), FMC Corporation (U.S.), Bayer CropScience AG (Germany), Adama Agricultural Solutions Ltd. (Israel), Tata Chemicals Ltd. (India), Shanghai Xinyi Industry Co. Ltd. (China) and Valent BioSciences Corporation (U.S.).
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