Plant Hormones Market is growing due to demand for organic food. With the growing consumer awareness and their increasing interest in healthy food, the demand for plant hormones has increased recently. In addition to the growing population, the demand for fruit and vegetable, pulses, grains, and other agricultural products are expected to surge the demand for plant hormones over the review period.
Plant hormones are naturally occurring elements that regulate the development and growth of plants. Plant hormones are either plant-derived or chemical prepared substance used for improving plant growth. Additionally, plant hormones market is observing an exponential growth based on its high usage in the agriculture industry.
The Global Plant Hormones Market is projected to propel by the increasing awareness regarding available benefits to the crop producers by the use of the plant hormones. Furthermore, food security for the growing population, advancement in farming practices & technologies, and high opportunities in developing countries is positively supporting the growth of global plant hormones market.
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However, high availability of economical alternatives to plant hormones such as agrochemicals is expected to hamper the growth of the global plant hormones market over the forecast period. The market players are responding to these new opportunities by expanding their service offerings/product lines, which has boosted the share of plant hormones in the global market. The global plant hormones market is expected to grow at a CAGR of 6.9% during the forecast period, 2017-2023.
Leading Key Players:
Some of the key players profiled in the global plant hormones market: BASF SE (Germany), Syngenta AG (Switzerland), The Dow Chemical Company (U.S.), Nufarm Australia Ltd. (Australia), FMC Corporation (U.S.), Bayer CropScience AG (Germany), Adama Agricultural Solutions Ltd. (Israel), Tata Chemicals Ltd. (India), Shanghai Xinyi Industry Co., Ltd. (China), Valent BioSciences Corporation (U.S.)
Plant Hormones Market is segmented on the basis of type, which includes auxins, cytokinins, ethylene, gibberellins, and others. Among all, the cytokinins segment is dominating the market followed by ethylene.
On the basis of function, the plant hormones market is segmented into growth inhibitors and growth promoters. The growth promoters segment is dominating the market owing to increased demand for agricultural products in the growing population.
Based on the formulation, the plant hormones market is segmented into wettable powders, granules, solutions, and others. Among all, the solution segment is dominating the market followed by granules. Granular formulations are relatively stable and easy to use.
On the basis of application, the plant hormones market is segmented into fruits & vegetables, cereals & pulses, oilseeds and grains, and others. The fruits & vegetable segment is dominating the market owing to growing health consciousness among consumers and increasing consumption of a fruit & vegetable products.
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The Global Plant Hormones Market is segmented into Europe, North America, Asia Pacific and rest of the world (RoW). The European region is dominating the plant hormones market followed by the Asia Pacific owing to rising population followed by increasing consumption of fruits and vegetables, pluses, grains, and oilseeds in developing regions. Additionally, the major key players are actively involved in the research & developments of the product conforming to European regulations for plant hormones.
Furthermore, shrinking agricultural land in the Asia Pacific region including countries such as China, Japan, and India has uplifted the demand for plant hormones. Also, increasing agricultural activities in developing economies of the Asia Pacific region is adding fuel to the growth of the global plant hormones market.
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