The Global Plant Hormones Market will witness exponential accruals registering a strong CAGR 6.9% during the review period (2017 – 2023). Plant hormones are referred to as plant growth regulators (PGRs) or phytohormones, can be defined as plant supplement or plant nutrition. Plant hormones are chemicals just like animal hormones that help in the growth, development, and functioning of plants.
Just as animals, plants too are living organisms that function as a unit, carrying out vital biochemical reactions that are required to survive. These hormones help in formation of tissues, respiration, energy production, and even plant longevity and death. In addition to helping in the formation of leaves, flowers, stems, fruit, etc. plant hormones also help in determining the gender of the flowers, the color of the fruits, and leaves.
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The growing interest in soil health and soil-plant interactions has collectively hatched a new concept of plant hormones that can be commercially available and fed to the plants externally. Using plant hormones is a cost-efficient mean of pushing yields to escalated limits. Although plant hormones have just begun to test the market, they are already witnessing a huge demand across the world.
Some of the eminent leaders of the market include Syngenta AG (Switzerland), BASF SE (Germany), The Dow Chemical Company (U.S.), FMC Corporation (U.S.), Nufarm Australia Ltd. (Australia), Bayer CropScience AG (Germany), Tata Chemicals Ltd. (India), Adama Agricultural Solutions Ltd. (Israel), Valent BioSciences Corporation (U.S.), and Shanghai Xinyi Industry Co., Ltd. (China).
The plant hormones market appears to be highly competitive owing to the presence of several large and small key players accounting for a substantial market share. Emphasizing upon new product development initiatives, and geographical expansion; Producers compete based upon price and brand reinforcement. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain a competitive advantage in this market and to maintain their market position.
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MRFR has segmented its analysis into five key dynamics for an easy grasp;
By Types: Auxins, Cytokinins, Ethylene, and Gibberellins among others.
By Functions: Growth Inhibitors and Growth Promoters among others.
By Formulation: Powders, Granules, and Solutions among others.
By Applications: Fruits & Vegetables, Cereals & Pulses among others.
By Regions: North America, Europe, APAC and the Rest-of-the-World.
The North American region is emerging as a promising market for the plant hormones. The horticulture and aquaculture sector majorly lead the market in the region. Besides the recent trend of hydroponic, Aquaponics, and vertical farming are substantiating the market growth of plant hormones in the region.
The European region dominates the global plant hormones market, in terms of both market size as well as revenue. The region has the world’s largest area under plant hormones production, and its growth rate is anticipated to grow at a substantial CAGR during 2017 -2023.
Some of the European countries such as the U.K, Germany, and France backed by their burgeoning cotton textile industry, majorly boost the market growth in this region. Additionally, rising demand for pulses, grains, and oilseeds in these countries is projected to boost the plant hormones market during the forecast period.
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Industry/ Innovation/ Related News:
October 17, 2018 – Plant biologists at the University of Zurich (Switzerland) published their study of reviewing the use of plant hormones, as a tool for space farming in the magazine – Nature. The paper proves that plant hormones can be used for space farming so that food can be produced in extra-terrestrial environments.
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