Global Plant Hormones Market - 2023-2030

Overview

Global Plant Hormones Market reached US$ 2.8 billion in 2022 and is expected to reach US$ 5.4 billion by 2030, growing with a CAGR of 8.7% during the forecast period 2023-2030.

The global plant hormones market has witnessed significant growth and transformations over the years, farmers are highly adopting chemical plant hormones such as auxins, gibberellins, ethylene, and others as they help in regulating plant growth and development, they help promote the elongation of roots and stems which help in increasing the nutritive intake in plants. Hence, such factors help in driving the global plant hormones market.

Furthermore, many manufacturers are producing innovative high-quality products in order to attract larger consumer bases. For instance, BASF SE company produces Cycocel 750, a soluble concentrate that improves resistance to lodging, stem break, drought & eyespot damage. Hence, such products can help in increasing the market size.

The gibberellins type segments account for the largest market share, similarly, the Asia-Pacific region dominates the plant hormones market, capturing the largest market share. India remains the largest consumer of these chemicals, as the fruit and vegetable production rates are high in this region.

Dynamics

Increase in Demand for Agriculture Products

The demand for agricultural products is increasing. For instance, according to the Ministry of Agriculture & Farmers Welfare, Government of India report of 2023, the Wheat production in the country is estimated at 112.18 million tonnes which is higher by 4.44 million tonnes than the production achieved during 2021-22. Hence, the increase in production rates can help in increasing the usage of plant hormones.

Furthermore, as the demand for agricultural products is increasing, farmers are adopting these plant hormones, as they Promote cell elongation in stems and roots, which helps plants reach light and nutrients. This helps in enhancing the quality and crop productivity. Hence, such factors help in increasing the market growth.

Increase in Demand for Innovative Products

Farmers are highly shifting from traditional agricultural practices which increases the demand for advanced technologies such as plant hormones. They help in promoting seed germination, and elongation of stems, and roots and they help ensure that plants grow to their full potential. Hence, such factors help in increasing the adoption rate.

Furthermore, many manufacturing companies are focusing on producing innovative high-quality products in order to attract larger consumer bases. For instance, FMC Corporation company produces Furastar crop nutrition. It has a high concentration of Ascophyllum nodossum & contains Folic acid as well. It is water-soluble. It enhances flowering and reduces flower drops, and also enables better flower & fruit setting. Hence, such products can help in increasing the market growth.

Resistance Development

The resistance development in plants can significantly affect the growth of the global plant hormones market. plants can develop resistance to certain plant hormones over time. This resistance can reduce the effectiveness of these hormones in promoting growth, flowering, or other. Farmers may opt for other alternatives which could hamper the market growth.

Segment Analysis

The global plant hormones market is segmented based on type, formulation, crop type, distribution channel, function, and region.

Increase in Demand For Effective Plant Nutrition

The gibberellins segment holds the maximum share in the global plant hormones segment. Farmers are highly adopting these chemicals as they help in facilitating root and steam elongation and also help in inducing seed germination. This helps in enhancing the flower and fruit development. Hence, such factors help in increasing the market growth.

Furthermore, many manufacturing companies are focusing on producing high-quality innovative products in order to attract larger consumer bases. For instance, Dhanuka Agritech Ltd produces Maxyld, it is a highly effective plant growth regulator containing Gibberellic Acid 0.001% in liquid form as the active ingredient. It helps in accelerating the growth function of plants. Hence, such products help in increasing the adoption rate.

Geographical Penetration

Vast Agricultural Lands and High Production of fruits and vegetables

Asia-Pacific has been a dominant force in the global plant hormones market and its significance has only grown in the post-2020 era. As the demand and production of agricultural products are increasing in this region, Farmers in this region are highly adopting these plant hormones as they help in enhancing the growth and development of plants. Hence, such factors help in increasing the market size.

Furthermore, the presence of vast agricultural land can help in increasing the usage of plant hormones as they help in enhancing the growth and development of plants. For instance, according to the Department of Agriculture, Fisheries and Forestry report Australia has around 427 million hectares of agricultural land. Hence, it can help in increasing the market in this region.

Additionally, plant hormones are highly used in fruit and vegetable crops as they help in enhancing seed germination, elongating stems, and others. They help in increasing the crop productivity. For instance, as per the National Horticulture Database, published by the National Horticulture Board, during 2021-22, India produced 107.24 million metric tons of fruits and 204.84 million metric tons of vegetables. Hence, it can lead to increasing market growth in this region.

Competitive Landscape

The major global players in the market include: DHANUKA AGRITECH LTD., BASF SE, Syngenta, FMC Corporation, Bayer AG, ADAMA, Tata Chemicals Ltd, Valent BioSciences, Dow and Nippon Soda Co., Ltd.

COVID-19 Impact Analysis

The pandemic has brought a disruption in the supply chain, as many manufacturing companies are shut down due to government lockdown restrictions which have led to a decrease in the availability of products in the market, this has led to a decrease in the adoption rate which shown a negitive impact on global plant hormones market.

By Type

• Auxins
• Cytokinins
• Ethylene
• Gibberellins
• Others

By Formulation

• Solution
• Granules
• Wettable Powders
• Others

By Crop Type

• Fruits & Vegetables
• Cereals & Pulses
• Oilseeds & Grains
• Others

By Distribution Channel

• E-Commerce
• Hypermarkets/Supermarkets
• Specialty Stores
• Others

By Function

• Plant Growth Promoters
• Plant Growth Inhibitors

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In September 2023, Crystal Crop Protection acquired Sadanand Cotton Seeds a business from Kohinoor Seeds. This acquisition will boost the crystal goal of providing end-to-end innovative and progressive solutions to stakeholders in the cotton seed business.

Why Purchase the Report?

• To visualize the global plant hormones market segmentation based on type, formulation, crop type, distribution channel, function, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of plant hormones market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global plant hormones market report would provide approximately 78 tables, 81 figures and 189 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies