Worldwide Plant Hormones Market Survey 2019 | Business Ideas, Strategy, Industry Analysis, Segmentation, Size, Sales, Share and Forecast Covers till 2023

Plant Hormones Market Classified by Type, Function, Formulation, Application and Region Global Industry Forecast till 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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Growing demand for food, led by the ever-increasing population worldwide, accounts for the major driving force behind the market growth which is augmenting the demand and adoption of plant hormones. Besides, the augmenting demand for crop productivity enhancing products has raised the demand for plant hormones globally.

The newly found application area of plant hormones i.e. space farming is expected to provide the huge impetus to the market growth. The idea of encouraging crop cultivation in space has been discussed around for long. In addition, the prospects of long-term human space expedition in the future have raised the need to find ways to provide food for the people in space sustainably. The concept of establishing lives in space presages that the heydays of plant hormones are just around the corner.

On the other hand, factors such as demand and supply gap of feedstock required in the production of these hormones are expected to impede the market growth over the forecast period, increasing their prices unreasonably.

Prominent Key Players

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).

Regional Analysis

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.

The Asia Pacific region accounts for another lucrative market for plant hormones, closely following the European market. Factors such as the abundant availability of cultivating land for organic farming has uplifted the demand for plant hormones in the region. Furthermore, the ever-increasing population encourages the use to plant hormones, creating a significant demand for fruits and vegetables.

On the other hand, 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.

Market Segmentation:

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.

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Industry Updates:

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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