Plant Hormones Market

Plant Hormones Market Size (2022 - 2027)

The plant hormones market size was valued at USD 5,289.3 million in 2021 and is expected to reach USD 2.93 billion by 2026 at a CAGR of 8.5% during the forecast period. This growth is due to the rapid expansion of the organic industry in recent years. The development of crop-specific products has been the main strategy adopted by the plant hormone regulatory industry to achieve greater penetration of the global market.

Plant hormones control or regulate the growth processes of a plant, including leaf and flower formation, stem elongation, fruit development, and ripening. Plant hormones, along with biostimulants, have gained prominence as an integral part of organic farming practice. Plant hormones, especially extracted from algae, have received strong support due to their natural origin. To improve fruit ripening, leaf ripening and seed propagation, agricultural practices involving the use of natural hormones have created a great demand in organic fruit growing and cash crops. The organic food industry has gained popularity over the past decade due to the high added value obtained by agricultural products. Organic farming is one of the fastest-growing industries in the world.

MARKET DRIVERS

The expansion of the market in the organic industry and the importance of sustainable agriculture are key factors driving the growth of the market. The increased investment in agricultural activities in developing countries has also led to market growth and with increasing investment in the agricultural industry, farmers have increased access to various plant hormones through the availability of better financial resources. While the approval process takes time, patent protection and exclusivity help companies recoup research and development costs, incentivizing them to make future investments that will lead to continued growth across the globe.

MARKET RESTRAINTS

The approval process for plant hormones is very long due to field testing in multiple locations and residual effects. Due to the strict regulatory approval process, the average time to market for a new plant protection product can exceed 10 years. The long period of time and the high costs which can exceed $ 100 million has resulted in the price increase in the market which is hampering the growth of the global plant hormones market. Lack of awareness of plant hormones among farmers is also a challenge facing the global plant hormones market. Although the organic farming market has grown at a very high rate, organic farming is a complex process and farmers need to have a very high level of skills and knowledge related to plant hormones market to gain the desired effect and result.

PLANT HORMONES MARKET REPORT COVERAGE:

Market Segmentation

Plant Hormones Market - By Product:

• Auxins
• Cytokinins
• Ethylene
• Gibberellins

Cytokinins dominated the global market and accounted for 40% of the market share since cytokinins are widely consumed. Cytokinins provide benefits such as decaying plant aging and preventing leaf senescence. Cytokinins are applied at a higher concentration during the growth period of mature plants. Cytokinins are also widely used in countries in North America and Asia-Pacific.

Plant Hormones Market - By Crop Type:

• Fruits & Vegetables
• Grains & Pulses
• Ornamentals
• Others

The fruit and vegetable segment represents the second largest market share; This can be attributed to the fact that the fruit and vegetable market is the largest and most dynamic section of the global organic food market. In addition, increasing consumer awareness of health and increasing their income has resulted in growth in this segment.

Plant Hormones Market - By Formulation:

• Water-Dispersible & Water-Soluble Granules
• Solutions
• Wettable Powders

The water-soluble and dispersible granules segment accounted for the largest market share. During supply chain activities, water-dispersible granules give improved stability and ease of handling. They are expected to be the fastest-growing formulations in the agricultural market.

Plant Hormones Market - By Function:

• Plant Growth Promoters
• Plant Growth Inhibitors

Plant growth promoters have a positive or beneficial effect during the growth stages of plants. The increasing need for plant growth promoters in various fruits and vegetables to boost the flowering process and increase output is contributed to the rise of this industry. Growth inhibitors are used to inhibit plant growth processes such as root and stem elongation, seed germination, and bud opening.

Plant Hormones Market - By Region:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa

Asia-Pacific is expected to register the fastest CAGR, due to the growing adoption rate of sustainable agriculture and increased consumption of organic food.

Europe is the largest market and accounts for around 45% of the market share.

North America is the 2nd largest market, and it is predicted to rise as key companies increase their supply of high-quality products.

Latin American markets are expected to grow at a CAGR of 5.6%. The growing demand for sustainable agricultural practices is driving the growth of the plant hormones market in the region.

The plant hormones market in the Middle East and Africa is expected to grow at a compound annual rate of 6.6% with the continued increase in the application of plant hormones to fruits.

Key players:

The major key players in the global plant hormones market include:

1. BASF SE
2. Dow Chemical
3. Syngenta
4. FMC Corporation
5. Corteva Agriscience
6. Nufarm
7. Bayer CropScience
8. Nippon Soda
9. Arysta LifeScience
10. Tata Chemicals

Impact of COVID-19 on the Plant Hormones Market

The COVID-19 pandemic has had a positive impact on the market growth due to the growing awareness of healthy and nutritional diets. Hence, this has led to an increase in demand for organic products across the world. However, import and export restrictions due to the COVID-19 pandemic have hampered market growth. There is good annual growth mainly due to the resumption of their operations and the adaptation of companies to the new normal while recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working, and shutting down of business activities which resulted in operational challenges.

Recent Developments:

• In 2020, BASF SE has launched Attraxor, a new plant hormone that helps reduce the longitudinal growth of grass shoots, which in turn helps reduce the frequency of mowing and mowing. Additionally, plant hormones are crop enrichment products that help improve crop quality and yield by altering crop growth and development.
• In 2017, The EPA has given approval to a new biostimulant from Arysta LifeScience that activates the activity of the endogenous natural plant hormone to improve reproductive growth in plants. RIO, which is developed from natural plant sources, increases the activity of the natural plant hormone which allows plants to grow more efficiently.