Plant Hormones Industry Growth Opportunities, Regional Outlook, Competitors, Forecast
Market Overview
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.
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.
Acknowledging the
increasing demand, uptake, and hence the colossal growth, the market is
witnessing currently, Market Research Future (MRFR) in its recently published
study report asserts that the global plant hormones market will witness
exponential accruals registering a strong CAGR during the review period (2017 –
2023).
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 based flour 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.
Global Plant
Hormones Market – Competitive Analysis
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.
Key Players:
Some of the eminent
leaders of the plant hormones 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).
Plant Hormones
Global Market – Segments
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.
Global Plant
Hormones Market – Regional Analysis
The European region
dominates the global plant hormones type industry, 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 plant
hormones industry 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.
The Asia Pacific
region accounts for another lucrative plant hormones market, closely following
the European market. Factors such as the abundant availability of cultivating
land for organic farming has uplifted the demand for plant hormones industry value
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.
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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