Market Research Future (MRFR) studied the Plant Hormones Market 2020 from 2020 to 2023 (forecast period). As per MRFR findings, the plant hormones industry can expand at about 6.9% CAGR and the synthetic plant hormones segment size can generate high revenue by 2023. The shortage of land for agricultural practices, while hunger intensifies, is observed to underpin the demand for plant hormones to boost cultivation yield. A rise in the preference for organic food among the expanding global population is also noted to create the need for plant growth regulators to produce high quality food.
These are expected to promote the plant hormone market in the near future. The availability of valuable production tools and robust marketing solutions at reduced labor cost for growth-inducing plant hormone can work in favor of the market.
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Modern horticulture production systems that are deployed by farmers and can foster the market rise. In addition, the expansion of the rubber sector as the application of rubber surges across cash-rich automobile and aviation sectors can improve the market impetus in the review period.
The Dow Chemical Company (U.S.), Syngenta AG (Switzerland), NUFARM Australia Ltd. (Australia), Bayer CROPSCIENCE AG (Germany), Valent BIOSCIENCES Corporation (U.S.), BASF SE (Germany), FMC Corporation (U.S.), ADAMA Agricultural Solutions Ltd. (Israel), Shanghai Xinyi Industry Co., Ltd. (China), and Tata Chemicals Ltd. (India) are some reputed companies in the Global Plant Hormones Industry for insights on the competition landscape of the market.
The segment study of Plant Hormones Industry is done by type, formulation, application, and function.
The type-based segments of the plant hormone are cytokinin, auxins, ethylene, and gibberellins among others. The cytokinin segment can dominate the global market, following the ethylene segment.
The function-based segments of the plant hormones market are growth promoters and growth inhibitors. The growth promoter segment can thrive owing to rise in demand for agricultural products.
The formulation-based segments of Plant Hormones Industry are granules, wettable powders, and solutions among others. The solution segment can surge at high pace, following the granules segment. The increase in demand for granular formulations at stable pace and easy of utility can favor the market expansion.
The application-based segments of the plant hormones market are fruits & vegetables, oilseeds and grains, and cereals & pulses among others. The fruits & vegetable segment can dominate the global market due to rise in health consciousness among consumers with high consumption of vegetable and fruits.
North America plant hormone market can thrive due to the growth demand and consumption of organic fruits and vegetables. The escalation in sales of organic food can propel the regional market with significant CAGR by 2023.
In Asia Pacific, Plant Hormones Industry can thrive due to gradual loss of agricultural land across the region encouraging concern to cater food to satiate the rising hunger. As population surge and a decline in cultivable land is observed, the demand for sustainable cultivation methods and solutions are observed to rise. This can support expansion of the regional market over the forecast tenure.
In Europe, the plant hormone market is expected to earn profit from high exports activities. The rise in the internal trade flow from fruits and vegetables among the countries in the region can support the market growth. In addition, revenue generated from external trade is also noted to benefit the regional market. The rise in demand for fruits and vegetables that require extensive farming is a challenge in this region with unfavorable climatic conditions Thus, the rise in utilization of plant growth regulators to boost agricultural yield can also promote EU market.
The tremendous growth opportunities for the market across Central and South America agricultural sector can foster plant hormone market growth in the coming years.
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