Plant Hormones Market

Rising need for enhanced crop productivity backed by government support is driving the market growth

The market for plant growth regulators is expected to increase as a result of the rising demand for improving agricultural yield and rising consumption. The COVID-19 epidemic has increased demand for cereals on a scale. The principal producers of cereals worldwide are China, India, the United States, Russia, Brazil, Argentina, Indonesia, and France. The most common cereals in the world are corn, wheat, sorghum, rice, oats and rye. Worldwide, there is a significant demand for all types of crops, most notably grains, as a result of rising population and shifting consumer habits.

The increased output of cereals in Asian nations like China and India is due to both the availability of high-yielding grain varieties and significant advancements in crop production techniques.

Pesticide resistance is currently evolving in insects, weeds, and illnesses due to excessive overuse of pesticides. Farmers that use the same pesticides frequently eradicate the majority of the population who is vulnerable to the toxin. However, when the same pesticides are treated repeatedly and widely over time, the population as a whole becomes resistant to the pesticide due to the rapid population growth of these resistant individuals. When many pesticide applications are made to fields, weeds that have developed tolerance to many of them become superweeds and pose a severe threat to farmers.

The prevalence of herbicide resistance is rising, and some regions may have many different herbicide-resistant weed species growing in their fields, making weed control even more challenging. 25 weed species that are herbicide-resistant have already been found by experts in the US alone. Alopecurus monureides, a single weed in the UK, affects the yield of this cereal crop by up to 800,000 tonnes, according to the Chemistry World blog of April 2021. This represents a cost of USD 449.2 Million (£380 million) per year in lost income to farmers.

However, agrichemical corporations release new formulations of several herbicides rather than addressing the underlying causes of resistance. These new formulations occasionally include older, riskier substances like 2,4-D, dicamba, and atrazine. The quantity of chemicals sprayed on crops may significantly rise as a result of these reformulations. Depending on how they are sprayed, some pesticides can stray from their intended target and harm other crops. For instance, the EPA approved dicamba in 2017 for aerial spraying with soybean seeds that had been genetically modified to be resistant to the pesticide, replacing its prior approval for just ground spreading.

Farmers had high hopes for dicamba as a weapon to combat glyphosate-resistant superweeds, but things rapidly turned sour because dicamba is very volatile even when used as directed on the label. It may transform back into gas, drift over a distance of several kilometres, and destroy or harm any plant matter wherever it falls. In one instance, dicamba drift harmed 25 states' worth of vegetables, fruits, and trees in addition to 3.6 million acres of non-resistant soybeans in nearby fields. Thus, driving the Plant Hormones market revenue.

The Global Plant Hormones Market Industry is expected to witness robust growth over the coming years. Projections indicate that the market will reach a value of 25 USD Billion by 2024, with a compound annual growth rate (CAGR) of 5.49% anticipated from 2025 to 2035. This growth trajectory is driven by various factors, including increasing demand for sustainable agriculture, technological advancements, and heightened awareness of crop health management. As the agricultural sector continues to evolve, the adoption of plant hormones is likely to become more prevalent, further solidifying their role in modern farming practices.

The Global Plant Hormones Market Industry experiences a notable surge in demand driven by the increasing emphasis on sustainable agricultural practices. Farmers are increasingly adopting plant hormones to enhance crop yield and quality while minimizing environmental impact. For instance, the use of auxins and gibberellins has been linked to improved fruit size and uniformity, which is crucial for meeting market standards. As the global population continues to grow, projected to reach 9.7 billion by 2050, the need for efficient agricultural solutions becomes paramount. This trend is expected to contribute significantly to the Global Plant Hormones Market, which is anticipated to reach 25 USD Billion by 2024.

Emerging markets are playing a pivotal role in shaping the Global Plant Hormones Market Industry. Countries in Asia and Africa are increasingly adopting modern agricultural practices, leading to a higher demand for plant hormones. The expansion of global trade dynamics facilitates the exchange of agricultural products and technologies, enabling farmers in developing regions to access advanced plant growth regulators. For instance, the rise of e-commerce platforms allows for the distribution of plant hormones to remote areas, enhancing agricultural productivity. This trend is expected to contribute to the overall growth of the Global Plant Hormones Market, which is projected to reach 45 USD Billion by 2035.

Technological innovations in crop management are propelling the Global Plant Hormones Market Industry forward. The integration of precision agriculture techniques, such as drone technology and soil sensors, allows for targeted application of plant hormones, optimizing their effectiveness. For example, the use of smart irrigation systems in conjunction with plant growth regulators can enhance water efficiency and crop resilience. These advancements not only improve yield but also reduce resource wastage, aligning with global sustainability goals. As a result, the Global Plant Hormones Market is projected to grow at a CAGR of 5.49% from 2025 to 2035, reaching an estimated 45 USD Billion by 2035.

Government initiatives aimed at promoting agricultural innovation significantly influence the Global Plant Hormones Market Industry. Various countries are implementing policies that encourage research and development in plant biotechnology, including the use of plant hormones. For example, funding programs for agricultural research can facilitate the discovery of new hormone applications that enhance crop resilience to climate change. Such support not only stimulates innovation but also fosters collaboration between public and private sectors. As a result, the Global Plant Hormones Market is poised for growth, with projections indicating a market value of 25 USD Billion by 2024, driven by these supportive policies.

The Global Plant Hormones Market Industry is witnessing a rise in awareness regarding crop health management among farmers and agricultural stakeholders. This heightened awareness is leading to increased adoption of plant hormones, which play a crucial role in regulating plant growth and development. For instance, the application of cytokinins can enhance leaf expansion and delay senescence, thereby improving overall plant health. Educational initiatives and extension services are instrumental in disseminating knowledge about the benefits of plant hormones, fostering a more informed agricultural community. Consequently, this trend is likely to bolster the market, aligning with the projected growth trajectory of the Global Plant Hormones Market.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Plant Hormones Market dominated this market in 2022 (45.80%). The North American industry is being pushed by rising produce crop consumption, especially in the U.S. The main produce crops in the United States are corn, cotton, fruit, tree nuts, soybean & oil crops, wheat, and pulses. Given that it is one of the top exporters of agricultural goods worldwide, Canada is likewise experiencing a major increase in demand for all PGRs.

Western Canada's agriculture industry has evolved over time, both in terms of what is farmed and how it is grown. In Western Canada, there are two main groups of PGRs that are commercially available: ethylene-releasing agents and gibberellin inhibitors. Further, the U.S. Plant Hormones market held the largest market share, and the Canada Plant Hormones market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: PLANT HORMONES MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe Plant Hormones market accounted for the healthy market share in 2022. In the UK, using PGRs is a popular practise. The Government of Alberta's 2018 report states that every year, PGRs are used on about 84% of the total winter wheat acres in the U.K. Further, the German Plant Hormones market held the largest market share, and the U.K Plant Hormones market was the fastest growing market in the European region

The Asia Pacific Plant Hormones market is expected to register significant growth from 2023 to 2032. This is due to the region's increased disposable income and rising level of living. In Asia Pacific, China is the country where plant growth regulators are most often used. High agricultural productivity is required due to the country's constantly growing population, which increases product demand. Moreover, China’s Plant Hormones market held the largest market share and the Indian Plant Hormones market was the fastest growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Plant Hormones market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Plant Hormones industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Plant Hormones industry to benefit clients and increase the market sector. In recent years, the Plant Hormones industry has offered some of the most significant advantages to medicine. Major players in the Plant Hormones market, including BASF SE, Syngenta AG, The Dow Chemical Company, Nufarm Australia Ltd., FMC Corporation, Bayer CropScience AG, Adama Agricultural Solutions Ltd., Tata Chemicals Ltd., Shanghai Xinyi Industry Co., Ltd., and Valent BioSciences Corporation, are attempting to increase market demand by investing in research and development Types.

The goal of Valent Biosciences, a manufacturer of pesticides and insecticides, is to conduct research, develop, and market ecologically friendly technology and goods. To increase agricultural output and safeguard public health, the company is concentrating on developing a portfolio of bio-rational solutions that are either naturally occurring or chemically produced. This will allow its clients to access the answer for an improved forest environment and compatible environment. The distribution agreement between Valent Canada Inc. and Nufarm Agriculture Inc. in Canada has been renewed for an additional five years as of June 2022.

Chemicals and chemical-based goods are produced and sold by Sumitomo Chemical Co Ltd. By kind of product, the company is divided into six sectors. Propylene and polypropylene, which are used in car seat cushions and interior panels, are among the many items sold by the petrochemicals and plastics division, which generates more income than any other segment. The pharmaceutical industry sells drugs to treat cancer, infectious diseases, diabetes, and neurological conditions. Compound semiconductors and polarising films are sold by the IT-related chemicals category for usage in LCD displays on smartphones and TVs.

The remaining three categories are "others," "energy and functional materials," and "health and crop sciences."