Plant Hormones Type Industry Growth in Industry Growth Factors, Global Industry Overlook During Forecast To 2023

Market Overview
Plant hormones are naturally occurring elements that regulate the development and growth of plants. Plant hormones are either plant-derived or chemical prepared substance used for improving plant growth. Additionally, plant hormones market is observing an exponential growth based on its high usage in the agriculture industry.
The global Plant Hormones Type Industry is growing due to demand for organic food. With the growing consumer awareness and their increasing interest in healthy food, the demand for plant hormones has increased recently. In addition to the growing population, the demand for fruit and vegetable, pulses, grains, and other agricultural products are expected to surge the demand for plant hormones over the review period.

The global plant hormones market is projected to propel by the increasing awareness regarding available benefits to the crop producers by the use of the plant hormones. Furthermore, food security for the growing population, advancement in farming practices & technologies, and high opportunities in developing countries is positively supporting the growth of global plant hormones market.

However, high availability of economical alternatives to plant hormones such as agrochemicals is expected to hamper the growth of the global plant hormones market over the forecast period. The market players are responding to these new opportunities by expanding their service offerings/product lines, which has boosted the share of plant hormones in the global market. The global plant hormones market is expected to grow at a CAGR of 6.9% during the forecast period, 2017-2023. 

Downstream Analysis
Plant hormones market is segmented on the basis of type, which includes auxins, cytokinins, ethylene, gibberellins, and others. Among all, the cytokinins segment is dominating the market followed by ethylene.

Based on function, the plant hormones market is segmented into growth inhibitors and growth promoters. The growth promoters’ segment is dominating the market owing to increased demand for agricultural products in the growing population.

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Based on the formulation, the plant hormones market is segmented into wettable powders, granules, solutions, and others. Among all, the solution segment is dominating the market followed by granules. Granular formulations are relatively stable and easy to use.

Based on application, the plant hormones market is segmented into fruits & vegetables, cereals & pulses, oilseeds and grains, and others. The fruits & vegetable segment is dominating the market owing to growing health consciousness among consumers and increasing consumption of a fruit & vegetable products.

 Competitive Analysis:The major players in the Plant Hormones Market,

• BASF SE (Germany)
• Syngenta AG (Switzerland)
• The Dow Chemical Company (U.S.)
• Nufarm Australia Ltd. (Australia)
• FMC Corporation (U.S.)
• Bayer CropScience AG (Germany)
• Adama Agricultural Solutions Ltd. (Israel)
• Tata Chemicals Ltd. (India)
• Shanghai Xinyi Industry Co., Ltd. (China)
• Valent BioSciences Corporation (U.S.)

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