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Auxins Market Trends

Report ID: GMI8843
Published Date: Apr 2024
Report Format: PDF

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Auxins Market Trends

Currently, two significant factors are shaping the auxin industry. Firstly, there is a notable shift towards sustainable farming practices, leading growers to seek environmentally conscious approaches to boost crop growth. Also, advancements in biotechnology and precision agriculture are streamlining and improving the efficiency of auxin utilization. Anticipated growth in demand for natural auxins is expected, driven by an increasing preference for organic cultivation methods. Scientists are also innovating by developing new types of auxin products and delivery systems to enhance their effectiveness across different crops and environmental conditions. This indicates a sustained trajectory of expansion and innovation in the auxin market for the foreseeable future.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

Global market size for auxins was valued at USD 901.1 million in 2023 and is anticipated to register 4.3% CAGR between 2024 and 2032, driven by advancements in agricultural technology and increasing public recognition of sustainable farming techniques.

The agriculture segment in the auxins market reached USD 561.9 million in 2023 and is expected to account for USD 829.2 million by 2032, as they help in managing plant growth and boosting yield.

North America market was valued at USD 318.6 million in 2023 and is expected to register USD 473.8 million by 2032, attributed to the adoption of modern farming techniques, the expansion of organic farming, and growing consumer awareness of auxins' benefit.

BASF SE, Bayer CropScience, BioWorks Inc., Dow AgroSciences LLC (Now part of Corteva Agriscience), FMC Corporation, Jiangsu Fengyuan Bioengineering Co., Ltd., Nufarm Limited, Redox Industries Limited, Rizobacter Argentina S.A., Sinon Corporation, SRF Limited, Syngenta AG and Valent BioSciences Corporation