Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global hydroponic substrate market is anticipated to grow with a CAGR of ~11% during the forecast period, i.e. 2023-2035. The market is segmented by type into organic and inorganic. Out of these, the inorganic segment is anticipated to garner the highest market share by 2031. The growth of the segment is attributed to high trade of rock wool which is a type of inorganic hydroponic substrate. The Observatory of Economic Complexity stated that in 2020, in 2020, rock wool was the world's 521st most traded product. This was equivalent to the value of USD 4.38 billion.
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The global hydroponic substrate market is estimated to garner a notable revenue by the end of 2031. Hydroponics farming is a preferred choice for its faster plant growth as compared to the conventional method. Also, it eliminates the need for pesticides and herbicides and any type of water can be used that can be recycled and reused, which further reduces the need for fresh water and uses less space. The recent health awareness has propelled the population to shift towards salad crops and vegetables which is expected to boost the growth of the hydroponics market during the forecast period. Furthermore, a higher yield of hydroponic crops as compared to conventional soil crops, increasing need for food security with increasing population, rising cultivation of medicinal plants, and increasing adoption of environment-friendly techniques such as farming, agriculture is some of the growth drivers of the hydroponics market.
Geographically, the global hydroponic substrate is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in Asia Pacific region is estimate to garner the largest market share by the end of 2031, on the back of increased demand of food grains by burgeoning population, expansion in agricultural employment, high disposable income and considerable growth in GDP.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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Rise in Agriculture Industry to Drive the Market Growth
This high growth rate is attributed to the adoption of hydroponic systems for the indoor farming of vegetables. Also, the rising preference of alternative farming methods for cannabis cultivation is rapidly rising, owing to the legalization of marijuana in many countries. The negative effects of pesticides and artificial ripening agents on their health is expected to drive the demand for hydroponics, as the method eliminates the need for such products, thereby providing nutritionally superior vegetables. Low installation cost and ease of operation of these systems are also expected to boost the adoption in near future.
However, the shortage of labors coupled with low adoption rate and additional expenses in production process is expected to operate as key restraints to the growth of the global hydroponic substrate over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global hydroponic substrate market which includes company profiling of Comercial Projar, S.A. (Projar Group), ROCKWOOL International A/S, Galuku Group Limited, CANNA, Ceyhinz Link International, Inc., JB Hydroponics B.V., The Wonderful Soils Company, Hydrofarm Holdings Group, Inc., Re-Nuble, Inc., Malaysia Hydroponics, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global hydroponic substrate market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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