Global Hydroponic Substrate Market is valued at USD 492.1 Million in 2021 and expected to reach USD 1039.8 Million by 2028 with a CAGR of 11.28% over the forecast period.
The increasing population and scarcity of food, the loss of arable land over the past decade, and supportive government initiatives regarding the farming sectors are some of the major factors driving the growth of the Global Hydroponic Substrate Market.
Scope of Global Hydroponic Substrate Report:-
The hydroponic substrate is used in hydroponic systems to anchor plants’ roots, the hydroponics is a type of horticulture that involves the cultivation and growing of crops, plants without soil and using mineral nutrient solutions in an aqueous solvent. Hydroponics technique is a structured method of cultivating plants in nutrient-rich water instead of soil and in a controlled environment.
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Key Players of Hydroponic Substrate Market –
Hydroponic Substrate Market report covers prominent players like
ignify Holdings
Argus Control Systems
Heliospectra AB
Scotts Miracle-Gro
American Hydroponics
LumiGrow
Emerald Harvest
Hydroponic Systems International
Advanced Nutrients
Vitalink
Hydrodynamics International
Logiqs B.V
Grobo
American Hydroponics
AeroFarms
AMHYDRO
Argus Control Systems Limited
LumiGrow
others
Global Hydroponic Substrate Market Segmentation:-
By Type:
Inorganic
Rockwool
Perlite & Vermiculite
Clay Pellets
Others
Organic
Coir
Peat Moss
Others
News-
Proterra Ag Launched New Gel Substrate Product
On October 13th, 2021; In conjunction with the company launch, Proterra Ag introduced its gel substrate, HYPERroots, enabling propagators to achieve higher yields consistently, with minimal OpEx. Testing in controlled environment agriculture and with conventional outdoor growers shows that, compared to other existing substrates, HYPERroots radically reduced the amount of water required to grow food, and dramatically improved crop outcomes, consistently and reliably, without pesticides or growth hormones. Thus supporting automation and freeing time for producers to build their businesses. HYPERroots can be used in hydroponics, aeroponics, vertical farming, traditional farming, floriculture and cannabis.
AeroFarms Partnered with Hortifrut for Vertical Farming
On August 10th, 2021; AeroFarms uses aeroponics, a soilless way of growing produce that uses mist to cut down on water usage by 95 percent; it plants seeds in cloth made from recycled plastic bottles. Using LED lights, the vertical farms draw on specific wavelengths to maximize the efficiency of the plants’ photosynthesis. The vertical farming industry, already an important part of the food supply chain, is poised to explode. According to a 2020 report by the World Wildlife Fund, indoor farming is projected to have a combined annual growth rate of more than 24 percent between 2018 and 2024, hitting $3 billion in revenues worldwide in 2024.
Global Hydroponic Substrate Market Dynamics-
The rapidly growing global population leads to an increase the demand of food so the manufacturers are focusing on increasing food production. The global population is reaching to around 7.8 billion and between 720 and 811 million people faced hunger in 2020. High cost and low affordability mean billions cannot eat healthy or nutritious food. There are many countries which facing food crises which are Yemen, Afghanistan, South Sudan Syria, Sudan, Nigeria, Haiti and many such other countries. Additionally, increasing growth, urbanization, and lifestyle changes leads to an increase the demand for the production of vegetables, fruits, and other food grains. Agriculture is the rapidly enlarging field to increase productivity with the help of precision farming, irrigation techniques, and hydroponics substrate methodologies.
Global Hydroponic Substrate Market Regional Analysis-
Asia Pacific is expected to show the fastest growth in the global hydroponic substrate market due to the significant adoption of hydroponics substrate technology in China, India, South Korea, and other such countries. The market in China and India is expected to increase significantly over the forecast period due to the increasing preference of urban hydroponic substrate amongst farmers.
Europe is the second-largest market after Asia Pacific region in 2020, this is because of the rising adoption of hydroponics substrate amongst farmers and also rapid industrialization and scarcity of land, this leads to increase the demand of hydroponic substrate in this region. Many European countries, such as France, Germany, Greece, Italy, Spain, and the Netherlands are adopting hydroponic substrate technology to develop crops.
North America is expected to show lucrative growth in the field of hydroponic substrate market, it holds a high potential for growth on account of the presence of numerous companies located in the region, as well as growing adoption of alternative farming techniques in urban areas. Some of the well-known market players in North America include AeroFarms, AMHYDRO, Argus Control Systems Limited, LumiGrow, and many others.
Key Benefits of Global Hydroponic Substrate Market Report–
Hydroponic Substrate market report covers in-depth historical and forecast analysis.
Hydroponic Substrate market research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
Hydroponic Substrate market report helps to identify opportunities in the marketplace.
Hydroponic Substrate market report covers an extensive analysis of emerging trends and competitive landscape.
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