Hydroponic Substrate Market: Introduction
Transparency Market Research delivers key insights on the global hydroponic substrate market. In terms of revenue, the global hydroponic substrate market is estimated to expand at a CAGR of 11.3%
during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global hydroponic substrate market.
The global hydroponic substrate market is broadly affected by several factors such as increase in demand for hydroponic fruits and vegetables. This is expected to be the primary driver of the global hydroponic substrate market. Rise in trend of home decoration and gardening has led to significant growth in usage of hydroponic substrates. Increase in demand or hydroponic substrate in food industry, owing to the growth in population and urbanization, is boosting the demand for hydroponic farming. This, in turn, is driving the hydroponic substrate market. Rise in population is expected to result in less land available for farming and higher number of people to feed. Thus, this is estimated to boost the demand for hydroponic farming, thereby driving the global hydroponic substrate market.
Hydroponic Substrate Market: Dynamics
No soil is used in a hydroponic system. Instead, plants are supported by hydroponic substrates, which provide roots a point at which they can attach, help foster better aeration, and retain moisture. It is a way to nurture a wide variety of edible plants (herbs, veggies, and even some fruits) indoors all year round, regardless of climatic changes.
Hydroponic farming is practiced on a large scale in urban areas that have the potential to supply enough food to feed the population in the near future. This allows large tracts of land to revert to the natural landscape, thus restoring ecosystem functions and services. Hydroponic farming eliminates the need for large-scale use of pesticides and herbicides. It provides a new role for agrochemical industry (i.e., designing and producing safe, chemically-defined diet for a wide variety of commercially viable plant species). Different type of substrates can be used for hydroponic farming; of these, rockwool, perlite & vermiculite, coir, and peat moss are the majorly used hydroponic substrates.
Hydroponic Substrate Market: Prominent Regions
North America holds the major share of the global hydroponic substrate market. The hydroponic substrate market in the region is anticipated to expand at a CAGR of 14.5% during the forecast period. Increase in demand for hydroponically grown produce such as tomatoes, lettuce, bell peppers, beans, herbs, fruits, and berries is expected to boost hydroponic farming. This is anticipated to drive the hydroponic substrate market in North America in the near future.
Asia Pacific also held significant share of the global hydroponic substrate market in 2020. The market in the region is anticipated to expand at a CAGR of more than 8.2% during the forecast period. Presence of raw materials used for making the substrate is driving the hydroponic substrate market in Asia Pacific.
Europe is also a prominent region of the global hydroponic substrate market. It has traditionally been at the forefront of implementing advanced techniques in hydroponic smart greenhouse horticulture. This advancement of greenhouse farming is driving the hydroponic substrate market in Europe.
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Hydroponic Substrate Market: Major Players
The global hydroponic substrate market is consolidated with the presence of key players. Prominent players operating in the global hydroponic substrate market include Projar Group, ROCKWOOL International A/S, Galuku Group Limited, CANNA, Ceyhinz Link International, Inc, JB Hydroponic B.V., The Wonderful Soils Company, Hydrofarm LLC, Re-Nuble, Inc., and Malaysia Hydroponic.