Hydroponic substrate market is estimated to garner a revenue of ~USD 1918 Million by the end of 2035 by growing at a CAGR of ~11% By 2035

NEW YORK, NEW YORK, UNITED STATE, December 23, 2022 /EINPresswire.com/ -- Global Hydroponic Substrate Market Key Insights

During the forecast period of 2022-2035, the global hydroponic substrate market is expected to reach an estimated value of ~USD 1 billion by 2035, by expanding at a CAGR of ~11%. The market further generated a revenue of ~USD 445 million in the year 2021. Major key factors propelling the growth of hydroponic substrate market worldwide are the large usage of agricultural land and swelling population across the world.

Market Definition of Hydroponic Substrate

Instead of using soil for cultivation, in hydroponic system, plants are supported by hydroponic substrates, which provide roots a point at which they can attach, help foster better aeration, and retain moisture. However, hydroponic substrates are mainly inert, so plants require a nutrient solution to provide minerals and other essential elements for growth. The nutrients used in hydroponic systems can come from many different sources, including fish excrement, duck manure, purchased chemical fertilizers, or artificial nutrient solutions. Plants are commonly grown hydroponically in a greenhouse or contained environment on inert media, adapted to the controlled-environment agriculture (CEA) process. Hydroponic substrates are of various types namely expanded clay balls, perlite substrate, coconut fiber substrate, rock wool substrate, coir or coco, ceramic substrate, plastic sponge substrate to name a few.

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Global Hydroponic Substrate Market: Growth Drivers

The growth of the global hydroponic substrate market can majorly be attributed to the launch of several advanced products by the key players operating in the market. For instance, ROCKWOOL International A/S announced the launch of Cavityrock Black, which offers the same excellent thermal performance, fire resistance, and moisture control of ROCKWOOL Cavityrock insulation. Its specialty is that it’s a dual-density insulation board designed to mask the insulation layer with a bonded fleece facing to create a crisp, dark aesthetic in open-joint facades. On the other hand, the market growth can also be attributed several acquisition contracts occurring in the field of hydroponic substrate. For instance, Hydrofarm Holdings Group, Inc. has acquired Aurora Innovations, Inc., Aurora International, Inc., and Gotham Properties LLC, a Eugene, Oregon-based manufacturer and supplier of organic hydroponic products. This strategic alliance will further strengthen the company’s foothold in the hydroponics equipment and supplies market.

The global hydroponic substrate market is also estimated to grow majorly on account of the following:

Swelling Population Worldwide
Presence of Farms across the World
Surge in Demand of Food Products
Expansion of the Agriculture Industry
Global Hydroponic Substrate Market: Restraining Factor

There are shortage of labors, and slow adoption rate in the market. Hence, these factors are expected to be the major hindrance for the growth of the global hydroponic substrate market during the forecast period.

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Global Hydroponic Substrate Market Segmentation

By Type {Inorganic (Rockwool, Perlite & Vermiculite, Clay Pellets, and Others); and Organic (Coir, Peat Moss, and Others)}
The inorganic segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2031. The growth of the segment can be attributed to the 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.

By Region
The Asia Pacific hydroponic substrate market is anticipated to hold the largest market share by the end of 2031 among the market in all the other regions. Having a high employment rate in agriculture industry, and large agriculture land present in the region are some of the major factors anticipated to drive the growth of the market in the Asia Pacific during the forecast period. Further, the investments in research and development activities, growth in GDP level coupled with high chemical consumption are anticipated to be other growth factors. In 2021, the domestic chemical sales in Asia Pacific garnered approximately USD 3 trillion.

The market research report on global hydroponic substrate also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).

Key Market Players Featured in the Global Hydroponic Substrate Market

Some of the key players of the global hydroponic substrate market are 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., and Malaysia Hydroponics, and others.

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