Hydroponic Substrate Market

Impact of COVID-19 Pandemic on Hydroponic Substrate Market

Hydroponics technique is an efficient method of growing plants in a nutrient-rich water instead of soil and in a controlled environment. It required limited resources and little space. With the rising need of healthy and nutritious food, due to rising global population and spreading of infectious diseases such as coronavirus, individuals are becoming conscious of what they eat on a daily basis. COVID-19 has led to shutting down of many hotels and restaurants. It has affected the agriculture sector also. Shortage of labors, less productions and sales, and falling prices of food grains negatively impacted due to pandemic. However, rapidly growing population, technological advancement in the agriculture industry, and increasing production of exotic fruits and vegetables through hydroponics techniques are driving the global hydroponic substrate market. Developing countries are now focusing on innovative trends in farming to cater the rising food requirements across the globe.

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Increasing Population and Need for Food Requirement

In order to cater the rapidly growing global population, manufacturers are focusing on increasing food production. With the growing food safety concerns after the coronavirus pandemic, players from agriculture industry are adopting technology to fulfill future demands. The global population is reaching to nearly 7.3 billion. This surging growth, urbanization, and lifestyle changes demands for increasing production of vegetables, fruits, and other food grains. Agriculture is the rapidly expanding sector to increase the productivity with the help of precision farming, irrigation techniques, and hydroponics substrate methodologies. The increasing food production is the major challenge faced by developing economies. Thus, to overcome this, governments are collaborating with agricultural specialists to improve crop yields for sustainable food demands.

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Hydroponics Holds Potential Future Due to Cultivation in Controlled Environment

There is an increasing need of fresh and nutritious crops such as tomatoes, peppers, cucumbers, lettuce, and herbs due to the increasing demand from the food & beverage industry. Consumers are now more aware about the quality of food grains. This has led to the increasing stress on farmers and agricultural companies to produce good quality yields of different fruits, vegetables, and herbs, that too in a large quantity. The hydroponic substrate market holds tremendous opportunities for market players in this situation. The high productivity can be obtained using technologies such as HVAC, irrigation, and aeration systems. There is no risk of climate change, as hydroponics systems work in a controlled environment such as greenhouses, indoor gardens, etc. This is an ongoing trend of growing plants and vegetable in household.

Development of Innovative Hydroponic Technologies

Hydroponics substrate techniques became widely popular in COVID-19 pandemic. It saves water and resources, and proved to be beneficial than conventional farming with no risk of harmful chemicals and pests. With increasing adoption of hydroponics technologies, scientists and researchers are exploring ways to improve efficiency to improve quality of food. Manufacturers operating in the hydroponic substrate market are investing on research & development activities to boost the global demand for food production. Market players are focusing on increasing their brand value by business expansion and partnerships with the top contributors.

Adoption of Hydroponics in European Countries

European countries such as the Netherlands, Spain, and France are the top regions showing lucrative growth opportunities in the hydroponic substrate market. The adoption of advanced climate control techniques in horticulture and hydroponics lead to global market expansion. Awareness about the greenhouse farming in these regions drives the demand for such methods. The hydroponic substrate market is growing rapidly in Asian countries such as India and China. Factors responsible for major market share are growth & development on agriculture sector with latest technologies and trends, along with rapid urbanization. Growing popularity of hydroponic farming and investment on agricultural sector by governments to boost production and increasing food security demands in recent years drives the global hydroponics market growth.

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Analysts’ Viewpoint

Even though there are tremendous growth opportunities in the hydroponic substrate market, higher prices of produce can affect the global market growth. The potential risk of spreading waterborne diseases affects the whole crop. Manufacturers in the hydroponic substrate market should focus on overcoming these challenges and producing high yield with improved quality than the food production through the conventional farming methods. The efficient resource management capability of hydroponics techniques help manufacturers increase their production capacity to fulfill increasing demands from consumers.

Hydroponic Substrate Market: Overview

• Hydroponic substrates are various types of soilless grow media that are used in hydroponic systems to anchor plants’ roots
• In a hydroponic system, plants are grown directly in a water-based, nutrient-enriched solution. There is no soil used at all. However, plants still need some sort of support for their roots. Thus, plants are supported by hydroponic substrates. These hydroponic substrates provide roots with a point at which they can attach. Hydroponic substrates help foster better aeration and retain moisture.
• Various substrates are used for hydroponics. Inorganic substrates include rockwool, perlite and vermiculite, and clay pellets. Coir and peat moss are the common organic substrates.
• Rockwool is one of the common substrate options. It is made from natural stone that has been melted and then spun into filaments.
• Coir is another common type of hydroponic substrate. It is made from coconut husks and can be purchased as blocks or bricks. It offers good water retention and is completely biodegradable.
• According to Transparency Market Research’s latest research report on the hydroponic substrate market for the forecast period from 2021 to 2031, rise in demand for hydroponically grown fruits and vegetables is a key factor that is expected to boost the global hydroponic substrate market during the forecast period
• In terms of revenue, the global hydroponic substrate market is estimated to reach US$ 1.44 Bn by 2031. The hydroponic substrate market is likely to expand at a CAGR of 11.3% during the forecast period.

Increase in Demand for Vegetables and Fruits: Key Driver of Hydroponic Substrate Market

• Growth in urban population and rise in income of the people have augmented the demand for food products, including hydroponically grown fruits and vegetables. Farmers across the globe are modernizing their farming techniques and using the hydroponic system to enhance the yield in order to meet the rising demand for food and increase their farming incomes. This is expected to drive the hydroponic substrate market during the forecast period.
• Hydroponic farming allows year-round food production without the loss of yield due to climate change or weather-related events. It also eliminates the need for large-scale use of pesticides and herbicides. This is projected to boost the demand for hydroponic substrate during the forecast period.
• The new trend of home decoration and hydroponic gardening that includes wide variety of edible plants such as herbs; veggies such as spinach, beans, lettuce, and bell peppers; and some berries such as strawberries and blueberries are grown indoors with hydroponic substrates all year round, regardless of the climatic changes. This is expected to drive the global hydroponic substrate market.

Rockwool Holds Major Share of Hydroponic Substrate Market

• Based on type, the rockwool hydroponic substrate dominated the global hydroponic substrate market in 2020, as rockwool substrates are chemically inert. This means they do not bind any nutrients or chemicals, as can be seen in non-inert substrates. Rockwool is a clean product, with no pollutants or harmful bacteria. It does not lock up or release any substances, ensuring all water and nutrients are available to the plant. It is easy to control and steer the growth of the crop to achieve higher yield than in soil-bound cultivation. Inert characteristics of rockwool allow growers to improve fruit and produce quality while reaching maximum yields. This makes rockwool a suitable medium for growing plants hydroponically and is one of the widely used hydroponic substrate. This is driving the global hydroponic substrate market.

Hydroponic Substrate Market: Competition Landscape

• Key players operating in the global hydroponic substrate market are
  • Projar Group
  • ROCKWOOL International A/S
  • Galuku Group Limited
  • CANNA
  • Ceyhinz Link International, Inc
  • JB Hydroponics B.V.
  • The Wonderful Soils Company
  • Hydrofarm LLC
  • Re-Nuble, Inc.
  • Malaysia Hydroponics
• Major providers of hydroponic substrate, such as Projar Group, ROCKWOOL International A/S, Ceyhinz Link International, Inc, and CANNA are focusing on research & development, merger, joint venture, collaboration, and product innovation strategies
• In the global hydroponic substrate market report, we have discussed individual strategies, followed by company profiles of providers of hydroponic substrate. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global hydroponic substrate market.

Hydroponic Substrate Market Snapshot

Hydroponic Substrate Market – Segmentation

TMR’s research study assesses the global hydroponic substrate market in terms of type and region. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing growth prospects of the global hydroponic substrate market.