Wilmington, Delaware, United States, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global hydroponic substrate market is projected to flourish at a CAGR of 11.3% from 2021 to 2031. As per the report published by TMR, a valuation of US$ 1.44 billion is anticipated for the market in 2031. As of 2023, the market for hydroponic substrates is expected to close at US$ 627.3 million.
The rising global population and spreading of infectious diseases, increased consumer awareness, and the demand for healthy and nutritious food are expected to drive the hydroponic substrate market during the forecast period.
Download Sample PDF Copy at: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=33752
Competitive Landscape
The global hydroponic substrate market is fragmented, with the presence of a small number of leading players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global hydroponic substrate market report:
- 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
Key Developments in the Hydronic Substrate Market
- Rockwool is a well-established company known for its rockwool-based substrates, which are widely used in hydroponic systems. They have been investing in research and development to improve their products' sustainability and performance.
- Cocogreen is a major player in the coir-based substrate market. They have been focusing on sustainable sourcing of coconut coir and expanding their product range to meet the needs of different hydroponic growers.
- Sun Gro is a leading supplier of peat-based and peat-alternative substrates. They have been focusing on sustainable sourcing and product development to address environmental concerns.
- HortGrow is known for its innovative substrate solutions, including the BioStrate felt, which is compostable and designed for microgreen production. They have been exploring new technologies to enhance substrate performance.
Consumers are becoming more conscious of the source and quality of their food. Hydroponically grown produce is often perceived as safer and of higher quality, driving demand among health-conscious consumers.
The increased consumer spending and lifestyle changes demand for increasing production of vegetables, fruits, and other food grains, boost the market growth.
The new trend of home decoration and hydroponic gardening includes a 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.
Key Takeaways from the Market Study
- As of 2022, the hydroponic substrate market was valued at US$ 563.6 million
- Based on type, the rockwool hydroponic substrate is expected to dominate the global hydroponic substrate market during the forecast period, as rockwool substrates are chemically inert.
Hydroponic Substrate Market: Key Trends and Opportunistic Frontiers
- The rapidly growing urban population and rise in income of the people have augmented the demand for food products, including hydroponically grown fruits and vegetables, driving the market demand.
- Increasing technological advancements in hydroponic technology, including improvements in substrate formulations, automated control systems, and data analytics, have made hydroponic farming more efficient and accessible to a broader range of growers.
- The growing emphasis on sustainability and reducing the environmental impact of agriculture has driven the adoption of hydroponic systems.
- Manufacturers in the hydroponic substrate market are focusing on producing high yields with improved quality than food production through conventional farming methods
Get Exclusive Discount on Hydroponic Substrate Market at: https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=33752
Hydroponic Substrate Market – Regional Analysis
- The hydroponic substrate market is expected to grow in Europe owing to the increasing demand from European countries such as the Netherlands, Spain, and France. The increasing adoption of advanced climate control techniques in horticulture and hydroponics provides lucrative growth opportunities in the hydroponic substrate market. Urban farming initiatives and legalized cannabis cultivation have also boosted the hydroponic substrate market
- Asia Pacific dominated the hydroponics market during the forecast period owing to the expanding urban hydroponic farms, the market in China and India is likely to grow considerably throughout the forecast period.
Hydroponic Substrate Market – Key Segments
Type
- Inorganic
- Rockwool
- Perlite & Vermiculite
- Clay Pellets
- Others
- Organic
- Coir
- Peat Moss
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Place an Order Copy of Hydroponic Substrate Market Report at: https://www.transparencymarketresearch.com/checkout.php?rep_id=33752<ype=S
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com
