Global Hydroponic Nutrients Market - 2022-2029

Global Hydroponic Nutrients Market - 2022-2029

Market Overview

Hydroponics is a farming method that provides better and higher yields than conventional agricultural methods. The two inputs, such as nutrients and medium, are used apart from the equipment in the overall system; micronutrients and macronutrients are the major types of nutrients used. Developed countries in Europe, such as Netherlands and France, are engaged in using hydroponics farming in greenhouse cultivation. Moreover, Scandinavian countries also use the hydroponic method of farming as growing crops in the winter is often tough. Exotic plants, which are not found in certain regions due to climatic conditions, can be easily grown using the hydroponic farming method. Thus, hydroponics makes all types of fruits and vegetables available in several countries annually.

The global hydroponic nutrients market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 8.9% during the forecast period (2022-2029).

Market Dynamics: Rising demand for hydroponic nutrients market with the shift in the inclination towards hydroponics as profit farming

Hydroponics, unlike traditional farming, does not require soil to grow food. In this technique, plants are grown either on natural or man-made substrates, where the roots easily extract nutrients from a prepared nutrient solution. There are different methods for growing food using hydroponics, and their application depends on the specific plant, local climate, and budget, among other factors. Most systems comprise a storage tank for the nutrient solution and an aerator.

Hydroponics is the technique of growing plants using a water-based nutrient solution rather than soil. It includes an aggregate substrate or growing media, such as vermiculite, coconut coir, or perlite. Hydroponic production systems are used by small farmers, hobbyists, and commercial enterprises. The market is projected to rise significantly as key vendors focus on innovation and the production of new and tailored products to boost sales. Moreover, rapid technological advancements further ensure the expansion of the hydroponic farming system. According to USDA, growing plants in water culture or sand culture without soil are procedures that have been used by physiologists studying plant nutrition and other plant scientists for more than a century. For instance, On 20 May 2020, a recently developed smartphone-operated plant growing system, Niwa, was connected to the app and the internet. The system is easy to function, fully automated, and provides suitable conditions for growing variant crops.

Market Segmentation: Rising demand for hydroponic nutrients market with increasing consumption in the organic hydroponic nutrients segment

The hydroponic farming industry is always changing and introducing new, creative items to the market. Lighting, ventilation, soils or media, nutrients, and pest management are all changing in their own right within the hydroponic sector. Organic insecticides have been remarkably improved as more indoor horticulturists pay attention to the potentially damaging chemicals connected with insect control.

Organic agriculture's major concepts are health, ecology, fairness, and care, and the culture solution may be utilized as a hydroponic solution. For instance, The National Agriculture and Food Research Organization created a practical organic hydroponics system (NARO). Hydroponic growing methods offer much promise for turning organic because of their high rate of water conservation, regulated growth that reduces the need for pesticides and fertilizers, and lack of significant human effort.

Organic substances are difficult to use as fertilizer in a traditional hydroponics systemThey can implement organic practices for hydroponic systems by using nutrient solutions derived from organic plant and animal material or naturally mined compounds. The Organic Materials Review Institute (OMRI) is a private, nonprofit organization that determines whether or not a product qualifies as organic under the USDA's National Organic Program. For instance, on 13 July 2021, Pre-Empt is an OMRI-listed product that can completely replace conventional hydroponic fertilizer programs. Pre-Empt was developed for recirculating hydroponic systems growing crops such as lettuce, leafy greens, basil and other herbs. This fertilizer is created through five stages of fermentation processes that incorporate molasses with other natural plant extracts. This process packs Pre-Empt with essential macro- and micro-nutrients, amino acids like humic and fulvic acid, and an array of vitamins that build a full spectrum of nutrients.

Geographical Penetration: North America is the dominating region during the forecast period

North America holds the major share in the global hydroponics nutrients market, accounting for YY% of the total market value. The countries covered in the hydroponic growth medium and nutrients market report are the U.S., Canada, and Mexico in North America. According to USDA National Agricultural Statistics Service (NASS), that farm operators paid their hired workers an average gross wage of $16.59 per hour during Oct. 2021, up 5 percent from the same period in Oct. 2020. For greenhouse vegetable production, the average wage for workers in California is $17 per hour and $16 per hour in Kentucky and Montana. The U.S. Bureau of Labor and Statistics reported that although the demand for crops and other ag products continues to increase, employment growth is expected to be limited. One of the reasons for this slow growth is the move by agriculture businesses to implement technologies that increase worker productivity. According to the Bureau, the increased use of mechanization on farms will lead to more jobs for equipment operators than traditional farm workers. From 2020 to 2030, the hiring of equipment operators is projected to increase by 13 percent.

Europe and Asia-Pacific are the second and third largest markets, respectively. Asia-Pacific is the fastest-growing registering a high CAGR during the forecast period. Developing countries in Asia-Pacific, such as Japan, India, and China, are revolutionizing their agriculture sector by introducing new agricultural technologies. For instance, Japan had around 200 hydroponics farms in the country in 2018. Major Asian-Pacific players are investing more in R&D to develop new hydroponic technologies. In 2019, Mebiol Research and Development Center in Japan invented a new polymer hydrogel film that can be used for cultivating crops using the nutrient solution.

Competitive Landscape:

The global hydroponic nutrients market is consolidated. General Hydroponics, AMHYDRo, Nutrifield, Watercircle Hydroponics Pte Ltd, Emerald Harvest, Humboldts Secret, Advanced Nutrients, Roots Organics, FoxFarm and Botanicare are a few active players in the market. Mergers and acquisitions, partnerships, expansion, product launches and investment in R&D are the major business strategies followed by these active players. For instance, on 8 August 2022, OASIS Grower Solutions launched new packaging for hydroponic fertilizer. As many know, growing leafy greens hydroponically can be filled with challenges. However, OASIS® Grower Solutions doesn't think fertilizing should be one of them. That's why it has developed its one-bag solution for fertilizing leafy greens, excited about its hydroponic fertilizer's effectiveness. They are also thrilled to introduce the new packaging that streamlines the product information and more accurately aligns with their brand aesthetic.

On 27 September 2021, Artemis was acquired by iUNU in a continued CEA rollup creating a $50m+ contracted revenue company. Artemis is a stellar company with a strong team and products deployed across wide crop varieties. They are far better together than apart. Their merger represents the first opportunity to access a completely AI-driven platform to manage all operations, including inventory tracking, production planning, yield forecasting, pest and disease management, food safety, and labor tracking.

On 10 August 2021, iUNU Announced the Acquisition of CropWalk, Significantly Expanding Expertise & IPM Consulting Capacity. They are a widely recognized name in the horticultural industry for their unbiased approach to empowering growers of high-value crops with the knowledge and resources to prevent and manage pests and plant pathogens, with plans to expand their crop care services. CropWalk is well-known for how they customize a unique suite of services for operations of various kinds, offering risk assessments, IPM program development, training sessions, the online CropWalk Academy, and more. It includes remote monitoring services, the capacity of which is now dramatically enhanced by iUNU’s LUNA system.

COVID-19 Impact: Positive impact on the global hydroponic nutrients market

People recognized the benefits of living a healthy lifestyle, resulting in the raised demand for the hydroponic nutrients products during COVID-19. The global situation is gradually normalized as border closures are being lifted. The easing up of the lockdown, which has allowed public mobility, is to helped recovered the market in the following years. However, rising fuel prices have increased transportation costs, impacted nutrients product and other commodity prices.

For instance, according to Acta Scientific Agriculture, hydroponic nutrients market is projected that the global COVID-19 pandemic effect on the hydroponics market will generate revenues of USD YY billion with a CAGR of about YY% from 2020 to 2024 (forecast period). According to shop owners, the attractiveness of greens in a safe, germ-free atmosphere increased during the pandemic as people concentrated more on eating healthier foods. Although higher prices are an obstacle for others, cities’ high-income consumers are increasingly able to pay the price for fresh produce.

The global hydroponic nutrients market report would provide access to approximately 61 market data tables, 55 figures and 170 pages