Hydroponic Substrate Market - Regional Analysis
Asia Pacific Market Insights
Asia Pacific industry is poised to dominate majority revenue share by 2035, as the region has a high employment rate in the agriculture industry.. Asia Pacific region has a high employment rate in the agriculture industry which is projected to be the primary growth factor for the adoption of a hydroponic substrate and the growth of the market. A recent study revealed the total employment in agriculture statistics has gone up from 36% in 2017-18 to 37% in 2018-19 and then to 38% in 2019-20 in India. Additionally, the large agricultural land present in the region is another growth factor. As per World Bank, the agricultural land in East Asia & Pacific held about 47.7% in 2018. 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, domestic chemical sales in Asia Pacific garnered approximately USD 3 trillion.
