Hydroponic Substrate Market Size

Hydroponic Substrate Market size was over USD 607.7 Million in 2023 and is expected to cross USD 2.44 Billion by the end of 2036, witnessing more than 11.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of hydroponic substrate is estimated at USD 669.5 Million. The primary growth factor for the expansion of the hydroponic substrate market is anticipated to be the large usage of agricultural land across the world for varied purposes. Hydroponic substrates are of various types namely expanded clay balls, perlite substrate, coconut fiber substrate, rock wool substrate, coir or coco, a ceramic substrate, and plastic sponge substrate to name a few. The World Bank states that the total agricultural land in the world accounts for 36.9% of the total land in 2018. Also, the increasing demand for healthy and nutritious food and the rising prevalence of infectious diseases including coronavirus are estimated to boost the market growth.

Recently, there has been an increased demand for organic crops to escape the diseases and infections spreading around. As a result, the population is being conscious about what they are eating on daily basis. Thus, the rise in farmers and advancements in technological developments the agriculture is expected to increase the adoption rate of the hydroponic substrate in farming for producing high-quality vegetables. According to a report published in 2021, it “estimated that the number of farmers in India totaled to be almost 150 million farmers.”