Hydroponic Substrate Market Trends

Growth Drivers

• Swelling Population with Improved Healthcare Facilities Rising Longevity- The rapidly growing population has increased the demand for organic agriculture and food products. This rise in demand for agricultural ingredients is projected to bring lucrative growth opportunities in the hydroponic substrate market in the assessment period. As per World Bank, the global population stood up at 7.84 billion in 2021, an increase from 7 billion in 2011. This number is further anticipated to rise by United Nations to 9.8 billion in 2050 and 11.2 billion in 2100.
• Increasing Presence of Farms Owing to Self-Farming to Produce Organic Food – The prevalence of farms across the world is expected to work as a growth factor for the utilization of hydroponic substrates to grow food products in a biological way. Recent estimates suggest that there were approximately 650 million farms worldwide in 2020.
• Rise in Demand for Food Products Owing to Increasing Immigration – As per a recent report published in 2018, suggests the global food demand is about to increase by 60% by 2050.
• Boom in Agriculture Industry to Cater to the Rising Food Needs - In 2020, the revenue generated by the United States agriculture, food, and related industries stood up at USD 1.060 trillion.
• High Consumption of Chemicals Across the World – The global chemical consumption in 2021 accounted for 4 trillion euros.

Challenges

• Shortage of Labors
• Slow Adoption Rate
• Additional Expenses in the Production Process
• Need for hydroponic systems for various equipment which are of high investment cost and require relevant knowledge to improve productivity and profit hinders market growth. To run hydroponic crops, need plants, nutrients, water, a way to anchor plants, light, and nutrients. Besides, dealing with issues like root rot, molds, plant leaf issues, and pests increases the cost of the process.