Hydroponic Nutrients Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|Fastest Growing Market||Middle East and Africa|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Hydroponic Nutrients Market Analysis
The hydroponic nutrients market is projected to register a CAGR of 6.3% over the forecast period.
- The increasing pressure on global arable land, increased demand for nutrition, and shift in the dietary pattern of the global population towards consumption of fresh fruits and vegetables are the factors driving the increase in area under hydroponics. In countries with unfavorable climatic conditions for open land farming, hydroponics provides a sustainable option for the cultivation of fresh produce to supply to markets.
- Furthermore, fertilizers developed specifically for hydroponic systems have been developed by companies to tap into the growing market for hydroponics. In addition to being completely water-soluble, these fertilizers are generally compound mixtures providing multiple nutrients to the crops grown in a hydroponic system, albeit with one of the primary nutrients having a major proportion.
- Major players in the market are investing more in R&D to develop new hydroponic technologies. For instance, in 2019, Mebiol Research and Development Center in Japan invented a new polymer hydrogel film that can be used for cultivating crops using nutrient solutions.
Hydroponic Nutrients Market Trends
Shrinking Agricultural Land Area
- Increasing population trends, urbanization, decreasing water supply, and continuing climate change have contributed to the declining agricultural land. Additionally, the introduction of the Conservation Reserve Program (CRP), the emergence of the biofuel industry, and other economic factors have contributed to significant changes in land-use patterns. Due to such constraints, more production is required from a lesser land area.
- According to Food and Agriculture Organization (FAO), there is a decline in land resources for agriculture. Policymakers are facing the challenge of maintaining sustainability and feeding the rapidly growing world population, which is projected to reach around 9.7 billion by 2050.
- Due to the continuous decline in per capita farmland availability, a possible way out is the practice of increasing productivity. Thus, there is a need to increase yield from the available land, which can be achieved through hydroponics. Hydroponics farming, which involves greater use of technology and automation for land-use optimization, exemplifies solutions for improving future food production. Hydroponics farming aims to significantly increase productivity and reduce environmental footprint within a framework of high-rise urban, indoor, and climate-controlled buildings.
- According to the United States Department of Agriculture (USDA), farmers in the United States voluntarily removed land from crop production because of poor growing conditions or constrained irrigation water supplies. Gradual declines have occurred in cropland, while grazed forestland has decreased more rapidly. Increases in land used for non-agricultural special uses, including national parks and other protected areas, have contributed to the relative increase in non-agricultural land use while agricultural lands have kept decreasing.
- Hence, the shrinkage or the fluctuation in the agricultural land area globally has resulted in the need for technological developments to meet the growing demand, which is anticipated to drive the market for hydroponics farming which in turn is anticipated to drive the growth of hydroponics nutrients market during the forecast period.
To understand key trends, Download Sample Report
North America Dominates the Market
- The application of hydroponics-grown produce has increased progressively in the region over the last few years. North America holds the largest market share in the hydroponics nutrients market. It is expected to grow during the forecast period, owing to rising disposable income and increased consumer purchasing power.
- In addition, the growing awareness about health and fitness and a focus on sustainable farming methods drive consumers to invest excessively in hydroponics, which is estimated to contribute significantly to market growth. Furthermore, hydroponics ensure a smooth supply, despite weather conditions and monsoon seasons, when supply is usually interrupted for traditional vegetable suppliers. This is also one of the reasons anticipated to contribute to the market's growth.
- In addition, several initiatives taken by the regional players also support the market's growth. For instance, in 2019, Kroger, which owns QFC, teamed up with Infarm, a start-up based in Germany, to install modular vertical farms in two of its Seattle-area grocery stores in Bellevue and Kirkland, Washington. In these mini-farms, which use a hydroponic farming method, nine varieties of lettuce and herbs are grown in nutrient-rich water.
To understand geography trends, Download Sample Report
Hydroponic Nutrients Industry Overview
The hydroponic nutrients market is a fragmented market. Yara International ASA, Advanced Nutrients Limited, Haifa Group, and ICL Group are some of the major players operating in the market. The players are investing in new products and improvisation of products, partnerships, expansions, and acquisitions for business expansions.
Hydroponic Nutrients Market Leaders
Yara International ASA
Advanced Nutrients Limited
*Disclaimer: Major Players sorted in no particular order
Hydroponic Nutrients Market News
- January 2023: ICL, a global specialty minerals company, announced it would be the strategic specialty phosphate solutions supplier to General Mills. The long-term agreement will begin in June of 2023 and will initially be focused on supply in North America, with the potential for international expansion. As part of its strategy to develop long-term partnerships with key suppliers, General Mills is working with ICL to leverage technical expertise in support of business growth.
- December 2022: Freight Farms launched a new line of hydroponic nutrients called Farmhand. The product line consists of three components: Farmhand form, grow, and boost, each designed to provide essential macro and micronutrients to support healthy plant growth in hydroponic systems.
Hydroponic Nutrients Market Report - Table of Contents
1.1 Study Assumptions and Market Definations
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.2 Nutrient Type
5.2.4 Other Nutrients
5.3 Chemical Origin
5.4.1 North America
18.104.22.168 United States
22.214.171.124 Rest of North America
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
5.4.3 Asia Pacific
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.4.4 South America
18.104.22.168 Rest of South America
5.4.5 Middle East and Africa
22.214.171.124 Saudi Arabia
126.96.36.199 United Arab Emirates
188.8.131.52 South Africa
184.108.40.206 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Yara International ASA
6.3.2 Advanced Nutrients Limited
6.3.3 Haifa Group
6.3.4 ICL Group
6.3.5 Ferti Technologies
6.3.6 Grow More, Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Hydroponic Nutrients Market Research FAQs
What is the current Hydroponic Nutrients Market size?
The Hydroponic Nutrients Market is projected to register a CAGR of 6.3% during the forecast period (2023-2028).
Who are the key players in Hydroponic Nutrients Market?
Yara International ASA, Advanced Nutrients Limited, Haifa Group, ICL Group and Ferti Technologies are the major companies operating in the Hydroponic Nutrients Market.
Which is the fastest growing region in Hydroponic Nutrients Market?
Middle East and Africa is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Hydroponic Nutrients Market?
In 2023, the North America accounts for the largest market share in the Hydroponic Nutrients Market.
Hydroponic Nutrients Industry Report
Statistics for the 2023 Hydroponic Nutrients market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Hydroponic Nutrients analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.