What is propelling the demand for hydroponics nutrients?
One of the notable developments to watch out for is the global market share of hydroponics among various indoor farming methods, says Mike Straumietis, Founder and CEO of Advanced Nutrients. A 2017 Artemis survey revealed that about 47 percent of indoor farming in the United States uses hydroponic systems. Compared to other indoor farming techniques used in the United States, hydroponic farms are commercially viable, according to 58 percent of research participants.
In 2018, it was predicted that the global market for hydroponic nutrients would be worth $2.67 billion. Between 2020 and 2025, the industry is projected to increase at a compound annual growth rate (CAGR) of 8.8 percent. Even if the US and EU have withdrawn hydroponic goods from their lists of organic produce, a new range of profitable and soon-to-be-available cost-effective hydroponic advances will boost the market for hydroponic fertilizers.
The European Union (EU) has the initiative to promote the growth of hydroponic farms. According to Mike Straumietis, the CEO and founder of Advanced Nutrients, this program is associated with the European Bank for Reconstruction and Development. New, cutting-edge hydroponic technologies, such as photonics, are anticipated to boost the hydroponics industry further because of the tremendous gains farmers made. As a result, the market for hydroponic nutrition products continues to expand today and in the foreseeable future.
The Hydroponic Industry's Nonstop Development
Upgrading food distribution and manufacturing systems are one of the long-term targets, according to Mike Straumietis. Therefore, the requirement for hydroponic farms would only grow over time. Mike Straumietis points out that leafy vegetables and microgreens are the most extensively planted crops. However, hydroponic farms in more tropical or warm regions of the world, where they grow lettuce, microgreens, and cherry tomatoes, have also experienced tremendous growth.
Hydroponic farming is growing spectacularly since vertical farms have complete control over the sector. These farms are in charge of everything from seeds to stores. Additionally, vertical farms enable people to learn more about their food sources and production processes.
The hydroponics market is estimated to register a CAGR of 7.8 percent from 2022 to 2027. The coronavirus pandemic has significantly influenced many industries, yet demand for hydroponic farming is still rising. Before the pandemic had started, this farming practice had already been spreading throughout urban areas, explains Mike Straumietis.
North America Leads the Global Market for Hydroponic Nutrients.
The most prominent geographical area of the market examined is North America. For its many benefits, particularly food security, governments, and non-governmental organizations will continue to promote hydroponics as an environmentally friendly and economically effective technology.
Mike Straumietis states that with 32.7 percent of the global market value, North America accounts for the largest share of the hydroponics fertilizers business. The second and third largest markets are Europe and Asia-Pacific. The agricultural sectors of growing countries like India, China, and Japan have altered due to new farming technologies and innovations, making Asia-Pacific the region with the highest CAGR during the forecast period. Remarkably, the commercial hydroponics industry is expanding exponentially, given the sector's increased success rates and the growing challenges posed by growing food in the soil.
Next-Generation Products
Advanced Nutrients developed a broad spectrum of next-generation products that nourish each phase of a crop's cycle from seed to senescence. This was possible through the guidance of Mike Straumietis and the highly skilled and knowledgeable Ph.D. scientists who are part of Advanced Nutrients' large and diverse research team. Through their efforts, growers in more than 110 countries rely on Advanced Nutrients to unlock the genetic potential of their crops. Moreover, Advanced Nutrients records nine figures in annual sales of plant nutrients and fertilizers. Mike Straumietis has successfully led Advanced Nutrients to its status as a billion-dollar company.
