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Growing Medium Market Report 2024 - Growing Medium Market Share And Analysis
Growing Medium Market
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According to The Business Research Company's, The growing medium market size has grown steadily in recent years. It will grow from $4.16 billion in 2023 to $4.28 billion in 2024 at a compound annual growth rate (CAGR) of 3.0%. The growth in the historic period can be attributed to increasing food safety and health concerns, rising population, rising awareness among buyers, increasing demand for vegetables, and increasing need for cannabi*s.
The growing medium market size is expected to see steady growth in the next few years. It will grow to $4.84 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%. The growth in the forecast period can be attributed to an increase in demand for horticulture, growing plants in the home, increasing spending capacity on agriculture, increasing disposable income, and rising adoption of precision farming practices. Major trends in the forecast period include the integration of Internet of Things (IoT) sensors, innovations in aeroponic systems, innovation of microbial-enhanced growing mediums, smart growing mediums with controlled release fertilizers, and innovation of eco-friendly organic growing mediums.
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Market Drivers and Trends:
The increase in demand for horticulture is expected to propel the growth of the growing medium market going forward. Horticulture is the branch of agriculture that focuses on the cultivation and management of garden crops, including fruits, vegetables, nuts, seeds, herbs, sprouts, mushrooms, algae, and non-food crops such as flowers, seaweeds, and non-food plants. The increase in demand for horticulture is due to growing consumer preferences for fresh, locally sourced produce, the shift towards sustainable lifestyles, and heightened awareness of health and wellness. Horticulture uses the growing medium to provide a supportive environment for plant roots, ensuring optimal growth and development to supply essential nutrients, maintain moisture, and offer physical support for plants. For instance, in 2023, according to the New South Wales (NSW) Department of Primary Industries and Regional Development, an Australia-based government department, the horticultural gross value of production for 2022-2023 is projected to be $2,989 million, representing a 2% increase compared to 2021-2022. Therefore, the increase in demand for horticulture drives the growing medium market.
Major companies operating in the growing medium market are developing innovative products such as soil-less growing media to improve plant growth efficiency and enhance sustainability in cultivation practices. Soil-less growing media refers to materials used to grow plants without the use of natural soil. These media provide support, retain moisture, and supply nutrients to the plants. For instance, in July 2024, FARMAI India Private Limited, an India-based agricultural service company that provides growing mediums, launched soilless media. The soil-less media is designed for growing seedlings, which aims to enhance agricultural yields. This innovative product is part of a broader movement towards sustainable agriculture, particularly in response to challenges such as soil degradation and water scarcity. The soil-less media consists of a mix of organic and inorganic materials that provide high porosity, excellent aeration, and significant water retention capabilities.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Israel Corporation Ltd., The Scotts Miracle-Gro Company, Neova Group, Premier Tech Ltd., Profile Products LLC, Jiffy International AS, Hydrofarm Holdings Group, Greenhouse Grower , CANNA B.V., BERA B.V, Grodan B.V., FoxFarm Soil & Fertilizer Company, Floragard Vertriebs GmbH, PittMoss LLC, Cropaia, HydraFiber, Horticultural Coir Inc., Berger, Trellis Bliss, Areapeat
Growing Medium Market 2024 Key Insights:
• The growing medium market size is expected to see steady growth in the next few years. It will grow to $4.84 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%.
• Rising Demand For Horticulture Fuels Growth Of The Growing Medium Market
• Innovative Soil-Less Growing Media Drives Improved Crop Yields
• North America was the largest region in the growing medium market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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