LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global hydroponic growth medium and nutrients market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Shikha Kaushik, a lead analyst at Technavio for retail goods and services research, “The global hydroponic growth medium and nutrients market is expected to post a CAGR of more than 13% during the forecast period. Commercial and residential users are the prime end-user segments for the market. The demand for crops has been increasing steadily due to constant growth in the global population.”
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The top three emerging market trends driving the global hydroponic growth medium and nutrients market according to Technavio research analysts are:
- Growing market for hydroponic growth medium and nutrients
- Increasing incorporation of innovative technologies
- Growing online retail
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Growing market for hydroponic growth medium and nutrients
Hydroponics provides more yield than the traditional farming methods. Nutrients and medium are the two types of inputs which are used apart from the equipment used in the system. The two major types of nutrients used are micronutrients and macronutrients.
Countries like the Netherlands, Spain, and France in Europe are engaged in the usage of hydroponics smart greenhouse cultivation. Moreover, Scandinavian countries use the hydroponic method of agriculture because growing crops during the winter is very difficult. Exotic plants, which cannot be grown in certain countries due to its climatic conditions, can be grown easily using the hydroponic system. Thus, it makes almost all types of vegetables and fruits available in most of the countries throughout the year.
Increasing incorporation of innovative technologies
To stay competitive and to increase the consumer base, key vendors are focusing on innovating and introducing new and modified products to enhance sales. Rapid advances in technology ensure the development of hydroponic systems that provide better performance in terms of quality. For instance, Niwa is a smartphone-operated plant growing system, which is connected to the Internet as well as Niwa app. The system is easy to operate, fully automated, and provides proper growing conditions for individual crop types. Thus, it becomes easy for consumers to grow their own crop.
“Urban Cultivator is an enclosed hydroponic system designed for those living in extreme weather to grow their own veggies and herbs throughout the year. It requires only a dose of organic fertilizer once a week and a water hook up. Such innovative technologies in the market are expanding the growth of the global hydroponic growth medium and nutrients market,” says Shikha.
Growing online retail
Nowadays, individuals prefer to shop online rather than from physical stores due to their hectic schedules. Growing Internet penetration and the rise in the adoption of digital products, such as tablets, smartphones, and laptops, have boosted the online sales of hydroponic products.
Quick delivery services and competitive price are the major factors for the growth of online retailing worldwide. Increased Internet penetration and growing consumer base, combined with faster shipping services and changing demands of consumers, will play a significant role in the growth of this channel during the forecast period. Online retailers, such as Amazon.com, AliExpress.com, eBay, and many more, provide hydroponic growth medium and nutrients. Thus, the availability of hydroponic growth medium and nutrients online will boost up the sales and number of potential customers during the forecast period.
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