There is great expectation for the future performance of the global hydroponics nutrients market. Forecasts show that the market is projected to grow by $2.35 billion globally over the next few years. Compared to other sectors, the interest in hydroponic farming is growing. And several factors are driving this growth, such as higher food exports, government support for hydroponic farming, and a global decline in arable land, notes Michael Straumietis, Founder and CEO of Advanced Nutrients.
The Various Factors Fueling Demand for Hydroponics Nutrients
The demand for exotic fruits and vegetables has undoubtedly been growing steadily at a faster and greater rate as consumer spending power and curiosity have expanded. But because such products can be quite expensive, universities and research groups are now focused on creating straightforward hydroponics systems that will improve the yield of premium fresh fruits and vegetables to help meet future demand. Rising public awareness of the advantages of consuming fresh food may potentially be a driving force behind the interest in the sector.
Industries, including nongovernmental organizations, defense contractors, hotels, food chains, restaurants, and railway catering, are also accountable for the growing demand for hydroponically grown fruits, vegetables, and other produce, as seen by Mike Straumietis of Advanced Nutrients. As a result, farmers will be more likely to plant utilizing hydroponic methods and equipment.
The Significance of Local Demand in the Global Market
North America accounts for 32.7 percent of the global market for hydroponics nutrients. The second-and third-placed regions are Asia-Pacific and Europe, respectively. Although North America now controls the majority of the industry, Asia-Pacific has a strong compound annual growth rate or CAGR. Asian nations like Japan, China, and India are responsible for the growth. Asia is the market that is expanding the fastest among the three continents indicated, notes Mike Straumietis. And with China, India, and Japan implementing cutting-edge agricultural technology, the potential to further transform their farming industry is high, and with the innovations come stronger performance of local markets.
The Appeal of Vertical Farming
While the COVID-19 pandemic has increased people’s awareness of the food they eat and the plants they can grow in their homes, vertical farming had already become slightly mainstream prior to the global health crisis. For many people, the goal of using hydroponics is to produce food consistently, particularly for urban dwellers, while fostering improved food delivery networks. According to Advanced Nutrients Mike Straumietis, urban areas are more likely to employ indoor growing methods, hydroponics included. In the United States and Europe, hydroponic products are no longer considered to be organic. Despite this, low-cost hydroponic methods and technology will enable businesses to advance.
What Industry Experts Anticipate
Experts in the field predict that the growing popularity of hydroponics will be very helpful in the struggle for food security. This alternative farming method will make it simpler for people to have a steady supply of nutritious food in urban settings. As access to their neighborhood food sources becomes more readily available, there will be fewer logistical congestions and challenges in both local and global markets. As a result, this kind of farming will become more and more necessary over the coming years.
Advanced Nutrients on Unlocking A Crop’s True Genetic Potential
Mike Straumietis, the Founder and CEO of Advanced Nutrients, has made finding ways to end food security issues worldwide his main focus. His company has developed the first and only complete growing system that optimizes all phases of the vegetative and bloom cycles. As a result, growers in more than 110 countries rely on the next-generation products of Advanced Nutrients to unlock their crops’ true genetic potential.
With the vision and leadership of Mike Straumietis and the work and dedication of its diverse research team comprising of highly skilled and well-trained scientists with doctoral degrees, Advanced Nutrients grew into a billion-dollar company with nine figures in annual sales in plant nutrients and fertilizers.