According to Mike Straumietis, Founder and CEO of Advanced Nutrients, a significant industry trend to monitor is the share hydroponics occupies among other indoor farming systems, both in the U.S. and internationally. For example, according to a 2017 Artemis survey, hydroponic farming makes up about 47 percent of all indoor farming in the United States. Correspondingly, 58 of those who participated in the study stated that hydroponic farms are productive, notably compared to other indoor farming practices in the United States.
Monitoring a Significant Market Trend
The market for hydroponics nutrients was estimated to be worth $2.67 billion in 2018. The industry is forecasted to rise at a compound annual growth rate (CAGR) of 8.8 percent between 2020 and 2025. The business for hydroponic fertilizers will be driven by highly profitable and soon-to-be-available cost-effective hydroponic advancements, even though the U.S. and Europe have removed hydroponic products from their lists of organic produce.
The COVID-19 pandemic has heavily affected several sectors, yet demand for hydroponic farming is still climbing. According to Mike Straumietis, this farming practice had spread throughout urban areas long before the epidemic struck.
Because vertical farms have complete control over the industry, hydroponic farming is continuing to expand at a considerable pace. From seeds to stores, these farms are in complete control. Additionally, consumers can get information and specifics about their food’s origins and production methods, thanks to vertical farms.
One of the goals for the future is to strengthen food production and delivery systems, notes Mike Straumietis. It has been shown that this will increase the long-term need for hydroponic farms.
However, leafy vegetables and microgreens have been the most often planted crops. As a result, hydroponic farms that grow crops like lettuce, microgreens, and cherry tomatoes, among others, have seen an increase in tropical or warm areas of the world.
Aside from these crops, there has also been a demand for exotic fruits and vegetables. To increase the number of products to meet the rising demand, research institutions and universities worldwide have been coming up with strategies to set up easy-to-use hydroponics systems. This is because the cost of these products is typically high. After all, most of these products are imported.
North America Is The Biggest Shareholder In The Global Hydroponics Market
Regarding market value, North America contributes about 32.7 percent of the global hydroponics nutrients market, as noted by Mike Straumietis. However, developing nations like India, China, and Japan have transformed their agricultural sectors with new agricultural technology and innovations, making Asia-Pacific the market with the highest CAGR during the forecast period.
North America is the market’s broadest geographical region that was examined. There is a guarantee that governments and non-governmental groups will proceed to promote hydroponics as an environmentally clean and rewarding technology for its advantages, particularly regarding food security. As Mike Straumietis of Advanced Nutrients points out, the hydroponics business is growing exponentially given the commercial hydroponics sector’s improving success rates and the escalating difficulties associated with producing vegetables on the soil.
By supplying safe and wholesome food, the creation and development of alternative growing techniques like hydroponics is anticipated to contribute to global food security significantly. Additionally, problems with market logistics can benefit from alternative growing methods. Given this, there is no reason to believe that hydroponics’ popularity will decline over the next few years.
The Advanced Nutrients team, led by Mike Straumietis, created the first and only complete growing system that boosts each stage of the vegetative and bloom cycles so crops can develop to their full genetic potential.
Advanced Nutrients sells nine figures’ worth of fertilizers and plant nutrients yearly. Mike Straumietis guides a diverse team of highly competent and expert Ph.D. scientists that has facilitated the development of next-generation products that sustain each crop’s cycle from seed to senescence, activating its genetic potential.
Advanced Nutrients has over 110 growers that rely on Advanced Nutrients, and they maximize diversity by yielding plants.