The growing medium market has grown steadily, with an expected increase from $4.16 billion in 2023 to $4.28 billion in 2024, reflecting a CAGR of 3.0%. This growth is fueled by growing concerns over food safety and health, a rising global population, greater awareness among buyers, an increasing demand for vegetables, and the expanding need for cannabis.
The growing medium market is expected to grow steadily, reaching $4.84 billion by 2028 with a CAGR of 3.1%. The growth is driven by the rising demand for horticulture, home gardening, increased agricultural spending, disposable income growth, and the adoption of precision farming. Trends to watch include IoT sensor integration, innovations in aeroponic systems, microbial-enhanced mediums, smart growing mediums with controlled-release fertilizers, and eco-friendly organic growing mediums.
Major Driver In The Growing Medium Market
The increasing demand for horticulture is likely to spur the growth of the growing medium market. Horticulture encompasses the cultivation and management of garden crops, including fruits, vegetables, and non-food crops like flowers and ornamental plants. The rising demand for horticulture is influenced by consumer preferences for fresh, locally sourced produce, a shift toward sustainable lifestyles, and heightened awareness of health and wellness. Growing mediums are utilized in horticulture to provide a supportive environment for plant roots, ensuring optimal growth and development by supplying essential nutrients and maintaining moisture. The New South Wales Department of Primary Industries reported that the horticultural gross value of production for 2022–2023 is projected to be $2,989 million, reflecting a 2% increase compared to 2021–2022. The growing medium market size in 2023 is valued at $5.2 billion, expected to grow to $6.1 billion in 2024, and forecasted to reach $9.4 billion by 2028.
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Growing Medium Market Competitive Landscape
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
Key Growing Medium Market Trend
Companies in the growing medium market are innovating with soil-less growing media to improve plant growth and sustainability. Soil-less media are used to grow plants without natural soil, offering support, moisture retention, and nutrient supply. For example, in July 2024, FARMAI India Private Limited, an India-based agricultural company, introduced a soil-less medium designed to enhance agricultural yields, particularly for seedlings. This product, made from a mix of organic and inorganic materials, offers excellent aeration, high porosity, and significant water retention, supporting sustainable agriculture practices in the face of challenges like soil degradation and water scarcity.
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Global Growing Medium Market Segmentation
The growing medium market covered in this report is segmented –
1) By Type: Soilless Mixes, Composts, Gravel, Inert Mediums, Other Types
2) By Distribution Channel: Online, Offline
3) By Application: Agriculture, Horticulture, Home Gardening, Greenhouses, Landscape
By Geography:The regions covered in the growing medium market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the growing medium market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Growing Medium Global Market Report 2024 furnishes information about the global growing medium market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
