The hydroponics fertilizer additive market has experienced strong growth in recent years. It is expected to increase from $4.31 billion in 2023 to $4.63 billion in 2024, growing at a CAGR of 7.4%. The market growth can be attributed to factors like rising global population, urbanization, consumer demand for organic and healthy food, government initiatives supporting sustainable agriculture, the impact of climate change on traditional farming, and the growing trend of indoor gardening.
The hydroponics fertilizer additive market is expected to grow strongly, reaching $6.2 billion by 2028, with a CAGR of 7.6%. Growth drivers include the growing preference for organic farming, rising urban populations, government initiatives promoting vertical farming, increased awareness of food safety, and the rise of e-commerce for fertilizer distribution. Trends include the adoption of organic fertilizers, advancements in nutrient delivery technologies, the development of customized fertilizer blends, a focus on sustainability, and the integration of smart farming solutions.
Major Driver In The Hydroponics Fertilizer Additive Market
The growing demand for organic fruits and vegetables is expected to fuel the hydroponics fertilizer additive market's expansion. Organic produce is cultivated without synthetic pesticides, herbicides, or fertilizers, utilizing natural methods that promote soil health and biodiversity. The demand for organic fruits and vegetables is increasing due to heightened health consciousness, environmental sustainability concerns, and awareness of chemical-free, nutrient-rich produce. Hydroponic fertilizer additives are essential in this process, as they provide nutrient-rich solutions that enhance crop yields in soil-free environments. According to the Department for Environment, Food, and Rural Affairs, the UK had 509 thousand hectares of organically farmed land in 2022, representing a 0.4% increase from 2021, with organic vegetable acreage increasing by 4.8%. Consequently, the growing demand for organic produce is set to propel the hydroponics fertilizer additive market, which is expected to reach $1.15 billion in 2023, $1.50 billion in 2024, and $2.95 billion by 2028.
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Hydroponics Fertilizer Additive Market Competitive Landscape
SQM SA, ICL Group Ltd., Nouryon Specialty Chemicals B.V., Haifa Group, Hydrofarm Holdings Group, Myron L Company, Advanced Nutrients, Emerald Harvest, Holland Industry Inc., HydroGarden Ltd., Oasis Grower Solutions, FoxFarm Soil & Fertilizer Co., Masterblend International LLC, American Hydroponics (AmHydro), General Hydroponics, Nutrifield, Humboldts Secret Supplies, Hydroponics Europe, Cellmax Nutrients B.V., Npk Industries & Co, Radon Grow, Atami, Botanicare, House & Garden
Key Hydroponics Fertilizer Additive Market Trend
Major companies in the hydroponics fertilizer additive market are focusing on developing innovative solutions such as foliar and fertigation solutions to optimize crop nutrition and yields. These solutions enhance soil fertilization by delivering nutrients via leaf spraying for rapid absorption and integrating fertilizers into irrigation systems for efficient delivery to plant roots. In June 2023, ICL, an Israel-based company, launched a new line of advanced foliar and fertigation solutions under the Nova brand, including Nova Finish, Nova Pulse, Nova Elevate, and Nova FLOW, designed to meet the nutritional needs of crops at various growth stages.
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Global Hydroponics Fertilizer Additive Market Segmentation
The hydroponics fertilizer additive market covered in this report is segmented –
1) By Type: Organic, Inorganic, Synthetic
2) By Nutrient: Nitrogen-Based, Phosphorus-Based, Potassium-Based
3) By Crop: Leafy Greens, Fruits, Vegetables
4) By Application: Foliar, Soil, Drip Irrigation
By Geography:The regions covered in the hydroponics fertilizer additive market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the hydroponics fertilizer additive market in 2023.
The Hydroponics Fertilizer Additive Global Market Report 2024 furnishes information about the global hydroponics fertilizer additive 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.
