The Growing Medium Market Size Is Expected To Grow To $4.84 Billion In 2028 At A CAGR Of 3.1%

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The growing medium market size has illustrated a steady growth in recent years. It is anticipated to rise from $4.16 billion in 2023 to $4.28 billion in 2024, marking a compound annual growth rate CAGR of 3.0%. Factors such as increasing food safety and health concerns, rising population, escalating awareness among buyers, growing demand for vegetables, and a surge in the need for cannabis have contributed significantly to the growth recorded during the historic period.

What Is the Market Projection for the Global Growing Medium Market?

The growing medium market size is expected to see steady growth in the subsequent years. It is projected to grow to $4.84 billion in 2028 at a compound annual growth rate CAGR of 3.1%. The growth in the forecast period can be attributed to an increase in demand for horticulture, an increase in home plant cultivation, a rise in spending capacity on agriculture, rising disposable income, and the popularity of precision farming practices. Major trends expected in the forecast period include the integration of Internet of Things IoT sensors, innovations in aeroponic systems, the advent of microbial-enhanced growing mediums, intelligent growing mediums with controlled release fertilizers, and the evolution of eco-friendly organic growing mediums.

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What Are the Key Growth Drivers for the Growing Medium Market?

Driving the growing medium market forward is the increased demand for horticulture. Horticulture is the branch of agriculture that focuses on the cultivation and management of garden crops, like fruits, vegetables, nuts, seeds, herbs, sprouts, mushrooms, algae, and also non-food crops like flowers, seaweeds, and non-food plants. The rise in demand for horticulture is propelled by consumers' growing preference for fresh, locally sourced produce, movement towards sustainable lifestyles, and heightened health and wellness awareness. Horticulture employs the growing medium to offer a supportive environment for plant roots, ensuring optimal growth and development to provide essential nutrients, retain moisture and offer physical support for plants. For instance, in 2023, the New South Wales NSW Department of Primary Industries and Regional Development, an Australia-based government department, projected that the horticultural gross value of production for 2022–2023 would be $2,989 million, representing a 2% increase compared to 2021–2022. Hence, the increased demand for horticulture continues to steer the growing medium market.

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Who Are the Key Players and Innovators in the Growing Medium Market Scene?

Major companies operating in the growing medium market are developing innovative products like soil-less growing media to improve plant growth efficiency and enhance sustainability in cultivation practices. Soil-less growing media includes materials used to cultivate plants without the use of natural soil. These media offers support, retain moisture, and supply nutrients to the plants. For instance, in July 2024, FARMAI India Private Limited, an India-based agricultural service company that provides growing mediums, launched a soil-less media. This innovative soil-less media focuses on growing seedlings to enhance agricultural yields. It is part of a broader move towards sustainable agriculture, in response to challenges such as soil degradation and water scarcity. The soil-less media comprise a mix of organic and inorganic materials, offering high porosity, excellent aeration, and significant water retention capabilities.

What Are the Key Segments in the Growing Medium Market?

The growing medium market covered in this report is segmented as follows:

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
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