GREENHOUSE SOIL MARKET ANALYSIS

Greenhouse Soil MarketSize and Trends

The global greenhouse soil market was valued at US$ 6,063.8 Million in 2022, and is expected to exhibit a CAGR of 4.65% in terms of revenue over the forecast period (2023-2030), and reach US$ 8,726.0 Million by 2030.

Among region, Europe accounted for the largest revenue share of 40% in the global greenhouse soil market in 2022, and it is expected to hold its dominance over the forecast period. Increasing trend of greenhouse farming, adoption of modern agriculture technology, and growing demand for organic food is increasing demand for different soil solutions including greenhouse soil.

Moreover, Middle East & Africa is expected to witness significant growth over the forecast period (2023 to 2030), and exhibit a CAGR of 5.2%. The weather conditions in Middle East & Africa are not favorable for growth of vegetables, thus, majority of vegetables are grown in greenhouses, thereby, propelling demand for greenhouse soil in the region.

Market Trends

Greenhouse soil consists of organic materials, which include composting bark, wood chips, and shredded leaves. The market growth is driven by benefits associated with greenhouse soil ingredients along with increasing application of greenhouse soil in lawn & landscaping, greenhouse, and indoor gardening. Middle East is witnessing an increasing trend of greenhouse farming owing to extreme weather conditions and scarcity of water. Moreover, next-generation agricultural solutions in the Middle East include hydroponics, which is a technique for growing plants and vegetables using perlite, peat, rockwool, and others without soil.

Effective use of lighting in greenhouse for vertical farming is one of the factors, which is expected to drive the greenhouse soil market growth in forecast period. Usage of lighting in greenhouse maintains balance in temperature and fulfills light requirement of the plants. Therefore, use of efficient LEDs and switching inorganic media components such as perlite, sand, and others with organic raw materials is expected to boost growth of the greenhouse soil market. According to Indian Brand Equity Foundation, In March 2022, Budget 2022, focuses on smart and modern agricultural practices. According to the Prime Minister of India, agricultural loans have surged 2.5 times over the past seven years. These loans will help modernise agriculture significantly and enhance natural farming, with a prime focus on Agri-waste management. Furthermore, under the PM Kisan Samman Nidhi scheme, US$ 26.4 billion (Rs. 2,00,000 crore) has been disbursed to 11 crore farmers. Also, the government’s efforts towards promoting the use of organic products have driven expansion in the organic products market to US$ 1.5 billion (Rs. 11,000 crore). The government is also providing financial support to Agri-tech startups and promoting the adoption of AI to revolutionise agricultural and farming trends.