Hydroponics Market Overview:
As per a 2015 study conducted by researchers at the University of Sheffield’s Grantham Centre for Sustainable Futures, 33% of the global arable land has been degraded in the last 40 years.[1] Soil erosion, pollution, traditional methods of ploughing land, and heavy use of fertilizers have led to the rise in non-arable land. Hydroponics is a process of growing a variety of vegetable and fruit plants with the utilization of mineral nutrient solutions in liquid, sand, or gravel while discarding the use of soil, chemical fertilizers, and pesticides. Hydroponics forms part of hydroculture and is a modern, eco-friendly farming and agricultural practice.
The growing population coupled with the decreasing agriculture land has increased the demand for food products. Traditional agricultural methods cannot handle the growing global demand for due to the exponentially increasing population. Water scarcity is another relevant factor associated with traditional farming practices. Thus, hydroponics has started to gradually replace traditional agricultural methods. The global hydroponics market was valued at $293.12m in 2018 and is projected to grow at a healthy compound annual growth rate (CAGR) of 16.45% during the forecast period 2019-2025.
Europe held the prominent share of the global hydroponics market, estimated at 43.56%, in 2018. Extensive utilization of technology for hydroponics adoption has enabled Europe to enjoy a maximum market share. The easy availability of equipment such as LED lights, HVAC systems, submersible pumps, nutrient film technique (NFT), and electrical conductivity meters has favored the growth of the hydroponics market in the region.
Based on crop type, the hydroponics market is segmented into vegetables, fruits, flowers and foliage, herbs, and others. Vegetable hydroponics is used for growing cucumber, tomatoes, potatoes, capsicums, lettuce, coriander, and others. Increasing demand for organic vegetables, water scarcity, and unpredictable climate conditions are some of the prominent aspects escalating the demand for vegetable hydroponics. The vegetable hydroponics application segment is estimated to grow with a healthy CAGR of 13.73% through 2025.
Hydroponics Market Growth Drivers:
· Higher yield and profit
Traditional agricultural practices involve various procedures and steps to cultivate plants. The yield is more likely influenced by soil nutrients, fertilizers, water, and moreover, climatic conditions. In hydroponics technique, plants are grown using mineral nutrient solutions without of the need for soil and chemical fertilizers. Consequently, the yield cannot be hindered by the factors that influence traditional practices.
· Growing food demand
The global population is increasing drastically, which is subsequently rising the demand for food. In hydroponics farming, the yield rate is very high and plants grow at faster rate as compared to soil plants.
· Water scarcity
Conventional farming methods utilize a large amount of water till harvesting. Water acts as a threat as the total yield of the crop depends upon the availability of water. In contrast, hydroponics requires very low amount of water for growing plants. Owing to its low water utilization factor, hydroponics is gaining momentum.
Hydroponics Market Key Players Perspective:
Argus Control Systems Ltd, one of the leading market players, has partnered with Hydrofarm Holdings Group, Inc. This partnership aims to provide sophisticated environmental systems and services for hydroponic production in the U.S. and Canada.
Other key players in the hydroponics market include Agrexco Agricultural Export Company Ltd., Achdut Ltd., Agri-Plas, Inc., Koninklijke Philips NV, American Hydroponics, Anglebase Ltd., Asmir Growing Equipment Co.Ltd, CropKing Inc., and Daesan Precision Co., Ltd.
Hydroponics Market Trends –
· Hydroponic Indoor Gardens
The growing trend of building indoor gardens has given a huge boost to the hydroponics market It provides people, primarily in urban areas, to grow organic vegetables with the use of hydroponics technology.
· LED lights
Plants require light to grow. In hydroponics, the light is provided using LED grow lights. The light spectrum vented by LED lights has been proven to be productive in stimulating the growth of plants.
Hydroponics Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the hydroponics market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types hydroponics systems, and their specific applications in different areas.
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