Hydroponics is a way of growing plants in water using mineral feeding solutions and without using soil.
Covid-19 Impact & Market Status
Many people have formed a negative attitude toward foreign cuisine as a result of the Covid-19 pandemic. As health and food safety become more important, people all over the world are turning to home cooking and self-made/homemade meals. As a result, the food and lodging industries have been jeopardised.
Following the disastrous coronavirus outbreak, the global adoption rate of urban hydroponic farming systems is expected to skyrocket. In the early stages of the pandemic, the agriculture industry faced difficulties. On the farm, labour shortages were severe, and some farmers missed their seasonal crop harvesting window because agricultural product prices were plummeting. Logistics were also impeded. Many countries recognised that they were overly reliant on food imports and began focusing on domestic and internal production.
The tomatoes segment is expected to grow significantly
Tomatoes dominated the market in 2020, accounting for more than 40% of the entire market share. Tomatoes are the most widely hydroponically cultivated crops in the world, owing to their faster growth rate and lower water requirements than conventionally farmed tomatoes.
The Asia Pacific region is expected to grow significantly
Due to the emergence of urban hydroponic farms, the market in China and India is likely to grow significantly throughout the forecast period. Because of the various enterprises based in the region, as well as the growing acceptance of alternative farming practices in metropolitan areas, North America has a significant potential for growth.
The use of hydroponics expands the potential to farm in tiny places where land is limited and in arid or barren environments where propagation is difficult.
The hydroponics market is predicted to grow at a CAGR of 7.5 percent between 2018 and 2028, from USD 1.56 billion in 2018 to USD 3.04 billion in 2028. The rising demand for exotic vegetables such as broccoli, kale, lettuce, and cilantro for use in international cuisines is a primary driver of the global Hydroponics Market.
This is owing to a growth in customer demand for natural and chemical-free food items. This component adds to the globalization of the hydroponics sector. The developing world is focusing on technical developments in order to enhance output and fulfil market demand for hydroponic-based products. This rapid expansion can be linked to the growing popularity of hydroponic systems for indoor food gardening.
Consumer knowledge of the health impacts of pesticides and artificial ripening agents is projected to promote demand for hydroponics, because the approach eliminates the need for such goods, resulting in nutritionally superior produce.
AeroFarms, AMHYDRO, Emirates Hydroponics Farms, Argus Control Systems Limited, Freight Farms, Heliospectra AB, LumiGrow, Green Sense Farms Holdings, Inc., Signify Holding, and Terra Tech Corp. are some of the key players in the hydroponics (U.S.).
Latest Innovations in the Hydroponics Market: a Snapshot
- March 2021: Ahmedabad's state government has launched a proposal to speed up hydroponic farming in cities in order to encourage people to grow vegetables at home. Residents will receive hands-on training from the agriculture department's staff via DIY videos.
Hydroponics Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 3.04 billion|
|Growth Rate||CAGR of 7.5 % during 2021-2028|
|Segment Covered||Type, Crops, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||AeroFarms, AMHYDRO, Emirates Hydroponics Farms, Argus Control Systems Limited, Freight Farms, Heliospectra AB, LumiGrow, Green Sense Farms Holdings, Inc., Signify Holding, and Terra Tech Corp.|
Key Segments of the Hydroponics Market
Type Overview, 2018-2028 (USD Billion)
- Aggregate Systems
- Liquid Systems
Crops Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Asia Pacific
- Rest of World