- The need for a proportionate increase in food supply against the population explosion has catalyzed the growth of the hydroponics market.
- Investments are also likely to flow towards the market for bringing technological advancements and developments.
- Europe has the largest market presence of hydroponics regionally.
According to Market Research Future (MRFR)’s latest study, the global hydroponics market is set to expand at a healthy CAGR of 6.39% during the forecasted period 2015 to 2022. The valuation of the hydroponics market is expected to reach $27.29 billion by the end of 2022. The depletion of natural resources and exponential increase in the population have accelerated the adoption of hydroponics. It helps in the cultivation of crops without soil by using nutrient solutions in a water solvent.
The need for a proportionate increase in food supply against the population explosion has catalyzed the growth of the hydroponics market globally. Furthermore, it offers improved yields and high returns on investments. These factors are anticipated to significantly drive the expansion of the global hydroponics market over the next few years.
The scarcity of water resources for traditional cultivation is another major factor that has led to the inclination towards hydroponics. Hydroponics is likely to gain a larger customer base in the upcoming years due to degradation of the environment. The market looks attractive and is forecasted to remain highly lucrative over 2022. Investments are also likely to flow towards the market for bringing technological advancements and developments.
Some of the key players profiled in the report are
- Village Farms International,
- Pegasus Agritech,
- American Hydroponics,
- James Foskett Farms. Terra Tech,
- Thanet Farms,
- General Hydroponics
- In October 2018, Box Greens, a Miami-based company that retrofits containers into portable hydroponic farms, has introduced Farm-in-a-Box Concept to Miami.
- In November 2018, the Drew Mathieson Center, the U.S., has planned on developing its workforce training through hydroponics.
- In November, Australia-based THC Global Group Limited has changed its name from The Hydroponics Company Ltd. The change of name was approved on the 15th of November 2018 with the ticker remaining as THC.
- In November 2018, Prince Edward, Earl of Wessex, inaugurated the ‘The Earl of Chester Hydroponics Unit’ by the Bridge Community Wellness Gardens and Farm. It is the first of its kind in Cheshire, North-West of England.
- In November 2018, IKEA, a dealer in home accessories, has new hydroponic cultivation kit for indoor cultivation of herbs and vegetables.
For a comprehensive study of the Hydroponics Market, it has been segmented based on type, which includes tomato, lettuce, cucumber, pepper, and others. The tomato segment is currently dominating the global market and is projected to retain its dominance through the forecast period.
The global Hydroponics Market by Region has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. Europe has the largest market presence of hydroponics. It is projected to grow from $9.8 billion in 2014 to $13.38 billion towards the end of 2022 in terms of crop value. The regional market is poised to strike a CAGR of 5.28% through the forecast period.
North America is an important growth pocket and is estimated to emerge as the fastest growing regional market over the assessment period. The hydroponics market in North America is expected to expand at a CAGR of 9.1% from 2015 to 2022. The U.S. is one of the major country-level markets for hydroponics in the region.
Asia Pacific is likely to exhibit moderate growth throughout the projection period. India is a promising country-level hydroponics market and is prognosticated to contribute substantially towards the growth of the regional market.
The Rest of the world is forecasted to witness steady growth in the forthcoming years. The developing nations in the Middle East are expected to augment the hydroponics market during the review period.