The hydroponics market was valued at USD 9.5 billion in 2020; it is projected to grow at a CAGR of 11.3% to reach USD 17.9 billion by 2026. The pressure on the agriculture industry to meet the growing demand for grains and food leads to the search for high-yielding farming techniques, such as precision farming and urban farming. Hydroponics thus is looked upon as a potential solution for the growing concern about food security in the coming years.
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Key Market Players
• Signify Holdings (Netherlands)
• Argus Control Systems (Canada)
• Heliospectra AB (Sweden)
• Scotts Miracle Gro (US)
• American Hydroponics (US)
• LumiGrow (US)
Driver: Higher yield as compared to conventional agriculture practices, emphasized even more after the outbreak of Covid-19 pandemic
According to the UN reports on global population, plants grown in hydroponic systems have achieved 20%–25% higher yield than the traditional agriculture system, with its productivity being 2–5 times higher. Also, owing to controlled environmental conditions, the effect of climatic changes can be balanced with the help of these systems, thereby not affecting the annual crop production. CEH techniques directly affect the crop harvest cycle. Since climatic changes show a minimal effect on such systems, crops can be produced all year round, thereby again increasing the produce.
Opportunity: Development of innovative hydroponic technologies
With the increased adoption of hydroponics globally, manufacturers and researchers are working on improving the efficiency of hydroponics technology to increase the quality and quantity of the produce. Many companies in the market are investing heavily into R&D for obtaining state-of-art technologies that boost he productions and also bring about variety of cultivations possible. Strategic partnerships with research labs and institutes further drive the growth of the hydroponics market.
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Asia Pacific is projected to grow at the highest CAGR during the forecast period
Asia has the largest greenhouse vegetable growing area of 224,974 ha across the globe, followed by Europe with 173,561 ha as per the report on protected horticulture by FAO in 2017. Thus, with the high number of greenhouses in Asia Pacific, the growth opportunity for hydroponic market is the highest and hence, the region is expected to grow at the highest rate during the forecast period.
This report includes a study on the marketing and development strategies, along with a survey of the product portfolios of the leading companies operating in the hydroponics market. It includes the profiles of leading companies, such as Signify Holdings (Netherlands), Argus Control Systems (Canada), Heliospectra AB (Sweden), Scotts Miracle Gro (US), Logiqs B.V (Netherlands), Grobo (US), American Hydroponics (US), and LumiGrow (US).