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 players hydroponics market include major players such as Signify Holdings (Netherlands), Argus Control Systems (Canada), Heliospectra AB (Sweden), Scotts Miracle Gro (US), American Hydroponics (US), LumiGrow (US), Emerald Harvest (US), Hydroponic Systems International (Spain), Advanced Nutrients (Canada), Vitalink (UK), Hydrodynamics International (Spain), Logiqs B.V (Netherlands), Grobo (US), and American Hydroponics (US). These major players in this market are focusing on increasing their presence through expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.
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.
Fruits grown using hydroponics can be grown and harvested throughout the year due to the interior conditions of the greenhouse or indoor farming unit. Water-adaptable fruits such as watermelon, cantaloupe, and tomatoes are among the ideal choice for farmers as they are easier to grow using hydroponic methods. With more and more varieties of fruits taken under cultivation in the hydroponics market is estimated to grow faster.
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As the crops under hydroponics grow without soil, the need for external nutrients is very high for hydroponic-based crops. With the increase in the use of soilless growing techniques in hydroponics, most of the crops are directly grown with the roots in the nutrient medium. This leads to an increase in demand for nutrients in this industry.