Market Insight

Market Research Future (MRFR) postulates that the Global Hydroponics Market is likely to garner USD 27.29 billion, grabbing a CAGR of 6.39% during the forecast period (2015-2020). The surging consumption of exotic, salad crops is favoring the market growth across the globe. Hydroponics can be defined as a subset of hydroculture and is considered as one of the fastest-growing soil-less farming practice globally by using mineral nutrient solutions in water without the requirement of soil. The entire procedure of hydroponics needs water, nutrients, and sunlight in order to let the plants grow better with their roots in water.

Market Potential and Pitfalls

The global hydroponics market is expanding at a sturdy growth rate during the appraisal period owing to the higher return on investment, improved yields, and protected environment, which is attracting many investors as well as produces. The dearth of fertile land in order to meet the demand for crop cultivation has resulted in the development of new ways to cultivate crops. Hydroponics is thus considered one such novel methods which are gaining traction across the globe. With the global population estimated to reach 9 billion marks by 2050, the food resources are likely to deplete at a proportionate rate. The progressive implementation of technology with agricultural practices have shown significant improvements in conventional farming practices, associated return on investments, and high yield quantities. This has further contributed to the market growth across the globe. The constant degradation of natural resources like water and land in the past few decades has resulted in an alarming need of switching to unconventional farming methods like hydroponics which does not require fertile land, does not have to depend on soil, and water resources for cultivation. Such factors are likely to offer the market an upward trajectory. Moreover, the surging consumption of exotic and salad crops coupled with the increased need for food security globally is anticipated to foster the market growth.

On the contrary, the dearth of scientific knowledge associated with the soil-less agricultural techniques coupled with the high setup cost is some of the top factors considered to vitiate the market growth during the appraisal period. On a brighter note, the rising cultivation of medicinal plants and the constant changes in farming approach are offering the market new growth opportunities across the globe.

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Competitive Dashboard

The prominent players operating in the global Hydroponics Market comprises

• Thanet Farms,
• Village Farms International,
• James Foskett Farms,
• Pegasus Agritech,
• Growlife, Terra Tech,
• General Hydroponics and
• American Hydroponics.

Industry Updates

April 25, 2019: A Mumbai-based couple has started growing organic produce through hydroponics and named it Herbivore Farms. It is considered the first hyperlocal, hydroponic farm in Mumbai. The farm grows approximately 2,500 plants and sells organic and fresh vegetables to their customers across Mumbai.

Regional Insights

Geographically, the hydroponics market span across regions namely, Europe, Asia Pacific, North America, and the Rest-of-the-World (RoW).

Considering the global scenario, the European region is considered an established market with an estimated crop value of USD 9.8 billion. The market in this region is predicted to garner USD 13.38 billion by the end of the forecast period as the region highly adopts hydroponic greenhouse horticulture. The American region is presumed to expand at the highest rate with a CAGR of 9.1% in the coming years. The North American region is the major consumer of hydroponics globally.

The Asia Pacific region is anticipated to witness considerable growth during the appraisal period. The growth has been ascribed to the rising support from the government for hydroponics technology for better production of crops. The increased population especially in India is further propelling the market growth in this region.