Urbanization, industrialization and increasing population are among the many causes behind deforestation and shrinking of agricultural land. Hydroponics technology has emerged as a solution in this hour of need. Hydroponics, a sub-section of hydroculture, is an eco-friendly agricultural process which requires no soil and has a greater space utilization factor. These benefits are driving global demand for hydroponics along with factors like increasing food demand coupled with a growing human population, increased emphasis on food security, technological advancements in hydroponic systems, rising threat of food scarcity, and higher profits compared to traditional agricultural practices, according to a business intelligence study by IndustryARC. Hydroponics has also been adopted for maintaining controlled ecological life support systems in space stations. The report estimated the global hydroponics market at $293.12m as of 2018. Furthermore, the demand is anticipated to increase at a healthy CAGR of 16.45% during the forecast period 2019-2025.
The report by IndustryARC titled, “Hydroponics Market: By Type (Wick system, Water culture, EBB & FLOW, others); By Equipment (Growing Chamber, Submersible Pump, Growing LED and Others); By Crop (Vegetables, Fruits, Flowers and Foliage, Herbs and Others); By Geography – Forecast (2019 - 2023),” gives a comprehensive analysis of prominent market features including growth drivers and trends, value chain analysis, restraints, challenges, future outlook, and the competitive landscape. The report covers Hydroponics Market size by type and applications, Hydroponics Market share by top 5 companies and also the market share by start-ups during the forecast period.
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Hydroponics Market: Leading Segments
Europe held the prominent share in the global hydroponics market at 43.56% in 2018. Implementation of advanced techniques in hydroponics through adoption of LED lights, sophisticated Heating, Ventilation and Air Conditioning (HVAC) systems, nutrient film technique (NFT), and electrical conductivity meters are significant factors behind Europe having the highest share of demand in the hydroponics market. Additionally, lowered use of pesticides and chemical fertilizers, lesser water requirements, increasing demand for green food, high amounts of investment by the private sector, and awareness programs held by government and non-government organizations are few other reasons behind Europe gaining the highest market share.
The hydroponics market is bifurcated by crop into vegetables, fruits, flowers and foliage, herbs, and others. Few of the major fruits and vegetables grown using this technique are cucumbers, tomatoes, blueberries, strawberries, melons, potatoes, capsicums, lettuce, coriander, and peppers. High yield rate, growing demand for healthy and nutritional food, and increasing adoption of vertical gardening are some of the key factors propelling demand for hydroponic vegetables. As a result, key market players have capitalized on this segment which is anticipated to grow at a CAGR of 13.73% through to 2025.
Hydroponics Market Disruptive Trends
Utilization of LED lights in hydroponics is an added advantage since LED lights catalyze the growth of plants through light emitted by them.
Farming through hydroponics techniques generates higher profits than traditional farming methods. This in turn is increasing the market demand for hydroponics.
Hydroponic indoor kitchen gardens facilitate users to grow organic and green vegetables on their own by facilitating valuable information like when to provide nutrients or water.
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Hydroponics Market: Competitive Landscape
Prominent companies holding majority shares in the global hydroponics market are Achdut Ltd., Agrexco Agricultural Export Company Ltd., Koninklijke Philips NV, Agri-Plas, Inc., American Hydroponics, Asmir Growing Equipment Co.Ltd, Anglebase Ltd., CropKing Inc., Daesan Precision Co., Ltd. and Argus Control Systems Ltd.
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