Hydroponics Market Outlook
The global hydroponics market size was valued at USD 2.1 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 20.7% from 2021 to 2028. improved yields, higher return on investment, and protected environment among others, attracting a larger share of producers as well as investors have been driving the Hydroponics Market.
The agriculture sector is one of the oldest and the most established sector for any country’s economy. The idea of taking crops out of the soil and growing in a completely soil-less medium is still surprising for the mass. Hydroponics is the fastest-growing soil-less farming practice at a global level, wherein a tailored nutrient solution is used for the crop to attain its full growth with superior quality in a sustainable manner. The technique introduced several advantages in terms of increased yield, higher returns on investment, and a protected environment among others, attracting a larger share of producers as well as investors.
Covid 19 Impact Analysis
The obnoxious spread and outbreak of the novel coronavirus disease and its recognition as a pandemic by the WHO has not only created havoc and distress in the minds of the global target audience, but it has also developed a major degree of challenges and issues for the healthcare services and service providers to deal with and conquer the issues and roadblocks, subsequently. However, the Hydroponics Market’s rise in consumption of snacks, appetizers, and others has increased since the pandemic has hit as people are staying at home. One of the major reasons behind this is the lockdown that has been followed which has forced the global target audience to sit back at their places and further, opt for alternate means that will help to keep themselves busy and do something productive to stay busy. With the increase in consumption of snacks like chips or fried food items, hydroponics is considered important as it is important to have the intake of these for a balanced diet and functioning.
Competitive analysis-
The major key players in Hydroponics Market types are
Village Farms International, Thanet Farms, Pegasus Agritech, James Foskett Farms, Terra Tech, Growlife, Sesajal, American Hydroponics, General Hydroponics
By Segment Analysis
The global population count is set to reach the 9 billion market by 2050, and the food resources are depleting at a proportionate rate. With the progressive integration of technology with agricultural practices, there have been significant improvements in conventional farming practices, yield quantities, and associated returns on investments. However, in the past decade, there has been constant degradation of natural resources such as land and water. This along with several other monetary reasons has led to an alarming need of switching to unconventional farming techniques, such as hydroponics, which does not depend on soil, fertile land, and water resources for cultivation.
Regional Analysis
Europe is an established market for hydroponics, whereas North America, primarily the U.S., and APAC, primarily India holds immense potential to grow significantly during the forecast years. The European region lead the global Hydroponics Market in 2014 with an estimated crop value of USD 9.8 billion and will continue with this dominance growing over USD 13.38 Billion by 2020 at an estimated CAGR of 5.28% through 2015 to 2020. The Americas will be growing at the highest CAGR of 9.1% from 2015 to 2020. Developing countries of the Middle East and Africa will continue contributing smaller shares to the global hydroponic crop value through the forecast period.
Market Segmentation-
The global Hydroponics Market is segmented by crops and region.
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