As per the latest report by IMARC Group, titled “Hydroponics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global hydroponics market size reached US$ 9.6 Billion in 2020. Hydroponics refers to a branch of agriculture where plants are grown without using soil. It involves growing plants in an inert medium and supplying the nutrients directly to their roots via an aqueous nutrient solution, thus eliminating the need for soil. Some of the most commonly used nutrient solutions include expanded clay, coco coir, wood fiber, perlite, rock wool, vermiculite and peat moss. Nowadays, leading players are developing advanced hydroponic systems that provide complete control over environmental factors, such as light, temperature, pH, tilth, nutrient content and microorganisms.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Hydroponics Market Trends:
The rising concerns about food security on account of rapid urbanization, growing population, climatic changes, and decreasing arable land represents the primary factor driving the global market. Additionally, the growing awareness regarding the harmful health and environmental impact of agrochemicals, pesticides and mono-cropping employed in traditional soil-based farming is catalyzing the demand for hydroponics. Since hydroponics requires less water, eliminates soil-related diseases and provides high crop yields, governing agencies of numerous countries are promoting its adoption in regions with poor weather or soil conditions like deserts to overcome food shortage challenges. This, in line with the escalating demand for alternative high-yielding farming techniques, has positively influenced the market growth. Besides this, consumers are increasingly shifting toward home-grown organic vegetables and fruits due to the rising health consciousness and elevating incomes, which is encouraging the adoption of home-based hydroponic gardening. Furthermore, leading players are focusing on introducing more efficient outdoor and indoor hydroponic gardening methods, thereby providing a positive market outlook. Other factors, including easy usage and low installation cost of hydroponics systems, and the escalating demand for exotic vegetables and fruits, are also propelling the market growth. Looking forward, IMARC Group expects the market to reach a value of US$ 19.6 Billion by 2026, expanding at a CAGR of around 12.6% during the forecast period (2021-2026).
- Based on the type, the market has been bifurcated into aggregate (closed and open systems) and liquid hydroponic systems.
- The market has been segregated based on the crop type into tomatoes, lettuce and leafy vegetables, pepper, cucumbers, microgreens, and others.
- Based on equipment, the market has been segmented into HVAC, LED grow lights, irrigation systems, material handling, control systems, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being AeroFarms, LLC, Argus Control Systems Limited (CEL Group of Companies), BrightFarms, Inc., General Hydroponics Inc., GreenTech Agro LLC, GrowLife Inc., Hydrodynamics International, Inc., Hydrofarm Holdings Group, Inc., Logiqs B.V., LumiGrow Inc., Thanet Earth Limited and Village Farms International, Inc.
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