The global hydroponics market size is projected to reach USD 5.68 billion by 2025 and projected to register 22.52% CAGR over the forecast period from 2019 to 2025, according to new report by Million Insights. Increasing adoption of smart agriculture technologies like vertical farming is expected to drive the market growth. Constant development in hydroponics technologies coupled with the emergence of state-of-the-art and innovative technologies such as environmental & temperature sensing, automatic nutrient reading, and remote growth monitoring is expected to boost the market growth during the forecast period.
On the basis of type, the market is fragmented into liquid systems and aggregate systems. In 2018, aggregate system held the largest market share and expected to retain its dominance over the forecast period. Aggregate system comprises different technologies such as wick, drip, and ebb & flow. In this system, plants grow with medium including perlite, rock wool, and others. It is important to select the right media as per crops, as they differ by thickness and pH that may restraint the desired growth. On the other hand, the liquid system is projected to emerge as the fastest growing segment from 2019 to 2025. This system eliminates the need of such media and offer nutrients directly to the roots of a plant that reduces the time needed for yield. Therefore, the adoption of systems such as Nutrient Film Technique (NFT) and deep water culture are projected to witness considerable growth in the next few years.
By crops, the hydroponics market is segmented into lettuce, cucumber, peppers, tomatoes and herbs. Tomatoes are majorly grown by hydroponic method, thereby; tomatoes segment led the market in 2018 and projected to continue its dominance over the forecast period. In 2018, Europe dominated the market for growing tomatoes hydroponically due to high adoption rate of hydroponic method in Italy and Netherland. Growing demand for pesticide-free, highly nutritional, and organically grown vegetables is projected to drive the market growth for leafy vegetables. Among green leafy vegetables, lettuce is expected to gain popularity among growers due to its high consumption across the globe. Moreover, the legalization of marijuana across several countries is expected to augment the market growth during the forecast period.
In 2018, Asia Pacific led the market due to increasing adoption of the hydroponic method across several countries such as South Korea, Japan, and China to fulfill the rising food demand. On the other hand, Europe is expected to grow with the highest CAGR during the forecast period. This growth is attributed to favorable government initiatives to adopt new farming methods.
Key players operating in the hydroponic market are Emirates Hydroponics Farms (UAE); Green Sense Farms Holdings, Inc. (U.S.); Argus Control Systems Limited (Canada); Terra Tech Corp (U.S.)Freight Farms (U.S.); Heliospectra AB (Sweden); LumiGrow (U.S.); AeroFarms (U.S.); AMHYDRO (U.S.); and Signify Holding (the Netherlands). These companies are focusing on product development and geographical expansion. They have observed lucrative opportunities in developed countries including Japan, U.K., China, and U.S., thereby expected to fuel the market growth during the forecast period.
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Further key findings from the report suggest:
• Regions such as Asia Pacific, South America and middle East market are expected to witness moderate growth due to lack of government support for hydroponic farming set up.
• Growing cultivation of cannabis for recreational and medical uses is projected to boost the adoption among indoor growers in several countries such as Canada, Georgia, South Africa and other such countries.
• In the liquid hydroponic systems, NFT is highly adopted methods among indoor farmers wherein state-of-the-art NFT technique is gaining traction among farmers.
• In 2018, Asia pacific held the largest market share due to increasing demand for hydroponic cultivation across China, India, South Korea and Hong Kong.
• European market is expected to witness substantial growth and expected hold largest market share by 2025. Netherlands, Turkey and Spain countries are highly adopting hydroponic cultivation technique.
• Mexico is expected to witness high growth opportunities due to presence of key market players such as Hydroponic Systems, General Hydroponics and Cultura H. In addition, presence of dry land has restricted agriculture expansion which is expected to open new avenues for market growth.
Million Insights has segmented the global hydroponics market on the basis of type, crop and region:
Hydroponics Type Outlook (Revenue, USD Billion, 2014 - 2025)
• Aggregate Systems
• Liquid Systems
Hydroponics Crops Outlook (Revenue, USD Billion, 2014 - 2025)
Hydroponics Regional Outlook (Revenue, USD Billion, 2014 - 2025)
• North America
• Asia Pacific
• Rest of World