Global Hydroponics Market is estimated to account for US$ 716.25 Mn by end of 2027, Says Coherent Market Insights (CMI)
SEATTLE, March 12, 2021 (GLOBE NEWSWIRE) — Hydroponics is the method of cultivating plants in water, either a solution of oxygen and mineral nutrient solution or air. This cultivation is accomplished with a support system in the form of media. Hydroponics systems provide a controlled environment for plants to thrive. There are advantages of Hydroponics and disadvantages such as; low water usage, the need for a constant and adequate nutrient source, direct exposure to sunlight, indirect sunlight, and lack of plant density in soil. The scope and natures of Hydroponics are vast. Hydroponics has great demand, especially in emerging countries. Hydroponics is an effective solution to grow crops at a lower cost and with better yield. Hydroponics is the science of growing plants in containers using water and nutrients under controlled conditions for better crop production.
The global hydroponics market is estimated to account for US$ 716.25 Mn in terms of value by the end of 2027, witnessing CAGR of 10.8% during the forecast period (2020-2027).
1. Higher yield as compared to conventional agricultural practices is expected to drive growth of the global hydroponics market during the forecast period
Hydroponics has shown to yield a greater amount of produce than conventional agricultural practices. According to the research paper ‘Comparison between Growing Plants in Hydroponic System and Soil Based System’ published at the 4th World Congress on Mechanical, Chemical, and Material Engineering, August 2018, plants in the hydroponic system can achieve 20–25% higher yields than a soil-based system with productivity 2–5 times higher. Hydroponics uses water 90% more efficiently and many crops can be produced twice as fast in a well-managed hydroponic system. Hence, such factors are expected to drive growth of the global hydroponics market during the forecast period.
2. Increasing demand for cannabis is expected to propel the global hydroponics market growth over the forecast period
The demand for cannabis has increased significantly over the years for numerous applications including medicinal use, recreational use, and research purposes. Cannabis growers have been using different hydroponic methods to maximize yields and speed up growth. Hence, such factors are expected to propel the global hydroponics market growth over the forecast period.
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1. Growing popularity of hydroponics to provide high-profit margins can present lucrative growth opportunities in the global hydroponics market
Since hydroponics use water up to 90% more efficiently than conventional agricultural practices and boosts production 3 to 10 times in the same amount of space, its popularity is increasing rapidly across the globe. This, in turn, is enhancing the profit margin for farmers.
2. Rising application of hydroponic systems in restaurants and grocery stores since the COVID-19 pandemic can provide major business opportunities in the global hydroponics market
Many restaurants have started using hydroponic systems since they offer fresh produce and chef can provide the highest quality of food. Besides, hydroponic enhance the hotel and restaurant experience by adding live greenery to the surroundings.
1. High yield of tomatoes is a key trend
Hydroponics can be used for many vegetables and crops such as cucumbers, tomatoes, peppers, herbs, lettuce, etc. Among these, tomatoes are expected to witness significant growth in the near future, due to a faster cultivation rate and requirement of less amount of water as compared to regularly farmed tomatoes.
2. High adoption of aggregate systems is another key trend
Aggregate systems are expected to witness massive adoption, owing to widespread popularity among indoor hydroponic farmers since their setup is inexpensive. Furthermore, in such systems, insert and solid media such as peat, sand, rock wool, perlite, and coconut coir provides for the plants.
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Key players involved in the global hydroponics market are Argus Control Systems Limited, Valoya, Hortisystems UK Ltd., Thanet Earth, Kubo Group, Terra Tech, GreenTech Agro LLC, Growlife, Heliospectra AB, General Hydroponics Inc., American Hydroponics, Inc., and Lumigrow Inc.
For instance, in January 2019, Hydrofarm Holdings Group, Inc. partnered with Argus Control Systems Limited to provide advanced environmental systems and services for horticultural production in Canada and the U.S.
1. By Equipment
·LED Grow Light
2. By System Type
·Aggregate Hydroponic system
·Liquid Hydroponic System
3. By Crop Type
·Lettuce and Leafy Vegetables
4. By Input Type
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