Hydroponics Market Set for an Impressive CAGR Through 2029; Coronavirus Crisis to Fabricate Growth Opportunities, Concludes FMI Research
Consumer adoption of plant-based and vegan diets propel the demand for food product ingredients cultivated using hydroponics.
DUBLIN, IRELAND / ACCESSWIRE / April 8, 2020 / Increasing demand for specialty vegetables such as kale, letture, and cilantro further the demand for hydroponic cultivation processes. The global hydroponics market will cross a market valuation of US$ 4,460 Mn by 2029.
Superior properties such as elimination of soil pathogens, monitoring and control over water, and pH levels garner adoption from farmers across the world. The complete traceability of contamination attracts small, medium, and large scale farmers.
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Global Hydroponics Market - Key Takeaways
- Asia Pacific ex. Japan accounts for the largest market value share and the highest growth rate during the forecast period (2019-2029).
- Indoor hydroponics farming is the most widely adopted hydroponics farming method as it holds a majority total market value share.
- Outdoor hydroponics farming will showcase noteworthy CAGR through 2029.
- Inorganic hydroponic solutions emerge as the leaders of solutions segments with a leading revenue share.
- Organic hydroponic solutions present a significant growth trajectory during the projection period.
- When segmented based on crop type, vegetables are current frontrunners with fruits exhibiting an impressive CAGR.
- B2B distribution channels maintain a stronghold on revenues with the largest market share.
- B2C distribution channels will showcase noticeable growth rate between2019 to 2029.
Global Hydroponics Market - Key Driving Factors
- Tech-driven advancements such as energy efficient LED lights will drive demand hydroponics processes by small and medium farmers.
- Adoption of hydroponic and aeroponic gardens by local restaurants in a bid to differentiate their product offerings will continue to strengthen growth of hydroponic farming systems.
- Sprouts grown from hydroponic farming methods emerge as a top demand generator for hydroponic products.
- Residential adoption of hydroponic gardens in lawns and backyards will continue to further B2C adoption of hydroponic products.
Global Hydroponics Market - Key Restraint
- High energy costs associated with enhanced hydroponics will pose constraints to the growth potential of hydroponic farming systems during the forecast period.
The Coronavirus Impact
Currently, the coronavirus is having an adverse impact on the global agriculture sector. Nationwide lockdowns have restricted the economic system. The sector is facing major challenges in terms of movement of goods in rural areas, in addition to a shortage of laborers.
Further, fluctuations in weather conditions, combined with the disruptions from the coronavirus will have an adverse impact on conventional farming. As a result, hydroponics operations will gain substantial opportunities to gain traction as a viable alternative to traditional farming methods. Lower labour requirements, and minimized risk of transmission can help in growth of the industry.
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Market players in the hydroponics market are prioritizing reducing installation and maintenance costs. A key growth strategy adopted by manufacturers is development of residential hydroponic systems on the back of increasing disposable income of diet conscious millennial consumers. Major market players that influence competition in the hydroponics market are, but not limited to, Heliospectra AB, LumiGrow Inc., Green Sense Farms Holdings, Inc., Koninklijke Philips NV, Scotts Miracle-Gro Co., Argus Control Systems Ltd., Emirates Hydroponics Farms, Platinum Produce Co., Hollandia Produce, L.P., Eden Farms, and AMCO Produce Inc.
About the Report
This study offers readers a comprehensive market forecast of the hydroponics market. Global, regional and country-level analysis of the latest industry trends impacting the hydroponics market is covered in this Future Market Insight (FMI) study. The report offers compelling insights on hydroponics market on the basis of crop types (vegetables (kohlrabi, radish, cucumber, tomatoes, pepper, and other), herbs & greens (arugula, lettuce, cilantro, basil, mints, parsley, spinach, and others), fruits (strawberry, blueberry, watermelons, grapes, cantaloupe, and others), and flowers), solutions (organic (bone meal, hoof, fish meal, blood meal, cottonseed meal, dried locust, animal manure, and others), inorganic (macronutrients, and micronutrients)), farming type (indoor, and outdoor), distribution channel (B2B, and B2C (modern trade, grocery stores, specialty stores, bulk suppliers & distributors, and online retailers), across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceana, and MEA).
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