DUBLIN–(BUSINESS WIRE)–The “Hydroponics Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” report has been added to ResearchAndMarkets.com’s offering.
The hydroponics market is anticipated to register a CAGR of 7.8% during the forecast period (2022-2027).
While many industries are contracting because of the COVID-19 pandemic, hydroponic farming is growing in terms of demand. This type of farming practice was expanding across the urban areas even before the pandemic. It is now witnessing a huge growth rate because vertical farms control everything, from seeds to stores. Vertical farms also provide consumers with information about the origin of their food and the way in which it is produced.
Strengthening the food production and distribution systems has become a key concern for the future, which has boosted the need for hydroponics farms over the long term. As per FAO studies, the development of alternate growing systems such as hydroponics is anticipated to play an important role in global food security by supplying safe and nutritious food. In addition, this can also help in tackling the logistical uncertainties in the market. Thus, the need for hydroponics is anticipated to grow during the forecast period.
In terms of crops, leafy vegetables and microgreens have traditionally been the most cultivated hydroponic crops. However, the area under hydroponics in crops that are exotic to warmer climates, such as cherry tomatoes, lettuce, microgreens, and a wide variety of other cool-season crops, has been increasing.
North America is the largest geographic segment of the market studied. Hydroponics is an environment-friendly and profitable technology. It has been promoted by various governments and non-governmental organizations for its benefits in terms of food security. The need for food supply against the explosive population increase by 2050 has catalyzed the growth of the hydroponics market. Additionally, with the increasing success rates associated with the commercial hydroponics industry and the increasing difficulty of growing crops on soil, the hydroponics market is expanding exponentially.
Key Market Trends
Higher Consumption of Salads and Exotic Vegetables
The demand for exotic fruits and vegetables has been constantly growing at a higher rate due to the increased purchasing power of consumers. The cost of these exotic products is high, as most of these products are imported, and thus, several research institutions and universities are focusing on establishing more simplified hydroponics systems to accelerate the production of exotic fruits and vegetables and meet the escalating demand. Increasing awareness among the consumers of eating fresh vegetables may also fuel the market in the future. The demand for exotic vegetables like red and yellow capsicum and red lettuce in food and retail chains, like Burger King and KFC, is anticipated to boost sales during the forecast period.
Also, with the rapid urbanization, the demand for hydroponically grown vegetables and crops has been increasing from several industries such as hotels, restaurants, fast food chains, railway catering, NGOs, and defense, which encourages the farmers to cultivate through hydroponics systems.
North America Dominates the Market
The demand for fresh vegetables and fruits in the region is driving the market demand for hydroponic operations. At present, the hydroponics farms present in the region are family or small business operations that cover approx. 1 acre. Rooftop hydroponic gardens in urban setups like New York are helping the market grow further. The future growth of the hydroponics market in the region depends greatly on the development of hydroponic production systems that are competitive in cost with systems of open-field agriculture. Hydroponic production has gained popularity among commercial vegetable producers since it is an efficient method to control inputs and manage facilitates for disease and pests and not a labor-intensive method to manage larger areas of production. As hydroponics eliminates the need for soil fumigants and can increase yields of popular vegetables, farmers in the region are anticipated to adopt hydroponics as a popular cultivation method. The increasing adoption of hydroponics as a cultivation method is anticipated to drive market growth.
Key Topics Covered:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1.1 Aggregate Hydroponic System
5.1.2 Liquid Hydroponic System
5.2 Crop Type
5.2.2 Lettuce and Leafy Vegetables
5.2.6 Other Crop Types
5.3.1 North America
5.3.4 South America
5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Hydroponic Crop Producers
184.108.40.206 Bright Farms
220.127.116.11 Circle Fresh Farms
18.104.22.168 Hydrodynamics International Inc.
22.214.171.124 Village Farms International Inc.
126.96.36.199 Pegasus Agritech
6.3.2 Input Providers
188.8.131.52 Argus Control Systems Limited
184.108.40.206 Hortisystems UK Ltd
220.127.116.11 Hydrodynamics International Inc
18.104.22.168 Koninklijke Philips NV
22.214.171.124 Kubo Group
126.96.36.199 GreenTech Agro LLC
188.8.131.52 Heliospectra AB
184.108.40.206 American Hydroponics Inc.
220.127.116.11 Lumigrow Inc.
18.104.22.168 General Hydroponics Inc.
22.214.171.124 Terra Tech
126.96.36.199 Thanet Earth
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 AN ASSESSMENT OF THE IMPACT OF COVID-19 ON THE MARKET
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