The hydroponics market was valued at USD 9.5 billion in 2020; it is projected to grow at a CAGR of 11.3% to reach USD 17.9 billion by 2026. The pressure on the agriculture industry to meet the growing demand for grains and food leads to the search for high-yielding farming techniques, such as precision farming and urban farming. Hydroponics thus is looked upon as a potential solution for the growing concern about food security in the coming years.
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Key Players:
• Signify Holdings (Netherlands)
• Argus Control Systems (Canada)
• Heliospectra AB (Sweden)
• Scotts Miracle Gro (US)
• American Hydroponics (US)
• LumiGrow (US)
• Emerald Harvest (US)
• Hydroponic Systems International (Spain)
Asia Pacific is the home for more than half of the global population in the world. The shortage of farming land, poor land management, increasing infrastructural projects in farmlands, and scarcity of fresh water is significantly promoting the demand for hydroponics in the region in recent few years. Moreover, increasing population poses a major challenge to food accessibility and security which is promoting the hydroponics in the region.
Hydroponics helps to grow almost all types of the vegetables including tomatoes, squash, broccoli, beans, and even leafy greens such as spinach, arugula, microgreens, and lettuce. Vegetables are the most grown crop type in hydroponic systems around the globe it helps to grow all kinds of vegetables round the year without being concerned about the changing weather, temperature, or other conditions.
The hydroponics market was dominated by the nutrients segment owing to the high adoption of liquid systems in the global market for vegetable cultivation. Moreover, nutrients input type is the most crucial part of all types of hydroponic systems.
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Based on type, liquid system segment is forecasted to grow at the highest CAGR from 2020 to 2026. Liquid hydroponic systems are quite effective system for the rapid growth and large yield as crop get direct access to oxygen and required nutrients in the form of functional mineral compounds. These systems are strong popularity among developed countries across the globe.
