Hydroponics Market Overview – Opportunities & Challenges

Chicago, 2020-Jul-14 — /EPR Network/ —

The report Hydroponics Market by Type (Aggregate Systems, Liquid Systems), Crop Type (Vegetables, Fruits, Flowers), Equipment (HVAC, Led Grow Light, Irrigation Systems, Material Handling, Control Systems), Input, and Region – Global Forecast to 2025″ The hydroponics market is projected to reach USD 16.0 billion by 2025, from USD 8.1 billion in 2019, at a CAGR of 12.1% during the forecast period. The market is driven by factors such as the growing acceptance of controlled environment agriculture and increasing technological advancements in hydroponic systems.

Increasing adoption of urban farming is the key factor driving the growth in the hydroponics market during the forecast period.

Hydroponics is a technique of growing plants in water and nutrients, without using soil as a base. This technique is gaining rapid popularity, as growers can obtain higher yields with each harvest. The recent advances in urban farming and the emergence of vertical farming technology have further fueled the growth of this market. Hydroponic systems have been a combination of multiple technologies and hence encompass a specific set of system models. Based on the system model, the hydroponic systems market can be classified into aggregate and liquid systems. Aggregate systems utilize a grow media for plant growth support and nutrition, while liquid hydroponic systems do not require a grow media. Owing to their higher efficiency and productivity obtained, liquid systems have been in high demand among the growers for vegetable cultivation.

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By input, the nutrients segment dominated the hydroponics market in 2018.

Hydroponic farming is also termed as substrate-based farming due to the use of growing media, nutrient, and water, instead of soil. In the absence of the soil, nourishment to the plants is imparted through these nutrients and grow media inputs. Nutrients form an integral part of all types of hydroponic systems. Varied types of grow media are available in the market at different prices, and the use of a suitable growing media depends on the crop type and crop cycle. There are two major types of nutrients used in hydroponics-macronutrients, and micronutrients. Hydroponics helps the grower to take complete control over the implementation of fertilizers, in terms of type and concentration.

Market Dynamics:

Drivers 

  • Higher Yield as Compared to Conventional Agriculture Practices
  • Controlled Environment Farming Helps Eliminate the Effect of External Factors on Crop Growth
  • Hydroponic Systems Help Conserve Natural Resources

Restraints 

  • High Capital Investment for Large-Scale Farms
  • Lack of Government Policy and Tax Breaks in Developing Countries

Opportunities 

  • Development of Innovative Hydroponic Technologies
  • Entrance of New Players in the Market
  • Application of Hydroponics Systems in Restaurants and Grocery Stores
  • Significant Growth in Organic Food Demand

Challenges 

  • High Prices of Hydroponically Grown Produce
  • Spread of Waterborne Diseases and Algae in Closed Systems

Europe is projected to dominate the hydroponics market by 2025.

The hydroponics market in Europe is projected to witness significant growth during the forecast period due to the growing adoption of CEA for horticultural crops and increasing development of new innovative technologies that target specific crop needs. The adoption of hydroponics has been the highest in the Netherlands, followed by Spain and Turkey. According to industry experts, almost 90% of the greenhouses in the Netherlands are converted to hydroponic structures, and a majority of this area is used for flower and vegetable cultivation. Though the area under cover is high in Spain, Italy, and France, the adoption of hydroponics across these greenhouses is not more than 20% in these countries, thereby providing fair growth potential for this region.

This report includes a study of the development strategies, along with the product portfolios of leading companies. It also includes the profiles of input providers such as Signify Holdings (Netherlands), Argus Control Systems (Canada), Heliospectra AB (Sweden), Scotts Miracle Gro (US), American Hydroponics (US), and LumiGrow (US). It also includes the profiles of crop producers such as Aerofarms (US), Terra Tech Corp (US), Emirates Hydroponic Farms (UAE), Triton Foodworks Ltd. (India), Urban cultivator (Canada), Village Farms (Canada), Green Sense Holdings (US), Iron Ox (US), Gracia Farms (UAE), Bright Farms (US), Freight Farms (US), Eurofresh (US), and Letcetra Agritech (India).

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