COVID-19 Impact on the Global Hydroponics Market

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, Region – Global Forecast to 2025

The hydroponic systems market size is estimated to account for a value of USD 9.5 billion in 2020 and is projected to grow at a CAGR 11.9% from 2020, to reach a value of USD 16.6 billion by 2025. Factors such as the higher yield as compared to conventional agriculture practices, controlled environment farming, and improved yield and higher produce with limited land resources, are some of the key factors driving the growth of the hydroponics system market during the forecast period.

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COVID-19 Impact on the Global Hydroponics Market

Amid the spread of Covid-19 pandemic, many individuals have developed a critical point of view towards outdoor food. With health and food safety becoming the key focus, the populations around the globe have showed an inclination towards home cooking and self-made/homemade meals. This has put the food and hotel industry into jeopardy. After the devastating outbreak of coronavirus pandemic, the adoption rate of urban hydroponic farming systems around the world are estimated to rise sharply. The agriculture industry faced challenges during the initial phases of the spread of the pandemic. There were huge labour shortages on the farm, some farmers missed their window of opportunity for harvesting for seasonal crops, the falling prices of agricultural products and the disruption of logistics. Many countries also realized their over dependence on imports of food materials and hence began emphasizing on internal and domestic productions.

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It includes leading companies, such as Signify Holdings (Netherlands), Argus Control Systems (Canada), Heliospectra AB (Sweden), Scotts Miracle Gro (US), Logiqs B.V (Netherlands), Grobo (US), American Hydroponics (US), and LumiGrow (US).

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