The market for hydroponic systems is estimated 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.
The increasing population and urbanization have led to a decline in the arable land, globally. According to the United Nations Department of Economic and Social Affairs, about 55% of the world’s population lives in urban areas as of 2018, and that figure is expected to grow to 68% by 2050. Considering the overall growth in population, up to 2.5 billion additional people are expected to be added to urban areas by 2050. Hydroponics is the technique of growing plants with water and nutrients without the use of soil. This technique makes use of containers or specially designed benches with troughs to enable the suspension of plants in water. The hydroponics market is estimated to be valued at USD 9.5 billion in 2020 and is projected to reach USD 17.9 billion by 2026, at a CAGR of 11.3% during the forecast period.
Some of the Prominent Key Players are:
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Major developments that can change the business landscape as well as market forecasts
With the increased adoption of hydroponics globally, manufacturers and researchers are working on improving the efficiency of hydroponics technology to increase the quality and quantity of the produce. For instance, Preferred Produce, an organic and kosher greenhouse in Deming, New Mexico, introduced a new patented technology that combines hydroponics with aeroponics. It was developed in partnership with Russian scientists. This new patented technology includes a large plastic urn filled with water and includes tubes for circulating oxygen. This new technology was introduced due to the restricted supply of oxygen when plants are submerged in oxygen in a hydroponics system.
Another technology was developed by Phytoponics, a UK-based hydroponic systemcompany. It introduced a similar technology called the Hydrosac, in which the roots of the plant are held in contact with an oxygenated, nutrient-rich solution. The concentration of liquid nutrients facilitates high growth rates and resource efficiency. The Hydrosac acts like a long thin container connected to a pump and nutrient solution reservoir. Sitting on the fluid’s surface are integrated flotation chambers in which
plants sit within a healthy, rot preventing air gap above water. An inbuilt aerator blows oxygen bubbles through the solution to maintain dissolved oxygen levels for healthy roots. The bubbles burst at the surface, spraying a nutrient-rich mist on to the plant roots,nourishing the plant to grow strong.
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Geographical Prominence
The Asia Pacific hydroponics market has strong potential to become the leading market in the coming years. The region has also been susceptible to the effects of climate change that have had a profound impact on agriculture produce. The increasing instances of droughts, floods, and other natural disasters in countries such as India, China, and Japan have raised concerns over food security. This has spurred the adoption of indoor hydroponic agriculture in the region. China is projected to be the fastest-growing market for hydroponic farming in the region and has displayed notable growth potential. Not only in AsiaPacific but globally has the growth in hydroponics market been observed, with the increasing investments in this market. For instance, Larry Ellison, the founder, chairman, and CTO of Oracle, launched a hydroponic farming start-up named Sensei in Los Angeles, which plans to build 10 greenhouses covering 200,000 square feet on the Hawaiian island of Lanai. Also, Future Farms based in Chennai, India, has developed effective and accessible farming kits to facilitate hydroponics. Also, there are new technological innovations tapped by start-ups that can further propel the growth of this market.
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