Hydroponic Farms to Gain Popularity in Areas with Adverse Climatic Conditions

The emergence of hydroponics has proved to be a boon for areas that face frequent food shortages due to climatic conditions. A case in point is the Arctic region, where climatic conditions and infrastructure are so critical that the arrival of food products is often later than their expiry dates. Capitalizing on these conditions, Vertical Harvest Hydroponics and Kikiktagruk Inupiat Corp developed indoor hydroponics gardens in 2016, which grow vegetables such as lettuce and kale in shipping containers fitted with LED lights.

Thus, the rising awareness regarding the merits of this form of cultivation over conventional farming techniques is the primary growth stimulant of the global hydroponics market. These practices are being increasingly acknowledged worldwide as they use lesser land, water, and fertilizers and also pose less threat of diseases or contamination to plants.

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According to a report by Transparency Market Research (TMR), the global market for hydroponics is estimated to progress at a CAGR of 6.5% from 2017 to 2025, reaching a valuation of US$12.10 bn by 2025 from US$6.63 bn in 2016. The growth of the market is also supplemented by the rapid urbanization in developing countries.

What are the key growth strategies adopted by prominent participants to ensure sustainable growth in the global hydroponics market?

The leading companies in the global hydroponics market are investing large sums in advanced technologies such as shrink wrapping and computer-controlled drip irrigation systems to enhance their visibility in this highly competitive arena. A large number of key players are trying to raise their game by merging or forming partnerships with pharmaceutical and healthcare companies. To put in perspective, in May 2017, The Hydroponics Company Ltd. announced an exclusive joint venture with Phoenix Life Sciences Inc. to research, develop, produce, distribute, and sell medicinal cannabis products in Australia.

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Some of the prominent players operating in the global hydroponics market are Soave Enterprises LLC., AMCO Produce Inc., Thanet Earth Ltd., Village Farms International Inc., Eden Farms, Emirates Hydroponics Farms, Bright Farms Inc., and Platinum Produce Company.

Why are developed regions at the forefront of the growth of the global hydroponics market?

TMR analysts state that the exorbitant cost involved in the development and maintenance of hydroponic gardens is hampering the upward climb of the global market. The impact of the restraint is high, especially in developing countries. As a result of which, developed regions are more prominent destinations for players in the global hydroponics market. Geographically, Europe will continue to dominate the market until 2025, accounting for 41.0% of the overall market revenue. The region will be closely trailed by North America, which will offer highly lucrative growth opportunities during the forecast period. The growth of these regions can be attributed to the swelling demand for a variety of hydroponics vegetables.

Asia Pacific is poised to exhibit a noteworthy CAGR during the forecast period. Latin America and the Middle East and Africa are anticipated to closely follow APAC in terms of CAGR over the forecast horizon.

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