Global Hydroponics Market estimated to Witness a Rapid Growth by Forecast to 2022

Market Overview:

Hydroponics, the soil-less farming technique is increasingly becoming popular and hence prevailing. Over the past few years, the Hydroponics market has perceived huge expansions, evolving rapidly. Factors such as rapidly depleting arable/ fertile land coupled with the augmenting food demand hiked by the growing population worldwide, work as the driving force that propels the uptake of this technique & eventually the market growth.

Hydroponics is an innovative technique with architectural design intervention, utilizing no soil or water at all, while still sufficing the fierce demand for food. Simultaneously, a range of advantages this technique offers, such as improved yields, higher return on investments, while being safe on the environment (environment-friendly); are attracting many producers as well as investors and driving the market growth to an extent.

In addition, factors driving the market growth include rising demand for organic ingredients in functional food, beverages, and personal care products, playing a key role in the growth of the global Hydroponics market. Moreover, increasing popularity of organic food owing to their potential applications in food industries as well as pharmaceutical industries is supporting their market growth on the global level. Rising disposable income coupled with the governmental pressure /initiatives across the globe, to produce organic food sustainably, to maintain production levels and preserve the environment have been paying off well to the organic cultivation, eventually propelling the market growth.

On the other hand, required initial investment for the Hydroponics Project which is slightly on the higher side is the factor hampering the market growth. Nevertheless, technological advancements in the recent future are expected to provide some cost-effective solution that will increase the market growth.

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Major Key Players Analysis:

The Hydroponics Market appears to be highly competitive owing to the presence of numerous well-established vendors. Owing to the low product differentiation and availability of a wide range of similar products; vendors are increasingly focusing on reducing the brand recall of their products among consumers through effective marketing communications. The Hydroponics demonstrates a high potential growth due to which several new entrants are expected to get attracted to this market during the anticipated period.

Thanet Farms, Village Farms International, Pegasus Agritech, Terra Tech, James Foskett Farms, Growlife, General Hydroponics and American Hydroponics are some of the prominent players at the forefront of competition in the Global Hydroponics Market and are profiled in MRFR Analysis.

Industry/ Innovation/Related News:

March 22, 2018 – BrightFarms hydroponics farm (US), announced that it has received an economic incentive package worth USD 3 million from the DCOA (Development Corporation of Abilene) to develop a hydroponic greenhouse farm.

March 05, 2018 – Hydroponics Company (Australia) announced business expansion & increasing warehousing in Canada to facilitate supply to the growing demand. For the expansion plan, the company has already raised revenues of $1.8 million.

Market Segments:

The Hydroponics Market can be segmented into 2 key dynamics for the convenience of the report and enhanced understanding;

By Crop Type: Comprises Peppers, Lettuce, Spinach, Tomatoes Broccoli, Cucumbers, and Strawberries among others

By Regions:  North America, Europe, APAC and Rest of the World.

Segment – Tomatoes by the Crop Type, dominates the global hydroponic market with the largest contribution to crop value. The segment is likely to continue with its dominance during the forecast period.

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Regional Analysis:

Geographically, the Europe market accounts for the more sophisticated & the well –established market for Hydroponics. The market continuing with its dominance is expected to accrue USD 13.38 Billion by 2022 at 5.28% of a CAGR through 2016 – 2022.

While owing to the contributions from the America, North America accounts for the second largest market for the Hydroponics globally. Americas is expected to grow with as highest CAGR as 9.1% from 2016 – 2022.

Whereas Asia-Pacific is expected to grow at a fast pace over the forecast period, 2016-2022.Countries such as India from the APAC region & the US from the North America region, are accounted to exhibit immense growth potential during the forecast years.

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This release was published on openPR.