The Hydroponics market is estimated to garner $ XX million by the end of 2026, growing at a CAGR of 10.1% during the forecast period of 2020-2026

Global Hydroponics Market Research Report, Growth Trends and Competitive Analysis 2021-2027

The Hydroponics market is estimated to garner $ XX million by the end of 2026, growing at a CAGR of 10.1% during the forecast period of 2020-2026.

Hydroponics constitutes agricultural practices that eliminate the use of soil for crop cultivation, instead of using solid and liquid systems for plant growth. The water-based solvent systems and solid mediums such as coir, Rockwool, sand, perlite are deployed for agricultural cultivation in indoor settings. The lighting and cooling equipment are fitted inside the indoor facilities for artificial means of temperature and climate control. Such indoor setups are popular in bringing more barren lands under agricultural cultivation, increasing the yield of fruits and vegetable produce.

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Note – In order to provide more accurate market forecast, all our reports will be updated before delivery by considering the impact of COVID-19.

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The rising shift towards adoption of farming methods that promote low utilization of natural resources and growing global need to increase crop production and agricultural yield for an ever-increasing population are the primary contributing factors that are influencing growth in the market prospects. The possibilities of higher output with the adoption of hydroponic methods of agriculture would improve the growth prospects of the market, as the demand for food grows at a rapid pace. The full utilization of space inside indoor facilities and extended control over the rate of plant and crop growth would provide additional benefits. The use of mineral nutrients in direct contact with the growing plants would lessen the need for the application of chemical fertilizers and pesticides, as the whole produce is grown without the help of any soil. The use of water is also maintained in a judicious manner, helping with initiatives of water conservation and reducing the chances of natural resource depletion. The consistent efforts of technological advancement and development of hydroponic agricultural practices would offer crucial manufacturers with new possibilities of product application and business expansion over the forecast period. As farmers identify benefits of hydroponics and recognize opportunities of product integration, the consistently developed methods would ensure higher yield at cost-effective expenditure.

The current challenges and hurdles to the procurement of essential plant nutrients, emerging as a direct consequence of the Covid-19 pandemic, for the cultivation of crops and plants might hamper the market growth. The complications to the supply chain and distribution channels of fertilizers and the subsequent agricultural produce would further hinder the possibilities of market growth. The reduced workforce numbers in compliance with the federal regulations of social distancing and minimal human contact would diminish the production of agricultural produce. The heightened risks of virus spread in confined indoor facilities would act as barriers to the full-scale progression of agricultural tasks inside the temperature-controlled hydroponic spaces. The restrained attendance of highly skilled staff might increase the time required for the production of plants and crops, limiting the prospects of market growth. However, as seasonal crops grown in traditional methods witness a surge in missed cycles of seed sowing for timely, large-scale harvest, crops grown under artificial settings of hydroponics methods might play a vital role in fulfilling consumer demand. The shift in consumer perception towards agricultural produce grown under hydroponics practices in such unprecedented times would open up new avenues of product sales for crucial vendors. The companies are thereby focused on funding and investments that would place them in a strategic position for further expansion. For instance, on October 20, 2020, BrightFarms Inc. secured more than 100 USD million in funding to support robust expansion plans. The Series E round of funding was led by Cox Enterprises, which subsequently owns a majority stake in the company, and includes a follow-on investment from growth equity firm Catalyst Investors.

TABLE OF CONTENT:
1 Report Overview
2 Global Growth Trends
3 Market Share by Key Players
4 Breakdown Data by Type and Application
5 United States
6 Europe
7 China
8 Japan
9 Southeast Asia
10 India
11 Central & South America
12 International Players Profiles
13 Market Forecast 2019-2025
14 Analyst’s Viewpoints/Conclusions
15 Appendix

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