The global hydroponics market size is set to gain traction from the increasing need to grow nutritionally superior crops without using artificial ripening agents and pesticides. Fortune Business Insights™ published this information in an upcoming report, titled, “Hydroponics Market, 2021-2028.” As per the report, numerous companies operating in the market are nowadays introducing innovative systems to strengthen their positions. The Analytics India Magazine, for instance, mentioned in an article that artificial intelligence-based hydroponics or aquaculture are trending because of their ability to collect data about electrical conductivity levels, pH levels, nutrient supply, and crop vitals. At the same time, they can easily detect humidity levels, temperature, and light density.
The outbreak of the COVID-19 pandemic affected a wide range of industries negatively across the globe. It has disrupted supply chain networks because of the complete lockdown across the globe. Also, transportation of raw materials and other products has become difficult under the current circumstances. We are delivering authentic research reports describing the effects of this pandemic on the market for hydroponics.
Vegetable Segment to Lead Backed by Rising Demand for Premium-quality Products
Based on the type, the market is segregated into liquid hydroponics and aggregate hydroponic systems. On the basis of region, it is divided into the Middle East and Africa, Europe, North America, South America, and Asia Pacific. By crop type, it is fragmented into flowers, fruits, and vegetables. Amongst these, the vegetables segment is set to generate the largest hydroponics market share in the upcoming years. This growth is attributable to the increasing demand for premium-quality vegetables in developed countries. This is mainly occurring on account of the increasing prevalence of diseases caused by the consumption of chemically-treated vegetables.
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The research report offers a comprehensive analysis of pre-existing companies that can affect the outlook throughout the forthcoming years. Besides, it provides an accurate assessment by highlighting information on several aspects that may include growth drivers, opportunities, trends, and hindrances. It also represents the market size from a global perspective by analyzing qualitative insights and historical data.
Drivers and Restraints-
Increasing Concerns of Food Security to Favor Growth
The demand for hydroponics is likely to surge in the near future because of their ability to provide better crop yields in a lesser time period, control soil borne pathogens, and nutrient availability in the system. Apart from that, the increasing global population and reduction in the number of agricultural lands is slowly surging concerns about food security. Hence, governments of various countries are taking initiatives to encourage farmers to adopt unique agricultural practices. Aquiculture is one such intelligent crop production technique that is enabling farmers to grow crops faster than conventional methods. Also, rising RandD activities by companies to enhance productivity is expected to propel the hydroponics market growth in the near future. However, the low compatibility of significant plants, especially turnips, carrots, and onions to grow in such new agricultural settings may hinder growth.
Rising Production of Lettuce and Strawberries in Australia to Boost Growth in Asia Pacific
Europe currently holds the largest share and is anticipated to remain at the forefront in the forecast period. The rising adoption of aquiculture across Spain, Netherlands, and France is expected to bolster growth in the region.
Asia Pacific, on the other hand, is set to grow rapidly on account of the surging implementation of this agricultural method in Australia, Japan, India, and China. Australia is considered to be the largest producer of lettuce worldwide. It also cultivates strawberries by using this technique. India is set to experience high demand because of the availability of poor soil and lack of land.
Key Players Focus on Introducing Novel Farming Techniques to Bring Sustainability
The global market is highly fragmented with the presence of multiple companies. Most of them are focusing on RandD activities to come up with state-of-the-art techniques for surging sustainability and saving costs.
Below is one of the latest industry developments:
March 2021: The state government of Ahmedabad announced its plan to accelerate hydroponic farming in cities to encourage households to grow vegetables in their homes. The agriculture department staff will provide hands-on training to residents with DIY videos.
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