Increasing demand for specialty vegetables such as kale, letture, and cilantro further the demand for hydroponic cultivation processes. The global hydroponics market will cross a market valuation of US$ 4,460 Mn by 2029.

High demand for exotic vegetables such as kale, lettuce, broccoli, cucumber, and cilantro for use in multi-national and inter-continental cuisines is a chief factor driving the hydroponics market. This is due to the increasing inclination of consumers towards natural and chemical-free food products. This factor contributes to the growth of the hydroponics market. The developing regions are focusing to build the technological advancements to accelerate the production to surge the market demand of hydroponic based products.

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Global Hydroponics Market – Key Takeaways

• Asia Pacific ex. Japan accounts for the largest market value share and the highest growth rate during the forecast period (2019-2029).
• Indoor hydroponics farming is the most widely adopted hydroponics farming method as it holds a majority total market value share.
• Outdoor hydroponics farming will showcase noteworthy CAGR through 2029.
• Inorganic hydroponic solutions emerge as the leaders of solutions segments with a leading revenue share.
• Organic hydroponic solutions present a significant growth trajectory during the projection period.
• When segmented based on crop type, vegetables are current frontrunners with fruits exhibiting an impressive CAGR.
• B2B distribution channels maintain a stronghold on revenues with the largest market share.
• B2C distribution channels will showcase noticeable growth rate between2019 to 2029.

Global Hydroponics Market – Key Driving Factors

• Tech-driven advancements such as energy efficient LED lights will drive demand hydroponics processes by small and medium farmers.
• Adoption of hydroponic and aeroponic gardens by local restaurants in a bid to differentiate their product offerings will continue to strengthen growth of hydroponic farming systems.
• Sprouts grown from hydroponic farming methods emerge as a top demand generator for hydroponic products.
• Residential adoption of hydroponic gardens in lawns and backyards will continue to further B2C adoption of hydroponic products.

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Global Hydroponics Market – Key Restraint

• High energy costs associated with enhanced hydroponics will pose constraints to the growth potential of hydroponic farming systems during the forecast period.

The Coronavirus Impact

Currently, the coronavirus is having an adverse impact on the global agriculture sector. Nationwide lockdowns have restricted the economic system. The sector is facing major challenges in terms of movement of goods in rural areas, in addition to a shortage of laborers.

Further, fluctuations in weather conditions, combined with the disruptions from the coronavirus will have an adverse impact on conventional farming. As a result, hydroponics operations will gain substantial opportunities to gain traction as a viable alternative to traditional farming methods. Lower labour requirements, and minimized risk of transmission can help in growth of the industry.

Competitive Landscape

Market players in the hydroponics market are prioritizing reducing installation and maintenance costs. A key growth strategy adopted by manufacturers is development of residential hydroponic systems on the back of increasing disposable income of diet conscious millennial consumers. Major market players that influence competition in the hydroponics market are, but not limited to, Heliospectra AB, LumiGrow Inc., Green Sense Farms Holdings, Inc., Koninklijke Philips NV, Scotts Miracle-Gro Co., Argus Control Systems Ltd., Emirates Hydroponics Farms, Platinum Produce Co., Hollandia Produce, L.P., Eden Farms, and AMCO Produce Inc.

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The global hydroponics market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.

Crop Type

• Vegetables
  • Kohlrabi
  • Radish
  • Cucumber
  • Tomatoes
  • Peppers
  • Others
• Herbs & Greens
  • Arugula
  • Lettuce
  • Cilantro
  • Basil
  • Mint
  • Parsley
  • Spinach
  • Others
• Fruits
  • Strawberry
  • Blueberry
  • Watermelons
  • Grapes
  • Cantaloupe
  • Others
• Flowers

Solutions

• Organic
  • Bone meal
  • Hoof / Horn meal
  • Fish meal
  • blood meal
  • Cottonseed meal
  • Dried locust or Grasshopper
  • Animal Manure
  • Others
• In Organic
  • Macronutrients
  • Micronutrients

Farming Type

• Indoor Farming
• Outdoor Farming

Distribution Channel

• B2B
• B2C
  • Modern Trade
  • Grocery Stores
  • Specialty Stores
  • Bulk Suppliers & Distributors
  • Online retailers