Market Overview:

The global hydroponics market is set to reach a valuation of USD 27.29 billion by 2022, growing at a solid CAGR of 6.39% over the forecast period from 2015 to 2022. The global hydroponics market is mainly driven by the growing demand for food and innovations to increase the yield of agricultural plots due to the increasing global population of humans.

The growing human population has resulted in an increased strain on the existing agriculture industry to keep up with the increasing demand. The agriculture industry has often turned to technological innovations to solve this problem, as conventional agriculture has no hope of meeting the global human population’s demands in the coming years. Among the many innovations developed to maximize the overall agricultural output, hydroponics is one of the more promising. It involves growing plants in a solution of nutrients in water rather than having the nutrients reach the plants through soil. This makes the nutrients more accessible, increasing the yield of hydroponics plants to up to 10 times as much as a regular field in some cases. While the technology has developed steadily over the last few years, it has significant scope for further consolidation and growth over the forecast period due to the unmet potential in emerging regions.

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The increasing costs of agricultural land are also driving efforts in the hydroponics industry. Hydroponically grown plants can be grown vertically rather than in the conventional horizontal manner, which makes them more efficient. The rising adoption of greenhouse technology in the agriculture sector is also beneficial for the hydroponics market, as it has opened the door for new innovations in the agriculture sector. The increasing threat of soil degradation in many of the prime fertile lands of the earth has also led to a growing demand for alternative agricultural techniques such as hydroponics, as constant agriculture in some parts of the world has left the soil depleted of crucial nutrients. Hydroponics also allows countries that don’t have access to fertile soils in large quantities to establish an agriculture industry and bring about sufficient domestic production to satisfy domestic needs. This is also likely to be a major driver for the global hydroponics market over the forecast period, as self-sufficiency in terms of food production is likely to be a key factor in the economic development patterns observed around the world in the coming years.

Competitive Analysis:

Leading players in the global hydroponics market include Village Farms International, Pegasus Agritech, Terra Tech, American Hydroponics, General Hydroponics, Growlife, James Foskett Farms, and Thanet Farms.

Industry Updates:

Elon Musk considers hydroponics to be the most viable way of feeding humans in the Martian colonies the innovator plans to build over the next few decades. NASA is also looking at the potential of hydroponics for space travel, leading to increasing opportunities in the global hydroponics market.

Segmentation:

The global hydroponics market is segmented by crop type into tomato, lettuce, cucumber, pepper, and others. Tomatoes are the major contributors to the global hydroponics market, due to their inherent readiness to adapt to unconventional modes of nutrition and easily grow in enclosed, shaded areas.

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Regional Analysis:

The global hydroponics market is segmented into North America, Europe, Asia Pacific, and rest of the world.

Europe dominates the global hydroponics market at present and is likely to remain the leading regional market for hydroponics over the forecast period, with the region expected to exhibit a steady CAGR of 5.28% over the forecast period to grow from a value of USD 9.8 billion to USD 13.38 billion by 2022. Widespread adoption of agricultural advances and the increasing awareness about the benefits of hydroponics in terms of efficiency are likely to be the major drivers for the hydroponics market in Europe over the forecast period, along with the increasing demand for food in Western European economies such as France, the UK, and Germany.

North America is likely to exhibit the highest CAGR of 9.1% over the forecast period due to the increasing interest in hydroponics in the region and the growing demand for increasing the total food output. The rising interest in hydroponics for the purposes of space travel and colonization is also likely to remain a major driver for the hydroponics market, albeit in the distant future.

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