Hydroponics Market – Growth, Trends, Covid-19 Impact, And Forecasts (2021 – 2026)

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The Global Hydroponics Market is projected to register a CAGR of 8.5% over the forecast period (2021-2026). Considering the force and isolation of COVID 19, strengthening food production and distribution systems has become a key concern for the future which has boosted the need for hydroponics farms. As per FAO studies, the development of alternate growing systems such as hydroponics is anticipated to play an important role in global food security, by supplying safe and nutritious food. In addition, this can also help in tackling the logistical uncertainties in the market.

Thus the need for hydroponics is anticipated to grow in the future. In 2019, North America was the largest geographic segment of the market studied and accounted for a share of around 35.0% of the hydroponics market. Hydroponics is an environment-friendly and profitable technology. It has been promoted by various governments and non-governmental organizations for its benefits in terms of food security.

The need for food supply against the explosive population increase by 2050 has catalyzed the growth of the hydroponics market. Additionally, with ...
... the increasing success rates associated with the commercial hydroponics industry and the increasing difficulty of growing crops on soil, the hydroponics market is expanding exponentially.

Key Market Trends

Higher Consumption of Salads and Vegetables

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The demand for exotic fruits and vegetables has been constantly growing at a higher rate due to the increased purchasing power of consumers. The cost of these exotic products is high, as most of these products are imported, and thus, several research institutions and universities are focusing on establishing more simplified hydroponics systems, in order to accelerate the production of exotic fruits and vegetables and meet the escalating demand. Increasing awareness among the consumers of eating fresh vegetables will also fuel the market in the future. Demand for Exotic vegetables like red and yellow capsicum, red lettuce in food and retail chains like Burger King, KFC, Pizza is anticipated to boost the sales during the forecast period.

North America Dominates the Market

The demand for fresh vegetables and fruits in the region is driving the market demand for hydroponic operations. At present, the hydroponics farms present in the region are family or small business operations which cover approx to 1 acre. Rooftop hydroponic gardens in urban setups like New York are helping the market grow further. The future growth of the hydroponics market in the region depends greatly on the development of hydroponic production systems that are competitive in cost with systems of open-field agriculture.

Hydroponic production has gained popularity among commercial vegetable producers since it is not a labor-intensive method to manage larger areas of production, and an efficient method to control inputs and manage facilitates for disease and pests. As hydroponics eliminates the need for soil fumigants and can increase yields of popular vegetables, farmers in the region are anticipated to adopt hydroponics as a popular cultivation method. The increasing adoption of hydroponics as a cultivation method is anticipated to drive market growth.

Competitive Landscape

The global hydroponics market is a fragmented market, with various small and medium-sized companies coining a very minimal share. This has resulted in very stiff competition. The development of regional markets and local players in different parts of the world is the major factor for the fragmented nature of the market. Europe and the Asia Pacific are the two regions showing maximum competitor activities.

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