Hydroponics Market Size, Growth Factors, Demand, Trends and Forecast to 2025
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The
increasing population and urbanization have led to a decline in the arable
land, globally. According to the United Nations Department of Economic and
Social Affairs, about 55% of the world’s population lives in urban areas as of
2018, and that figure is expected to grow to 68% by 2050. Considering the
overall growth in population, up to 2.5 billion additional people are expected
to be added to urban areas by 2050. Hydroponics is the technique of growing
plants with water and nutrients without the use of soil. This technique makes
use of containers or specially designed benches with troughs to enable the
suspension of plants in water. The hydroponics market
is estimated to be valued at USD 9.5 billion in 2020 and is projected to reach
USD 17.9 billion by 2026, at a CAGR of 11.3% during the forecast period.
Some
of the Prominent Key Players are:
- Signify Holdings (Netherlands)
- Argus Control Systems (Canada)
- Heliospectra AB (Sweden)
- Scotts Miracle Gro (US)
- Logiqs B.V (Netherlands)
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Major
developments that can change the business landscape as well as market forecasts
With the increased
adoption of hydroponics globally, manufacturers and researchers are working on
improving the efficiency of hydroponics technology to increase the quality and
quantity of the produce. For instance, Preferred Produce, an organic and kosher
greenhouse in Deming, New Mexico, introduced a new patented technology that
combines hydroponics with aeroponics. It was developed in partnership with
Russian scientists. This new patented technology includes a large plastic urn
filled with water and includes tubes for circulating oxygen. This new
technology was introduced due to the restricted supply of oxygen when plants
are submerged in oxygen in a hydroponics system.
Another
technology was developed by Phytoponics, a UK-based hydroponic systemcompany.
It introduced a similar technology called the Hydrosac, in which the roots of
the plant are held in contact with an oxygenated, nutrient-rich solution. The
concentration of liquid nutrients facilitates high growth rates and resource
efficiency. The Hydrosac acts like a long thin container connected to a pump
and nutrient solution reservoir. Sitting on the fluid’s surface are integrated
flotation chambers in which
plants sit
within a healthy, rot preventing air gap above water. An inbuilt aerator blows
oxygen bubbles through the solution to maintain dissolved oxygen levels for
healthy roots. The bubbles burst at the surface, spraying a nutrient-rich mist
on to the plant roots,nourishing the plant to grow strong.
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Geographical
Prominence
The Asia
Pacific hydroponics market has strong potential to become the leading market in
the coming years. The region has also been susceptible to the effects of
climate change that have had a profound impact on agriculture produce. The
increasing instances of droughts, floods, and other natural disasters in
countries such as India, China, and Japan have raised concerns over food
security. This has spurred the adoption of indoor hydroponic agriculture in the
region. China is projected to be the fastest-growing market for hydroponic
farming in the region and has displayed notable growth potential. Not only in
AsiaPacific but globally has the growth in hydroponics market been observed,
with the increasing investments in this market. For instance, Larry Ellison,
the founder, chairman, and CTO of Oracle, launched a hydroponic farming
start-up named Sensei in Los Angeles, which plans to build 10 greenhouses
covering 200,000 square feet on the Hawaiian island of Lanai. Also, Future
Farms based in Chennai, India, has developed effective and accessible farming
kits to facilitate hydroponics. Also, there are new technological innovations
tapped by start-ups that can further propel the growth of this market.
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