Hydroponics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2028
Hydroponics Market: Overview
The global hydroponics market is witnessing a robust growth. The growing limitations on land use, increasing population, and rising need to reduce distance for perishable agricultural produce are driving growth of the hydroponics market.
The global hydroponics market is expected to reach US$12,106.5 mn by 2025 end. The market was evaluated at US$ 6,934.6 mn in 2016 and is expected to grow at 6.5% CAGR during 2017-2025.
Hydroponics is a major attraction among proponents of sustainable farming around the world. Hydroponic plants are known to grow significantly faster and deliver multiple times more yield as compared to conventional crops rooted in soil. Additionally, hydroponics crops can be planted in building inside cities, which reduces transportation costs and guarantees fresh produce to consumers.
Hydroponics Market: Major Developments
Legalization of marijuana market in the US and Canada recently, has opened several new opportunities for the hydroponics market. According to a UN estimate, the global market for marijuana is worth $150 bn a year. Scotts Miracle-Gro, a company in the hydroponics market is in a strong position to take advantage of this development. The company is widely known for its weed-control and plant-nutrient products. It recently went on an aggressive acquisition spree to buy companies in the hydroponics market. It acquired Sunlight Supply in 2018, under the banner of Hawthorne for $450 million.
Sunlight supply earned $460 mn in 2017, adding to Hawthorne’s already $290 mn in earnings. Hawthorne ended the year on an 84% rise in earnings despite slowdown in demand that year, due to oversupply. Rising public opinion favoring the legalization of marijuana in more states is expected to drive growth of the hydroponics market in the near future.
Global Hydroponics Market: Key Trends
Lettuce vegetable is expected to drive the growth of the hydroponics market in the near future. The vegetable held a dominant share of the global market in 2017, accounting for over 32.9% of the total revenue share.
Lettuce presents many opportunities for growth for the hydroponics market as it grows in low temperature and light. This saves a major chunk of electricity costs which pose a considerable challenge to the growth of the hydroponics market. additionally, nutrient rich lettuce varieties can be grown all year round and rapidly to maximize efficiency and take advantage of high yields offered by hydroponics.
The high yield generated by hydroponics as compared to conventional agriculture cultivation practices are expected to drive growth of other vegetables as well. Rising consumption of vegetables such as tomatoes, pepper, lettuce & leafy vegetables, cucumber, potatoes and other root crops is expected to result in considerable growth for the global hydroponics market. Moreover, trends such as organic agricultural produce and local fresh produce are expected to further the growth of the hydroponics market in the near future.
Conversely, high capital investment and lack of proper knowledge regarding the setup of hydroponics are expected to restrain growth of the hydroponics market in the near future. However, growing consumer preference towards nutrient rich and fertilizer free agricultural produce are expected to counter the negative effects of the initial setbacks.
Global Hydroponics Market: Regional Outlook
Earlier, the global hydroponics market was limited in its reach to Europe and Canada. However, North America region, led by US has taken several initiatives to catch up to growth elsewhere. Additionally, favorable regulations such as FDA’s inclusion of hydroponics in the organics category has provided a major impetus for growth for the market in North America region. Despite the incredible growth in the North American region, Europe is expected to lead the global market by 2025 end, accounting for nearly 41%.
Asia Pacific region is expected to register the fastest growth in the global hydroponics market in the near future.
Some of the most prominent competitors operating in the competitive landscape of global hydroponics market include –
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