The global hydroponics market is type (aggregate hydroponic system, liquid hydroponic system), crop type (tomato, lettuce & leafy vegetables), and by region.

SEATTLE, WASHINGTON, UNITED STATES, October 11, 2020 /EINPresswire.com/ -- Market Overview

Hydroponics is an environment-friendly and profitable technology. It has been promoted by the various governments and non-governmental organizations for its benefits in food security. High cost is the only major draw-back in the technology. However, a lot of R&D activity is being carried out globally in order to reduce the cost involved in the technology. The major industry drivers include high profits, growing emphasis on food security and increasing consumption of salad and exotic vegetables.

High initial cost and low technology awareness among the public are the main factors restraining the growth of the market. The technology is complex as compared to other agricultural technologies and it requires additional skills and knowledge for implementation. However, the new simplified systems are providing hope for the growth of this industry.

Producing food nowadays is becoming a real challenge due to changes in environment, water scarcity and decreasing arable land. The increase in demand of food safety and security and growing consumer awareness are moving the agriculture system towards a chemical-free phase. In such scenario, hydroponics provides new hope and thus has various opportunities for growth. The technology also provides the scope for agricultural production in any region of the world, regardless of environmental conditions. The market opportunities for the hydroponics industry have been described below in detail.

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Segmentation by Type

By type, the hydroponics market is segmented into aggregate hydroponic system, liquid hydroponic system and others. While aggregate hydroponics set up leads the market with a larger share, the demand for liquid system is set to rise faster given the continuous technological innovations.

The aggregate Hydroponic System has the largest market share of 80% and market is expected to witness faster growth in case of liquid hydroponics system which is expected to grow at a CAGR of 10.6%. Among aggregate hydroponics, open system would grow at a faster pace, given the increasing scope of product and system innovations.

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Segmentation by Crop Type

By crop type, the market includes products like tomato, cucurbits, lettuce and leafy vegetables, peppers, and other food crops. Tomato forms the largest market segment and it accounts for 30.75% of global market share during 2020. As the consumers are becoming increasingly aware about quality difference in greenhouse grown vegetables, the demand for hydroponics culture is increasing in countries of Europe and Asia-Pacific. Hydroponics crop production would be more in case of tomatoes, and lettuce and leafy vegetables.

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Segmentation by Geography

Geographically, the market is segmented by regions- North America, Europe, Asia-Pacific, South America and Africa. Europe is traditionally the largest market implementing advanced techniques in hydroponics smart greenhouse horticulture. The matured European market demand is led by countries such as The Netherlands, Spain, and France. Asia-Pacific forms the second largest market for hydroponics, which is then expected to grow at a steady pace during the forecast period. The North American region, led by US and Canada, is expected to grow at a better pace during 2020-2026.

Hydroponics has become the most intensive method of crop production in today’s agricultural industry. This highly capital intensive, technically advanced and highly productive method is increasingly gaining popularity in the North American region.

Improved demand for greenhouse plantation has created a demand for the hydroponics system over the last decade. The regional demand for hydroponics systems is led by countries like United States and Canada.

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Bhanu Reddy
Global Monitor
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