As of 2016, the global hydroponics market was valued over USD 21,203.5 million. The market is expected to register a CAGR of 6.5% during 2018-2023 (the forecast period). Europe is traditionally the largest market that is implementing advanced techniques in hydroponics. Asia-Pacific forms the second-largest market for hydroponics, which is further expected to grow at a steady pace during the forecast period.
Global population is increasing exponentially, and every day nearly 200,000 people are adding up to the world food demand. By 2030, farmland per capita is likely to decrease to 1800m² from 2,200m², as per recorded in 2005. Adding up to this, crop pests are causing nearly 10-16% of the global crop losses annually, making the situation worse. To attain self-sufficiency in food, hydroponics provide an effective solution as the technology uses the space, efficiently.
Hydroponic industry has documented higher yield in comparison to the traditional agricultural techniques. Along with profit farming, growing consumption of exotic, salad crops and increasing need for the global food security are expected to drive the market.
Europe is traditionally the largest market that is implementing advanced techniques in the hydroponics smart greenhouse horticulture. The demand in the matured European market is led by countries, such as the Netherlands, Spain, and France. Holland is the largest producer of hydroponic crops and is expected to maintain this lead for the next 10 years. All the major vegetable and fruit crops are grown in the European countries.
Major Key Players: Greentech Agro LLC (US), Argus Control Systems (Canada), Logiqs BV (The Netherlands), Lumigrow, Inc. (US), General Hydroponics, Inc., Village Farms International, Hydrodynamics International, Inc.