Market Trends of Hydroponics Nutrients Industry
This section covers the major market trends shaping the Hydroponics Nutrients Market according to our research experts:
Hydroponics holds major share among various indoor farming systems.
Despite the removal of hydroponics produces from the list of organic produces by the United States and Europe, high profitability and upcoming cost-effective hydroponic technologies will drive the hydroponics nutrients market. According to a survey conducted by Artemis in 2017, Hydroponics farming holds around 47% of the total indoor farming practiced in the United States. Around 58% of the respondents have said hydroponic farms are profitable when compared to other indoor farming types in the United States. European Union is helping hydroponic farms to expand through its flagship program in association with the European Bank for Reconstruction and Development. The high profit realized by farmers coupled with new cost-effective hydroponic technologies such as phytoponics and government support is likely to drive the hydroponics market, which in turn drives the hydroponic nutrients solution market.
North America is the market leader
North America holds the major share in the global hydroponics nutrients market, accounting for 32.7% in the total market value. Europe and Asia-Pacific are the second and third largest markets, respectively. Asia-Pacific is the fastest-growing registering a high CAGR during the forecast period. Developing countries in Asia-Pacific such as Japan, India, and China are revolutionizing its agriculture sector by introducing new agricultural technologies. For instance, Japan has around 200 hydroponics farms in the country in 2018. Major players in Asia-Pacific are investing more in R&D to develop new hydroponic technologies. In 2019, Mebiol Research and Development Center in Japan has invented a new polymer hydrogel film which can be used for cultivating crops using nutrient solution.
