According to the report, Global Hydroponics Market, released by Mordor Intelligence, the global hydroponics market is estimated to reach a market value of USD 33272.1 million, by 2023. The market was valued at USD 22518.12 million in 2017, and is projected to register a CAGR of 6.8% during the forecast period, 2018-2023. As the consumers are becoming increasingly aware about quality difference in greenhouse-grown vegetables, the demand for hydroponics culture is increasing in Europe and Asia-Pacific.
The report elucidates the situation of global hydroponics market, with segmentation of the market by type, by crop type and on the basis of geography. To analyze the competitiveness in the industry, Porter’s five forces analysis is also included.
By type, the global hydroponics market is segmented into the aggregate hydroponic system and liquid hydroponic system. While aggregate hydroponic systems lead the market with a larger share, the demand for the liquid system is set to rise faster, given the continuous technological innovations. By crop type, the global hydroponics market includes products, such as tomato, cucumber, lettuce & leafy vegetables, peppers, and other food crops. Tomato forms the largest market segment and it accounts for 30.4% share of the market, during 2018.
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By geography, Europe is traditionally the largest market that is implementing advanced techniques in hydroponics. Asia-Pacific forms the second largest market for hydroponics, which is expected to grow at a steady pace during the forecast period. Africa accounts only for about 2% of the global market, but it is the fastest growing, recording a CAGR of 9.9% during the forecast period.
Hydroponics Market Dynamics
Higher consumption of salad crops and exotic vegetables, hydroponics, being an environment friendly and profitable farming technique, and increasing need for global food security is expected to drive the market growth. However, high initial cost and low adoption and awareness about technology among the public are the main factors restraining the growth of the market. With the increase in disposable incomes among the middle-class, worldwide, the demand for high quality fresh produce is growing which can be seen as an opportunity by the major players in the market as hydroponics unit would help maintain constant supply and premium quality of the ingredients.
According to Mordor Intelligence research and analysis, Lumigrow Inc., Greentech Agro LLC, General Hydroponics Inc., Argus Controls, Logiqs BV, Village farms international, and Hydrodynamics International, Inc. are the major market players in the hydroponics market. Companies, such as Growlife Inc., are the leading manufacturers and suppliers in the hydroponics market and are extensively adopting strategies, such as expansion, partnership, and acquisitions.