The global hydroponics crop value is anticipated to grow from USD 18.8 billion in 2014 to USD 27.29 Billion by 2020 at an estimated CAGR of 6.39% from 2015 to 2020. Improved yields, higher return on investment, and protected environment among others, attracting a larger share of producers as well as investors has been driving the hydroponics market.
The global population count is set to reach the 9 billion mark by 2050, and the food resources are depleting at a proportionate rate. With the progressive integration of technology with agricultural practices there have been significant improvements in conventional farming practices, yield quantities, and associated returns on investments. However, in the past decade there has been constant degradation of natural resources such as land and water. This along with several other monetary reasons has led to an alarming need of switching to unconventional farming techniques, such as hydroponics, which does not depend on soil, fertile land, and water resources for cultivation.
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The report primarily identifies the key market drivers and challenges after consulting industry leaders from both demand and supply side. Since hydroponics is still at the nascent stage, it is imperative to identify the factors which can propel the market demand for hydroponically grown crops and also the pain points, which are obstructing the market growth. Further, the report has been targeted at providing quantitative insights into the hydroponics market based on the key geographies and crop types. Europe is an established market for hydroponics, whereas North America, primarily the U.S. and APAC, primarily India hold immense potential to grow significantly during the forecast years.
The key market players include Village Farms International, Thanet Farms, Pegasus Agritech, James Foskett Farms. Terra Tech, Growlife, American Hydroponics and General Hydroponics.
The European region lead the global hydroponics market in 2014 with an estimated crop value of USD 9.8 billion and will continue with this dominance growing over USD 13.38 Billion by 2020 at an estimated CAGR of 5.28% through 2015 to 2020. The Americas will be growing at the highest CAGR of 9.1% from 2015 to 2020. Developing countries of Middle East and Africa will continue contributing smaller shares to the global hydroponic crop value through the forecast period.
The leading market players in hydroponics primarily are Village Farms International, Thanet Farms, Pegasus Agritech, James Foskett Farms. Terra Tech, Growlife, American Hydroponics and General Hydroponics.
Study Objectives of Hydroponics Forecast to 2020
Country Analysis of Global Hydroponics Market Forecast to 2020 Market
As per the MRFR analysis, the global market for hydroponics has witnessed continued demand during the last few years and is projected to reach USD 27.29 Billion by 2020, at a CAGR of 6.39% during the forecasted period.
The reports also cover country level analysis:
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