Hydroponic Market Growth at a CAGR of 11.7% Predicted during the forecast period

The global Hydroponic Market was valued at USD 8.2 billion in 2018 and is expected to reach USD 16.9 billion in 2026, growing at a CAGR of 11.7% during the forecast period. The growth of the Hydroponic market is primarily driven by the increasing Food Demand and Security and hydroponics systems Help Conserve Natural Resources.

The hydroponic industry is the higher yield in comparison to traditional agricultural techniques. The rise in the consumption of exotic, salad crops and the need for global food security is expected to fuel the market. Is anticipated to drive demand for Hydroponic market. However, the lack of government policy and high capital investment hamper the growth of the Hydroponic industry. Increase in demand for Organic Food and demand for hydroponic grown Cannabis may also provide a profitable chance for market players in the near future. On the other hand, increasing increase in the hydroponic based product through research may also provide a profitable chance for market players in the near future.

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Using hydroponics farming, farmers can grow any type of crop, including most house plants, flowering crops, and exotic fruits and vegetables, regardless of environmental circumstances. With LED grow lights, plants such as tomatoes, lettuce, spinach, kale, strawberries, peppers, beets, and other vegetables can be cultivated. The growing adoption and demand for LED growing lights led in the prohibition of older and inefficient halogen units in the European Union from September 2018. These factors are further expected to drive demand for growing LED lights.

Key Findings:

  • Based on the type, the liquid segment is growing rapidly in the Hydroponic market with the highest CAGR of 8.9% in the forecast period.
  • Based on the application, the vegetable segment is expected to grow at a CAGR of around 7.1% throughout the forecast period
  • Europe accounted for nearly 38% share of the global Hydroponic market in 2018

Recent News:

  • In January 2019, Argus Control Systems Ltd has a partnership with Hydrofarm Holdings Group, Inc. to provide sophisticated horticultural technologies and services in the United States and Canada.
  • In September 2017, The company has introduced its newest tomato variety Lorabella Blossom in PMA Fresh Summit 2017 in New Orleans
  • In December 2017, Village Farms has entered into an arrangement with Emerald Health Therapeutics, a bio-pharmaceutical firm that focuses on cannabinoids to treat illnesses to transform its lowest 1,1 million square feet greenhouse into hydroponic cannabis production in British Columbia.

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