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.