Hydroponics Market is anticipated to grow at a CAGR of 11.6% from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Hydroponics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global hydroponics market accounted for over US$ 7.6 (estimated) billion in 2019. It is anticipated to grow at a CAGR of 11.6% from 2019 to 2030.
The consistent growth of the market can be attributed to several factors such as, higher yield as compared to conventional agricultural practices and hydroponic systems that help in the conservation of natural resources. Moreover, hydroponic systems are anticipated to further contribute to the substantial growth of the hydroponics market globally between 2019 and 2030.
Hydroponics results in higher yield as compared to conventional agricultural practices. To feed the growing population, the productivity of food crops must be increased within an existing land through alternative farming techniques. According to the United Nation’s report on the worldwide population, plants in the hydroponic system have 20–25% higher yields than a soil-based system with productivity of 2–5 times higher.
Various complications associated with hydroponics farming are affecting market growth to a certain extent. Several complications, such as the lack of government policy & tax breaks in developing countries and high capital investments involved in large-scale farms, are few of the major restraints for the market. Hydroponic farming will play a pivotal role in improving food safety in developing countries.. In developing regions the high set-up costs for hydroponic farming can often render operational unfeasibility.
Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, Hydroponics Market by Type (Aggregate Systems, Liquid Systems), Equipment & Input (HVAC, Led Grow Light, Irrigation Systems, Material Handling, Control Systems), and Region- Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/hydroponics-market/189
Europe is estimated to grow at the highest CAGR during the forecast period owing to application of advanced techniques of hydroponic in smart greenhouse horticulture. For instance, Netherlands, Spain, and France have large areas under greenhouse cultivation which have played a crucial role in contributing to the demand for hydroponics market in this region. Moreover, as consumers are getting conscious of the standard differences in greenhouse-grown vegetables and conventional vegetables, the demand for hydroponics farming is increasing. Such factors are anticipated to present a lucrative growth scenario for the hydroponics market in this region.
Some of the prominent players in the global hydroponics market include LumiGrow, Heliospectra AB, The Scotts Company LLC, LOGIQS B.V., JAYA Hydroponic Farms, AmHydro, Hydrodynamics International, Hydroponic Systems, Emerald Harvest, and Advanced Nutrients, among others.
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