(I-BusinessNews.Com, December 18, 2019 ) Market Overview
• Hydroponics, a subset of hydroculture, is a method of growing plants without soil, using mineral nutrient solutions in a water solvent. Factors like depleting water resources, gradually decreasing land under cultivation and reduction in fertility of soil, etc., are raising the need to invent innovative and fruitful methods of cultivation. Hydroponics is one such revolutionary method of farming.
Market Dynamics
• Growing demand for sustainable and protected farming practices & higher yield of crops grown under hydroponic facility over traditional farming are primary factors driving the global hydroponics market. Additionally, growing consumer demand for pesticide free, organic food in tier-1 cities is fueling growth of establishments of hydroponics farms. These hydroponics farming techniques restricts the usage synthetic pesticides, growth hormones and antibiotics, allowing the produce to meet organic standards. Depleting availability of water resources for the production of agricultural crops is another major factors might shift the farmer interests towards production of respective crops through establishments of hydroponics farms during the forecast period. The hydroponics systems use 95% less water compared with the traditional practices and products can be grown in any surroundings without soil.
• However, lack of awareness among the farming communities regarding hydroponics and high initial investment & maintenance cost associated with hydroponics technology are major factors hindering the growth of Hydroponics market globally during forecast period.
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Market Segmentation
• Global hydroponics market is segmented on the basis of technology into nutrient film technique, drip system, ebb & flow/ flood & drain system, and others.
• In Nutrient film technique, the roots are directly exposed to the nutrient solution. A thin film of nutrient solution flow through the channels and these channels are made of flexible sheet. The products suited for production under nutrient film technique includes lettuce, different types of herbs and baby greens. The key advantages associated with installation of nutrient film technique in hydroponic farms includes easy detection of diseases in plants, low water & nutrient consumption, environmentally friendly nature and easy adaptability nature towards different spaces & plant requirements. Increasing availability of DIY Kits and preprocessed kits in nutrient film technique, increasing community interest towards sustainable agricultural practices might further boost the establishments of new farms through NFT globally during forecast period.
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Geographical Analysis
• By region, the global hydroponics market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East and Africa.
• India hydroponics market is expected to grow at a higher pace during forecast period owing to growing installation of new hydroponics farms across the country to cater the growing demand for exotic vegetables & vegetables. Many entrepreneurs are leveraging subsidies provided by government over hydronics and establishing commercial hydroponics farms across the major tier-1 cities in India. Currently, Urbaankisaan is developing commercial hydroponics plant in Hyderabad with a capacity of producing 10 tons of yield per month and further planning to expand their operation to Mumbai and Bangalore. India hydroponics market is experiencing establishment of new commercial plants in tier 1 cites in collaboration between regional producers and global technology providers to meet the growing demand for exotic and organic foods.
• In April 2019, Farm 2050 in collaboration with Amhydro launched commercial hydropic farm in India. This farm is primarily focused on producing both leaf crops (culinary herbs, lettuce, and greens) and vine crops (peppers, tomatoes and cucumbers).
Competitive Analysis
• The major companies in global hydroponics market are focusing on improving their market presence in high growth region through strategic collaboration and new facility expansions.
• In October 2019, Square Roots in collaboration with Gordon Food Service launched new indoor farm in Michigan as part of regional expansion of its hydroponics farms business in North America. This farm consists of 10 cloud connected containers, digitally-controlled hydroponics and full-spectrum LED lighting systems.
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