What is the current state of the hydroponics market?
The global hydroponic vegetable market is expected to reach USD 228.24 million by 2024, growing at a CAGR of around 6.5 % between 2018 and 2024. Hydroponic crops also include food crops and other decorative crops such as flowers, but mostly hydroponic crop growers have started to grow decorative crops besides edible crops.
The pressure on the agriculture industry to meet the rising demand for grains and food has led to the development of high-yielding farming techniques such as precision farming and urban farming. As a result, hydroponics is being considered as a possible solution to the rising worry about food security in the next years.
Impact of COVID-19 on the Global Hydroponics Market
Many people have developed a negative attitude about outside food as a result of the COVID-19 outbreak. With health and food safety taking center stage, people all around the world are gravitating toward home cooking and self-made/homemade meals. The food and lodging industries have been put in peril as a result of this. Following the horrific emergence of the coronavirus pandemic, the adoption rate of urban hydroponic farming systems is expected to skyrocket over the world.
During the early stages of the pandemic, the agriculture industry encountered difficulties. On the farm, there were severe labor shortages, some farmers missed their harvesting window for seasonal crops, agricultural product prices were plummeting, and logistics were disrupted. Many countries also realized that they were overly reliant on food imports and began focusing on domestic and internal production.
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Competitive Landscape:
Greentech Agro LLC, Argus Control Systems, Logiqs B.V., Lumigrow, Inc., General Hydroponics, Inc., Village Farms International, Hydrodynamics International, Inc.
Market Dynamics
- Restraint: High capital investment for large-scale farms
- Opportunity: Development of innovative hydroponic technologies
- Challenge: Spread of waterborne diseases and algae in closed systems
What is hydroponic farming, and how does it work?
A supervised setting Agriculture (also called as weather and climate-proof farming or, more popularly, indoor vertical farming) is the indoor cultivation of plants. While indoor farming is not a new concept (greenhouses have been used for centuries), hydroponic farming is a more modern innovation that simplifies the growing process even more by removing all of the extraneous components of traditional farming. We can recall the essential constituents of plant growth, such as energy, nutrients, water, and CO2, from our middle-school biology class.
Controlled environment agriculture (CEA) follows this basic formula and eliminates any extraneous inputs, such as soil and pesticides, that have become crucial to our current agriculture system. Traditional features of traditional farming are replaced with artificial ones in the CEA process. Plants receive energy from LED lighting that is tuned particularly to the energy needs of the plants, rather than from the sun. Seeds are sown in soil-free growth media such as coconut husk instead of soil to provide seedlings with a surface to attach their roots.
This soilless method reduces the chance of bugs and weeds invading the growing environment, resulting in a much cleaner and simpler operation. In a vertical racking system, these seedlings are occasionally placed in growth trays that are piled vertically rather than outwards. Vertical plant integration helps farmers to optimize the total space consumption of their growing area, allowing them to cut land use by up to 90% while increasing production. Plant roots in vertical farms are provided critical nutrients either hydroponically (nutrient-infused water is fed to the plant roots in a growth medium) or aeroponically (nutrient-infused water is misted on the plant roots that dangle freely).
What are the benefits of hydroponics?
Climate change, dangerous infectious diseases, rising urbanization, and the depletion of natural resource deposits are just a few of the current pressing challenges that are causing drastic changes in our worldwide lifestyles. Hydroponic farming offers a lot of potentials to help our agricultural sector deal with these problems.
One of the most significant advantages of hydroponic farming is the ability to grow crops in near-optimal circumstances utilizing controlled environment agriculture (CEA) technologies. Indoor and hydroponically grown crops can be grown everywhere on the planet at any time of year, regardless of weather conditions, cultivable land availability, or soil quality. For locations with significant droughts and poor soil quality, such as Sub-Saharan Africa, where the availability of leafy green vegetables is generally limited, hydroponic farming offers the potential to supply fresh, local food.
Breakup by Segment
Global Hydroponic Vegetables Market: Type Analysis
- Spinach
- Tomatoes
- Peppers
- Lettuce
- Cucumber
- Others
Global Hydroponic Vegetables Market: Distribution type Analysis
- Unorganized small stores
- Grocery stores
- Hypermarket or a supermarket
- Whole food and specialty stores
- Distributors
- Bulk suppliers
- Others
Regional Insights
- North America: U.S, Canada, Mexico
- South America: Brazil, Argentina, Colombia
- Europe: U.K, Germany, Italy, France, Poland, Belgium, Spain, Russia
- APAC: China, Australia, South Korea, India, Japan
- Rest of the World: Middle East, Africa
Conclusion
Hydroponic farms provide a route to a more sustainable food ethic that promotes the health of our food, bodies, and environment while avoiding the use of harmful pesticides. Hydroponic farming, far from being a pipe dream, is currently being swiftly integrated into present food networks. Ocado, a large British online grocer, recently announced a collaboration with Priva and 80-Acres, two of the industry’s premier vertical farm companies.
This joint venture will allow Ocado to supply fresh, local, and hydroponically-grown ingredients to its customers. Furthermore, as the industry becomes more competitive, more partnerships like this will help drive down the prices of hydroponically-grown produce and make hydroponic farms more competitive with conventional farms. While our global climate issue is multi-dimensional and a result of many different practices, reducing the impact of the agricultural industry will be a huge step forward. At the beginning of the 21st century, hydroponic farming had not yet been invented. Now, only 20 years later, the industry has gained solid ground and is already dramatically shifting our agricultural practices and the future of our food system.
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