Global hydroponic markets to reach estimated CAGR of 6.5% by 2025
According to Future Market Insights’ latest research, the global hydroponics market is poised to gravitate to the new heights with an estimated CAGR of 6.5% and market valuation worth US$12.1bn by the end of 2025.
With hydroponics, the environmental settings are completely favourable to the crops, thereby, curtailing any fertiliser or pesticide requisites. With enhanced efficiency and a sterile environment, the hydroponics cultivation procedures produce higher yields with lesser space.
This has intensified the adoption rate of this methodology, which has fortified the growth of the global hydroponics market.
Growth rate of hydroponic procedures, the rising health concerns
Increasing inclination of consumers towards green food has been witnessed which encourages the demand for the growth of vegetables. With unpredictable weather conditions and lack of water, fertilisers, and soil availability, cultivation of crops was deemed challenging for the farmers.
With the advent of advanced agricultural infrastructures and procedures, hydroponics is gaining widespread popularity with its ability to address the need for green vegetables.
Conventional cultivation methodologies have proved ineffective as the plants are prone to get infected by pathogens and cause E.coli and Salmonella poisoning.
Rising demand for clean eating has been prevalent among the consumers, owing to the susceptibility of health threats posed by these contaminated plants. This has intensified the adoption of advanced procedures for the production of vegetables such as lettuce, tomatoes, cucumber, spinach, and peppers among the manufacturers of the hydroponics market.
Hydroponics make judicious utilisation of water, soil, and fertilisers, which is yet another reason for the proliferated adoption of the modernistic procedure. A host of these factors are predicted to reflect positively on the growth of the global hydroponics market through the forecast period.
Lettuce to hold a significant share of 32.9%
The hydroponics market has been fragmented into spinach, cucumber, tomatoes, lettuce, and peppers, among others. The growing inclination of consumers towards green vegetables, on the back of rising health consciousness, is a crucial driver for the growth of the hydroponics market.
In addition to this, lettuce is preferably consumed by the urban population.
With the rising rate of urbanisation, the trends of lettuce utilisation are expected to grow simultaneously, boosting the growth of hydroponics market by holding a notable share of about 32.9% through the forecast period as compared to the other segments of the hydroponics market.
European markets to procure 40% of the total share
Based on the geographies, hydroponics market can be segmented into the Asia Pacific, Latin America, the Middle East and Africa, North America, and Europe. Out of these regions, Europe is anticipated to lead the global hydroponics market in the forthcoming years, on the back of numerous growth drivers.
Rising concerns of the environmental degradation caused by greenhouse effects have realised the value of hydroponic cultivation procedures and vertical farming in this region. In addition to this, demand for a variety of vegetables in this region has made it crucial to adopt hydroponics procedures to achieve higher yields, which is expected to fortify the growth of the European hydroponics market.
Apart from Europe, a rapid rise in the rate of urbanisation happening in North America is said to trigger the demand for exotic vegetables, thereby contributing to the growth of the hydroponics market in this region
