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Food and Beverages
With the rise of 20.7 percent in CAGR, the global hydroponics market capital will fetch an estimate of 9.76 billion dollars. The adoption of smart farming technologies is paving the way for a new dawn of the market. And vertical farming, an up and coming farming practice, has become a pivotal factor in driving the evolution of hydroponics.
The market has been categorized into two types: aggregate systems and liquid systems. From forecasts, the aggregate system will continue to hold the largest market capital, whereas the liquid system will expand in the near future.
Hydroponic farming uses a variety of channels, including rock wool, perlite, and others. It is essential for farmers to choose the right kind of sources for certain crops, as they vary in terms of pH and thickness, which may hinder the growth of roots.
Liquid systems, such as deep-water culture and nutrient film technique (NFT), are expected to witness significant growth over the forecast period. They do not require any medium to provide nutrients to roots, instead it does that directly to reduce the time required for yield.
A majority of indoor farmers worldwide, use hydroponic systems to grow tomatoes, and the segment is estimated to continue its dominance over the forecast period. Hydroponics produces vegetables such as tomatoes, lettuce, cucumbers, and herbs.
Europe held the largest share of the hydroponically grown tomatoes market in 2020 owing to the high cultivation rate in the Netherlands and Italy, according to a report by Agri-Systems.
The Asia Pacific region held the largest market share in 2020, as countries such as China, South Korea, and Japan are finding lucrative opportunities in hydroponic farming. Europe is expected to register the fastest CAGR over the forecast period owing to a favorable government scenario regarding the development and adoption of alternative farming technologies.