The increasing population and urbanization have led to a decline in the arable land, globally. According to the United Nations Department of Economic and Social Affairs, about 55% of the world’s population lives in urban areas as of 2018, and that figure is expected to grow to 68% by 2050. Considering the overall growth in population, up to 2.5 billion additional people are expected to be added to urban areas by 2050. Hydroponics is the technique of growing plants with water and nutrients without the use of soil. This technique makes use of containers or specially designed benches with troughs to enable the suspension of plants in water. The hydroponics market is estimated to be valued at USD 9.5 billion in 2020 and is projected to reach USD 17.9 billion by 2026, at a CAGR of 11.3% during the forecast period.
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Major developments that can change the business landscape as well as market forecasts
With the increased adoption of hydroponics globally, manufacturers and researchers are working on improving the efficiency of hydroponics technology to increase the quality and quantity of the produce. For instance, Preferred Produce, an organic and kosher greenhouse in Deming, New Mexico, introduced a new patented technology that combines hydroponics with aeroponics. It was developed in partnership with Russian scientists. This new patented technology includes a large plastic urn filled with water and includes tubes for circulating oxygen. This new technology was introduced due to the restricted supply of oxygen when plants are submerged in oxygen in a hydroponics system.
Another technology was developed by Phytoponics, a UK-based hydroponic system company. It introduced a similar technology called the Hydrosac, in which the roots of the plant are held in contact with an oxygenated, nutrient-rich solution. The concentration of liquid nutrients facilitates high growth rates and resource efficiency. The Hydrosac acts like a long thin container connected to a pump and nutrient solution reservoir. Sitting on the fluid’s surface are integrated flotation chambers in which plants sit within a healthy, rot preventing air gap above water. An inbuilt aerator blows oxygen bubbles through the solution to maintain dissolved oxygen levels for healthy roots. The bubbles burst at the surface, spraying a nutrient-rich mist on to the plant roots, nourishing the plant to grow strong.
The Asia Pacific hydroponics market has strong potential to become the leading market in the coming years. The region has also been susceptible to the effects of climate change that have had a profound impact on agriculture produce. The increasing instances of droughts, floods, and other natural disasters in countries such as India, China, and Japan have raised concerns over food security. This has spurred the adoption of indoor hydroponic agriculture in the region. China is projected to be the fastest-growing market for hydroponic farming in the region and has displayed notable growth potential. Not only in AsiaPacific but globally has the growth in hydroponics market been observed, with the increasing investments in this market. For instance, Larry Ellison, the founder, chairman, and CTO of Oracle, launched a hydroponic farming start-up named Sensei in Los Angeles, which plans to build 10 greenhouses covering 200,000 square feet on the Hawaiian island of Lanai. Also, Future Farms based in Chennai, India, has developed effective and accessible farming kits to facilitate hydroponics. Also, there are new technological innovations tapped by start-ups that can further propel the growth of this market.
Coverage of new market players and change in the market share of existing players
Company Profiles: Company profiles give a glimpse of the key players in the market, with respect to their business overview, financials, product offerings, and recent developments. In the new edition of the report, Freight Farms (US), Terra Tech Corp (US), Emirates Hydroponics (UAE), Advanced Nutrients (Canada), Emerald Harvest (US) and Green Sense Farms (US) were profiled, as they have emerged as key players in the recent years due to various strategic investments, agreements, and product launches performed in the hydroponicsmarket. These strategic developments have challenged the status-quo of industry leaders,and it was prudent to analyze the changing business landscape. Company share analysis has been added in the new report, which was not provided in the earlier one. Competitive leadership mapping and competitive benchmarking of key players (crop producers and system input providers) are also added as new segments.
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Updated financial information/product portfolio of players
Newer and improved representation of financial information: The new edition of the report provides updated financial information in the context of the hydroponicsmarket till 2017/2018 for each listed company in the graphical representation in a single diagram (instead of multiple tables). This would help to easily analyze the present status of profiled companies in terms of their financial strength;product portfolio strength;key revenue generating region/country; business segment focus in terms of the highest revenue generating segment; and investment on R&D activities.