In 2017, the U.S. arable land accounted for 16.5% of Land Area as compared to 16.6% during 2016 ~ World Bank
Research Nester recently published a report titled “US Hydroponics Market Outlook: Industry Analysis & Opportunity Evaluation 2018-2025” which delivers detailed overview of the U.S. hydroponics market in terms of market segmentation by crop-type.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The US hydroponics market is significantly driven by the rising demand for food in tandem with decreasing share of arable land in the US. The US hydroponics market held a market revenue of USD 506.8 Million in 2018. The hydroponic technique allows the growers to completely control the nutrients required for the plant growth. In addition to this, nutrients can be provided to the plants at a particular stage of the growth, further leading to better growth rate and crop produce. Hence, this factor is anticipated to propel the market growth over the forecast period.
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Similarly, all the minerals required for the plant growth are contained in the water, which allows the growers to adjust the pH levels more easily as compared to the soil. This ensures optimal uptake of the minerals by the crop, which leads to effective yield. This factor is also projected to propel the market growth. The U.S. hydroponics market is estimated to expand robustly at a CAGR of 11.31% over the forecast period, i.e., 2020-2027.
Several factors such as, lesser water utilization coupled with efficient mineral uptake is expected to propel the market growth. In addition, increasing environmental concerns pertaining to climate change in tandem with the rising population is anticipated to decrease the share of arable land in the US. According to the USDA, the number of farms in the US decreased from 2,109,810 in 2012 to 2,029,200 in the year 2018. Approximately one-third of the land area in the US, has experienced insufficient rainfall in the near past, leading to lesser profit from the crop produce. However, the crop produce from the hydroponics does not get affected by such external factors. Similarly, the inadequate amount of heat due to frost quakes and snow squalls in certain areas of the US creates potential opportunities for the adoption of alternate farming techniques such as, hydroponics.
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The US hydroponics market has been segmented by crop-type into lettuce and microgreens. Among these segments, the lettuce segment held a share of 66.97% in 2018. This can be attributed to increased consumer demand for high quality, locally sourced produce and off-season availability.
However, the growth of the market may be impeded by a few limitations, which includes high upfront cost along with higher demand for energy and requirement for controlled environment. Additionally, it is challenging to maintain a large-scale hydroponics farm owing to uncertain return of investment related to this technique. Furthermore, lack of technical expertise and niche knowledge required for setting up and running the equipment efficiently is also expected to hamper the market growth over the forthcoming years.
This report also provides the existing competitive scenario of some of the key players of the US hydroponics market which includes company profiling of Bright Agrotech, Cloudponics, Grobo, Iron Ox, SmartBee Controllers, Urban Cultivator, Iron Ox, and Thrive Agritech, Amhydro, Freight Farms, and other prominent players. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the US hydroponics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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This post was originally published on Technology Trend