Fast.MR lowers forecast for Hydroponics market, as the economic impact of the COVID-19 continues to drive down consumer spending and short-term business investments. The report in similar manner offers market analysis and new opportunities due to COVID-19 within Hydroponics market to help our clients to make critical business decisions.
According to a new report published by FAST.MR, titled, “Hydroponics Market” witnessed a market value of USD XXX billion in 2018 and is considered to surpass USD 31 billion by 2024, recording a compound annual growth rate (CAGR) of 13.1% between 2019 and 2024. The hydroponics market is analysed based on regions, by product, by system and by crop. The regions covered in the report are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The research report also includes detailed competitive analysis of dominant market players in hydroponics market, such as Amhydro, Hydrofarm, Lumigrow Inc., American Hydroponics, General Hydroponics and others.
Based on the product, the market has been classified into growing chamber, pump & tubing, growing LED lights, HVAC, growing supplies, controlling equipment, reservoir, and accessories. In product segment, growing LED lights segment contributed around XX% market share of the hydroponics market in 2018. Rising practices of indoor farming has encouraged the adoption of hydroponics as a growing method are augmenting the demand for growing LED lights across the globe.
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Hydroponics system segment include aggregate hydroponic system, (closed systems, open systems), liquid hydroponics system, nutrient film technique (NFT), and others. Aggregate hydroponics system segment was valued at USD XX million in 2018 and is expected to reach USD XX Million by 2024, progressing at a CAGR of XX% from 2019 to 2024. On the basis of crop, the market is categorized into lettuce, microgreens, medical marijuana, tomatoes, herbs, pepper, cucumber, and others. At present, lettuce crop segment represents XX% of the total hydroponics market.
Region-wise, the market has been segmented into Europe, Asia Pacific, North America, the Middle East & Africa, and Latin America. At present, Asia Pacific is the prominent market, holding XX% of the global market share. The competitive landscape of the market has been examined in the report. Some of the key players operating in the market include Amhydro, Hydrofarm, Lumigrow Inc., American Hydroponics, General Hydroponics and others prominent players.
Impact Analysis on COVID-19:
The coronavirus or COVID-19 (formerly 2019-nCoV) broke out in December 2019, which has been imposed as a medical emergency worldwide. More than 183 countries and territories have reported cases of coronavirus to date. On 11th March 2020, the World Health Organization (WHO) declared the COVID-19 a pandemic officially. Due to which many countries such as China, India, Italy, Germany, Spain, France, and such other countries having a large number of COVID-19 patients went under lockdown conditions. With the ongoing situation of lockdown, many industries have been adversely impacted, and it is expected that the economy of the developing & developed nations are going to suffer a massive loss in the coming years, and also the global economy may slip into a recession. Along with this, in the United Nations Conference on Trade & Development, it was said that the impact of COVID-19 would hamper the global economy up to USD 2 Trillion in 2020. The report also considers the impact the impact of COVID-19 on global hydroponics market in the upcoming years.
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Research Scope and Deliverables:
– Research Methodology & Executive Summary
– Market Drivers, Trends, Barriers and Opportunities
– Market Size and Forecast Projections
– Competitive Analysis
– Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
– Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
– Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyses the hydroponics market by the following segments:
– Crop Type
Geographic Market Analysis:
The report offers separate analysis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In addition, the further breakdown of market data and analysis of region into countries is covered in the report.
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