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(IT-NEWSWIRE.COM, March 27, 2020 ) Market Overview
• The India Hydroponics Market is expected to grow at a CAGR of 8.3% during the forecasting period (2019-2026).
• Hydroponics, a subset of hydroculture, is a method of growing plants without soil, using mineral nutrient solutions in a water solvent. Factors like depleting water resources, gradually decreasing land under cultivation and reduction in fertility of soil, etc., are raising the need to invent innovative and fruitful methods of cultivation. Hydroponics is one such revolutionary method of farming. Currently, Urbaankisaan is developing commercial hydroponics plant in Hyderabad with a capacity of producing 10 tones of yield per month and further planning to expand their operation to Mumbai and Bangalore. India hydroponics market is experiencing establishment of new commercial plants in tier 1 cites in collaboration between regional producers and global technology providers to meet the growing demand for exotic and organic foods.
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Market Dynamics
• Growing demand for sustainable and protected farming practices and higher yield of crops grown under hydroponic facility over traditional farming are the driving factors for the growth of the market. According to the study published by V.Chandrshekaran a founder of hydroponics technology company, the average yield of lettuce per acre yearly was recorded between 9-10 tons in soil-based agriculture and 300-400 tons in hydroponics agriculture. Increased rate of investment in hydroponics over the traditional soil based agricultural process through increased yield, minimal water cultivation might further boost the agricultural communities towards adoption of the hydroponics technologies during the forecast period.
• However, Lack of awareness among the farming communities regarding hydroponics and High initial investment and maintenance cost associated with hydroponics are the key restraints hampering the market growth globally. The major farming communities located across the country have minimum knowledge over the hydroponics and they are majorly into competitive farming. The lack of spread of word of mouth regarding hydroponics technologies from one farming communities to other led to low understanding of technology by farmers across the globe.
Market Segmentation
• By technology, the India Hydroponics market is segmented into nutrient film technique, drip system, ebb & flow/flood drain system and others. The nutrient film technique segment is estimated to reach a market Value of USD XX thousand by 2026 from an initial market value of USD 1286.64 thousand in 2018. The market is estimated to grow at a CAGR of XX % in the forecasted period 2019-2027. In Nutrient film technique, the roots are directly exposed to the nutrient solution. A thin film of nutrient solution flow through the channels and these channels are made of flexible sheet. The products suited for production under nutrient film technique includes lettuce, different types of herbs and baby greens.
• The average cost per installation of Nutrient Film Technique gulley's in 1 acres varies between 23,000 USD to 30,000 USD. Commercial growers across the region are currently deploying Nutrient Film Technique systems. Low-cost, high productivity nature of the system and increasing investment by the current hydroponic growers in this technology to boost the production of leafy greens, lettuce are the major factors driving the nutrient film segment in India hydroponics market.
• By produce type, the India Hydroponics market is segmented into fruits & vegetables and flowers. The fruits & vegetables segment is estimated to reach a market value of USD XX thousand by 2026 from an initial market value of USD 2544.15 thousand in 2018. The market is estimated to grow at a CAGR of 13.53% in the forecasted period 2019-2027. The fruits & vegetables segments is further segmented to tomatoes, strawberries, cucumber, leafy vegetables, bell pepper and others. These products are produced majorly through nutrient film technique, deep water culture and Dutch bucket technique.
• The consumer markets for hydroponically produced fruits and vegetables includes retail and hotels, fast food chains, railway catering, foreign food service companies, defense establishments and NGO’s. Leafy Vegetables dominates the fruits and vegetables in India owing to growing demand for high quality fresh lettuce by the commercial institutions, food chains and restaurants to meet the daily requirements are boost the market for hydroponically produced leafy greens such as lettuce. Currently, India is importing 85% of exotic vegetables from neighboring countries and it is expected to grow at a growth rate of 15-20% per year.
Competitive Landscape
• The key strategies adopted by the prominent players in India hydroponics market includes establishment of new commercial plants in tier 1 cites in collaboration between regional producers and global technology providers to meet the growing demand for exotic and organic foods.
• The major players includes DS Group, Letectra Agritech Pvt Ltd, Sparsh Bio Life, Neoterra Farming Technologies Pvt Ltd, Delhiponics, Hydroherbs, Simply Fresh Inc, Junga Freshngreen Pvt Ltd, Triton Food Works Pvt Ltd., and Fresco.
• Over the next few year, market might experience huge competition through major food chains across the globe establishing their hydroponics farms in India.
• In June 2017, The Triton Food Works Pvt Ltd has established five farms in Karnataka, Maharashtra, and Delhi grabbing a revenue of INR 1 Crore in 2017.
• In February 2017, Infra Co Asia Development Pte Ltd. has entered into strategic agreement with Junga Freshgreen Pvt ltd to develop 9.3 hectares hydroponic based agricultural facility in Junga, North India.
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