![]() ![]() In the agriculture sector, the hydroponics market registered a strong slowdown in sales during the first quarter of 2020 due to disrupted logistics and transportation. Numerous countries worldwide declared emergencies and announced complete nationwide, statewide, or citywide lockdowns to combat & control the spread of this disease, halting all travel, transport, manufacturing, educational institutions, and non-essential trade, significantly impacting many industries globally. The COVID-19 outbreak caused by the SARS-CoV-2 virus created a severe public health emergency globally, spreading quickly in more than 150 countries. The Impact of COVID-19 on the Hydroponics Market However, the critical management requirement, lack of knowledge and expertise in developing countries, and high capital investment for large-scale farms are some factors that hinder the growth of the hydroponics market to some extent. Moreover, technological advancement in the hydroponics sector and increasing adoption of urban farming using vertical hydroponics systems are expected to provide significant growth opportunities to the stakeholders operating in this market. ![]() In addition, the rising adoption of hydroponics farming for cannabis cultivation further supports the growth of this market. ![]() The growth of this market is mainly driven by the growing population and reduction in arable land, changing climatic conditions and erratic weather patterns, rising need to increase agricultural productivity, increase in demand for fresh food products among the urban population, and growing demand for chemical-free fruits and vegetables. The Hydroponics Market is expected to reach $35.4 billion by 2030, at a CAGR of 15.6% during the forecast period of 2023–2030. ![]()
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