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 evolved as the most lucrative type of vertical farming practices in India owing to the financial assistance provided by government and interest from farming entrepreneurs in the country.
Higher yield of crops grown under hydroponic facility over traditional farming
Higher yield of crops in hydroponics compared with soil agriculture is major factor driving the India hydroponics market. According to the study conducted by V.Chandrshekaran, founder of a 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 hydroponics technologies during the forecast period. Depleting water resources, changing environmental conditions such as low rain fall, soil erosion might increase the government interests towards promotion and hydroponics technologies towards farming communities across the country.
Nutrient Film Technique – The widely used Hydroponic technique
Hydroponic farming through Nutrient Film Technique (NFT) involves a very shallow stream of nutrient dissolved water that recirculates over the root system of plants in channels. NFT evolved as the preferred hydroponic technique owing to its relatively economical installation, ease of maintenance, and easy detection of nutrient deficiencies and diseases in plants over its counterparts. It is suitable for growing Lettuce, Spinach, Tomato, Bell Peppers and several other vegetables. The market for NFT based hydroponically grown produce in India valued US$ 1.28 million in 2018 and is likely to reach US$3.96 million by 2026.
Leafy greens – The market leading produce type
The leafy greens segment is estimated to reach a market value of USD 1702.81 thousand by 2026 from an initial market value of USD 632.48 thousand in 2018. The market is estimated to grow at a CAGR of 13.32% in the forecasted period 2019-2027. Various leafy greens produced under hydroponics facility includes kale, microgreens, collard greens, spinach, cabbage, beet greens, watercress, romaine lettuce, and many other leafy vegetables. The hydroponics technologies suitable for the production of leafy vegetables includes deep water culture, nutrient film technique, and Dutch bucket technique. The high yield nature of the hydroponic technology over the soil technique led to increased investment by the vegetation providers, entrepreneurs in this technique to meet the growing demand for organic and fresh produce. Increasing 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. The annual production of hydroponically produced leafy vegetables has seen significant increase during last few years owing to increased investment by the farms in new teir-1 locations to meet the growing demand for hotels, restaurants and educational institutions across the country. Growing establishments of Mexican, Italian, and continental food stores across the country and high import prices over the lettuce and other leafy vegetables led farmers to leverage the hydroponics technology and produce high quality, fresh, and organic leafy vegetables.
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Currently, there exists low competition in Indian Hydroponics Market due to limited players, such as Sparsh Bio Life, Triton FoodWorks Pvt Ltd., DS Group, Fresco, contributing more than 74% of the India Hydroponics Market and rest contributed by 15-20 companies. Over the next few year, market might experience huge competition through major food chains across the globe establishing their hydroponics farms in India. 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.
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