Business View Magazine | Volume 9, Issue 1

90 BUSINESS VIEW MAGAZINE VOLUME 9, ISSUE 1 specialty gardening components can be purchased. Growers will need specialty lighting, environmental controls, fertilizers and additives, containers, growing media, water testing meters, and more. The hobby hydroponic market has grown significantly, especially with the rise of medical and recreational cannabis. Large distributors of equipment and supplies are currently acquiring hobby hydroponic manufacturers, wholesalers, and retail stores in a race of mergers and acquisitions. These large companies include, among others, Hydrofarm, Hawthorne Gardening Company (a subsidiary of Scotts Miracle-Gro) and Grow Generation. The cannabis market is forecast to grow to over USD 40 billion by 2026, making it very lucrative for those moving into the hydroponic equipment and supply sectors. As world population soars to nearly eight billion people, new methods of food production are in demand as traditional farming methods struggle to keep pace with consumers. High tech greenhouses and other forms of advanced agricultural practices are failing to keep up with global food demand. This huge demand is compounded with dwindling natural resources, climate change, massive amounts of food waste, and inconsistent farming methods that altogether have become an unsustainable formula for human beings. Hydroponics is one of the growing techniques that can serve as an additional solution for alleviating some of these issues. Vertical farming has emerged as a newer technology for growing plants more efficiently. Stacking trays or columns of plants can be seen in use by companies like Plenty, CropOne and AeroFarms, e.g., who have gained significant funding to develop their systems. The vertical farming market in the U.S. is estimated at $2.7 billion in 2020, according to Global Industry Analysts, Inc., and is expected to grow to $5.8 billion in 2026.