Agriculture is a very conservative sector with many barriers to change and an inertia where “traditional” methods persist. Nevertheless, the drivers for transformation are more compelling. Movement toward protected agriculture is already surging worldwide, and soilless cultivation is riding that wave. The worldwide market value of hydroponically- and aquaponically-produced food will grow at 7 percent compound annual growth rate (CAGR) over the eight-year forecast period, from 2015 to 2023. This is a healthy (and slightly more optimistic than our 2013 forecast) pace compared to world gross domestic product (GDP) growth, which has ranged from 2.5 to 4.0 percent since the Great Recession and subject to even further acceleration with the prospect of private investment.
We also have a new view of global winners and losers. Producer value will increase from $21.4 billion to $36.9 billion US dollars (USD). We expect that overall growth will be relatively steady because of the buffering effect of large and mature European markets and consistency in Asia Pacific.