Germination Kits and Tray Market to Grow at 4.23% CAGR Driven by Agriculture Products Growing Demand to 2020
The germination kits and tray market prospects for growth are dependent on the popularity of indoor farming, which is rapidly gaining traction in developed regions like North America and Europe.
March 3, 2016 /MarketersMedia/ —
The global germination kits and trays market analyze rising urbanization has increased the demand for new residential and commercial buildings, making it imperative to encourage the use of green cover in urban areas. To meet the increasing demand for food, urban farming is being encouraged due to scarcity of affordable agricultural land in urban areas. Therefore, germination kits and trays are being extensively used to boost the germination process.
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The analysts forecast global germination kits and trays market to grow at a CAGR of 4.23% during the period 2016-2020. The governments worldwide are implementing new policies to increase food productivity and address food crisis concerns. To meet the growing demand for food, investments are being made in agricultural R&D, indoor farming, and greenhouse farming. With increase in focus on indoor and greenhouse farming, the use of germination kits and trays is expected to rise. Some kits also include a booster or substrate to speed up the germination process.
The advent of electric propagators is the key driver for this market. An electric propagator helps gardeners to achieve early and more successful seed germination. Such seeds grow into healthier plants due to their consistent and comfortable start. Since electric propagators can also be used at low-temperature settings, it will allow users to keep the frost off the over-wintered plants. Benefits such as its high cost effectiveness and high convenience will result in its augmented adoption during the forecast period.
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End-user segmentation of the germination kits and trays market – Commercial and Residential
In 2015, the commercial segment dominated this market and accounted for about 70% of the total market share. Due to the growing global population, the demand for food is increasing. This increase in the demand for food products will encourage farmers to practice indoor and urban farming. Also, factors such as the advent of new technologies, including energy-efficient light-emitting diode (LED) lighting and automated systems, will augment the demand for germination kits and trays among commercial end users during the forecast period.
The global germination kits and trays market is moderately fragmented and highly competitive due to the presence of numerous large vendors. The competitive environment is expected to intensify with an increase in product and service extensions, technological innovations, and mergers and acquisitions (M&A).
The key leading vendors analyzed in germination kits and trays market are Aerogrow, Hydrofarm, Jiffy and Viagrow.
Other Prominent Vendors in the market are: Apollo Horticulture, Atlee Burpee, Linan Horti-King Technology, Ningbo Seninger Plastics, Root!T, Ruian Hengxiong Electric and Super Sprouter.
Further, the report states that with the ability to grow vegetables indoors, the global germination kits and trays market faces a challenge in the need for continuous monitoring of soil conditions for proper seed germination.
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