Hydroponics Market to Grow with a CAGR of 7.21% through 2028
Rising investment in research & development for
hydroponic technology and reduction in water usage compared to traditional
farming is expected to drive the Global Hydroponics Market growth in the
forecast period, 2024-2028.
According to TechSci Research report, “Hydroponics
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Hydroponics Market stood at USD 11.77 Billion in 2022 and is
anticipated to grow with a CAGR of 7.21% in the forecast period, 2024-2028. The encompass
advancements in technology, the growing demand for organic food, the rise of
urban farming, and the increasing population with a shrinking arable land ratio
is driving the demand of hydroponics around the globe. Additionally, the market is also fueled by the
need to combat climate change and the growing necessity for efficient use of
natural resources.The Global Hydroponics Market, a rapidly growing and thriving
industry encompassing the practice of hydroponics, revolutionizes horticulture
by cultivating plants without the use of soil. This innovative method utilizes
nutrient-rich water solutions as a substitute for traditional soil, offering an
efficient and sustainable alternative to conventional farming practices. Within
this dynamic and evolving market, an extensive range of products and services
are available to cater to the diverse needs of hydroponics enthusiasts. These
offerings include state-of-the-art hydroponics equipment, specialized nutrients
tailored to different plant varieties, premium quality seeds carefully selected
for optimal growth, and cutting-edge technological solutions designed to
enhance efficiency and productivity. Furthermore, the hydroponics market
fosters a vibrant and collaborative community of professionals. Manufacturers
and suppliers play a crucial role in providing the necessary tools and
resources to support hydroponic cultivation, ensuring growers have access to
the latest advancements in technology and equipment. Researchers and scientists
contribute to the continuous development and improvement of hydroponic
techniques, conducting studies to optimize plant growth and maximize yield.
Meanwhile, dedicated growers actively participate in the production and sale of
hydroponic produce, meeting the rising consumer demand for fresh, healthy, and
locally sourced food while making significant contributions to global food
security.
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With the increasing focus on sustainable agriculture
and the growing consumer preference for fresh and nutritious food, the
hydroponics market is well-positioned for substantial growth in the foreseeable
future. The adoption of hydroponic farming methods not only offers numerous
environmental benefits, such as water conservation and reduced land use, but
also ensures a consistent supply of high-quality produce year-round, regardless
of geographical limitations. As the world continues to embrace sustainable practices
and prioritize access to healthy food, the hydroponics industry is poised to
play a pivotal role in shaping the future of agriculture. The global market is primarily influenced by the
growing demand for food. Hydroponics, with its capability to cultivate crops
year-round in controlled environments, presents a viable solution to address
this challenge by significantly boosting crop yields. Moreover, the increasing
awareness of food safety and the preference for pesticide-free, organic produce
are driving the adoption of hydroponic systems, which inherently minimize the
reliance on chemical inputs. Furthermore, climate change and the scarcity of
arable land are key factors driving market expansion. The resilience of
hydroponics in mitigating adverse weather conditions, reducing water
consumption, and enabling cultivation in non-arable regions positions it as a
promising alternative to conventional farming methods. Additionally,
urbanization trends are fueling the demand for localized food production,
making hydroponics an ideal choice for vertical and rooftop farming in urban
settings, resulting in reduced food transportation and environmental impact.
Moreover, rapid technological advancements, such as advanced nutrient delivery
systems and automation, enhance the efficiency and scalability of hydroponic
operations, attracting commercial growers and investors. Regulatory support and
incentives for sustainable agriculture practices further stimulate market
growth.
The Global Hydroponics Market is segmented into type, equipment,
input, farming method, crop type, regional distribution, and company. Based on input, in the rapidly expanding global
hydroponics market, the nutrient segment has emerged as the dominant force,
surpassing the growth media segment. The use of hydroponic nutrients
revolutionizes plant growth by providing a precise and tailored approach to meet
the specific requirements of various plant species. These nutrients,
meticulously controlled and customized, foster robust and healthy growth
without relying on traditional soil-based cultivation. One of the remarkable
aspects of hydroponic nutrients is their ability to unlock the potential for
optimal growth and yield. By eliminating the limitations of soil nutrients,
hydroponic growers worldwide can achieve higher productivity and quality in
their crops. This precise control over nutrient composition allows for the
fine-tuning of essential elements, such as nitrogen, phosphorus, and potassium,
to support plant development at each growth stage.
With their superior efficacy, hydroponic nutrients
have become the preferred choice for countless growers. Their significance goes
beyond their role in plant nutrition; they have become the driving force behind
the hydroponics industry's growth and innovation. By providing a reliable and
sustainable solution for cultivating crops, the nutrient segment has garnered a
significantly larger market share compared to growth media. This dominance
further solidifies their position as the backbone of the hydroponics industry,
shaping its future advancements and propelling it towards greater success. Hydroponic
nutrients stand at the forefront of the hydroponics industry, offering an
advanced approach to plant nutrition that surpasses traditional soil-based
methods. Their ability to be precisely controlled and tailored to meet the
unique needs of different plant species has made them the preferred choice for
growers worldwide, contributing to the industry's growth and innovation.
Based on region, the Asia Pacific region continues to
dominate the Global Hydroponics Market due to several key factors. Firstly, the
rapid increase in population within this region has resulted in a growing
demand for fresh produce, thereby driving the need for high-yield and
sustainable farming methods such as hydroponics. Moreover, the technological
advancements in the agricultural sector have played a crucial role in promoting
the adoption of modern farming techniques. Additionally, governments in the Asia
Pacific region have been actively supporting and encouraging the implementation
of these advanced farming practices. Furthermore,
hydroponics has emerged as an efficient solution in addressing the challenges
posed by limited arable land and increasing water scarcity in this region. By
utilizing vertical farming techniques and optimized resource management,
hydroponics offers the potential to maximize crop yields while minimizing the
use of land and water resources. This makes hydroponics a preferred choice for
farmers and agricultural enthusiasts alike in the Asia Pacific region,
resulting in the sustained growth of the hydroponics market. The Asia Pacific
region's dominance in the Global Hydroponics Market can be attributed to the
increasing population, growing demand for fresh produce, technological
advancements, government support, and the efficient and sustainable nature of
hydroponics.
Major companies operating in Global Hydroponics Market
are:
- AeroFarms
- Argus Control Systems Limited
- BrightFarms
- General Hydroponics Inc.
- GreenTech Agro LLC
- GrowLife Inc.
- Hydrodynamics International
- Hydrofarm LLC
- LumiGrow Inc.
- Thanet Earth Limited
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“The future of the Global Hydroponics Market looks
promising with increasing adoption of sustainable farming methods. Hydroponics,
a soil-less farming technique, is perceived as a solution to the challenges of
traditional agriculture, such as land scarcity and water shortage. Growing
awareness about the advantages of hydroponics, including higher yields and
efficient water usage, is likely to further fuel its market growth. Moreover,
advancements in technology are poised to revolutionize hydroponics, creating
novel opportunities for farmers and businesses worldwide.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Hydroponics Market - Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Aggregate
Systems v/s Liquid Systems), By Equipment (HVAC, LED grow light, Control
systems, Irrigation systems, Material handling, Others), By Input (Nutrient v/s
Growth Media), By Farming Method (Indoor v/s Outdoor), By Crop Type
(Vegetables, Fruits, Flowers, Others), By Region and Competition”, has evaluated
the future growth potential of Global Hydroponics Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Hydroponics Market.
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