Overview and Scope
Hydroponics refers to a method of growing crops without using soil, replacing it with another material to support the plant’s roots, and doing so in nutrient-rich water. Because plants are more closely spaced out in a hydroponic system than they would be on a plot of land to cultivate the same number of plants, hydroponic plants generate more fruits and vegetables.
Sizing and Forecast
The hydroponics market size has grown rapidly in recent years. It will grow from $14.12 billion in 2023 to $15.69 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to resource efficiency, water conservation, land scarcity, urban agriculture, reduced dependency on soil quality, year-round production.
The hydroponics market size is expected to see rapid growth in the next few years. It will grow to $25.07 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth in the forecast period can be attributed to integration with sustainable practices, consumer demand for fresh produce, food security concerns, government support and incentives, educational and research initiatives. Major trends in the forecast period include smart farming technologies, vertical farming systems, nutrient film technique systems, sustainable and organic hydroponic practices, adoption of aeroponics technology.
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Segmentation & Regional Insights
The hydroponics market covered in this report is segmented –
1) By Type: Aggregate Systems, Liquid Systems
2) By Farming: Indoor Farming, Outdoor Farming
3) By Crop Type: Vegetables, Fruits, Flowers
Western Europe was the largest region in the hydroponics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hydroponics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing demand for exotic vegetables is expected to propel the hydroponics market. Rapid growth in urban population among emerging economies, and the growing establishment of gourmet restaurants across the globe are contributing to rapid growth in consumption of exotic vegetables such as mushrooms, tangy kiwis, green olives, and fresh broccoli, dragon fruit, and others. The increasing demand for exotic vegetables is expected to boost demand for a hydroponic system, as the commercial farmers involved in this sector are investing in advanced plantation equipment such as hydroponics to reduce operational expenses and increase profits. For Instance, In September 2021, according to estimates of agro farming, the Indian exotic vegetable market is expected to increase from 332 million metric tons by 2020 to 432 million metric tons by 2026. Therefore, the increasing demand for exotic vegetables is expected to boost demand for hydroponics systems during the forecast period.
Key Industry Players
Major companies operating in the hydroponics market report are The Scotts Miracle-Gro Company, Hydrofarm Holdings Group Inc., Village Farms International Inc., Freight Farms Inc., AeroFarms LLC, Crop One Holdings Inc., Bright Farms Inc., BioHarvest Sciences Inc., Urban Crop Solutions, Agrilution Systems GmbH, 3Dponics Inc., American Hydroponics, Illumitex Inc., Azuvia Inc., Back to the Roots, CityCrop Inc., Fresh Box Farms, General Hydroponics Inc., Green Spirit Horticulture, Grow Pura, IBIÒ Inc., Indoor Harvest Corporation, Modular Farms Inc., Pegasus Agritech Inc., Thanet Earth Limited, Evergreen Farm Oy, Green Sense Farms LLC, GreenTech Agro LLC, Heliospectra AB, LettUs Grow Ltd., Aessense Corporation, Agrivolution LLC, CropKing Inc., Valoya Inc.
The hydroponics market report table of contents includes:
1. Executive Summary
2. Hydroponics Market Characteristics
3. Hydroponics Market Trends And Strategies
4. Hydroponics Market – Macro Economic Scenario
5. Global Hydroponics Market Size and Growth
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31. Hydroponics Market Other Major And Innovative Companies
32. Global Hydroponics Market Competitive Benchmarking
33. Global Hydroponics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Hydroponics Market
35. Hydroponics Market Future Outlook and Potential Analysis
36.Appendix
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