Hydroponics Market

Market Overview:

The global hydroponics market size reached US$ 12.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 23.1 Billion by 2028, exhibiting a growth rate (CAGR) of 11.48% during 2023-2028.

Hydroponics is a state-of-the-art technique used for producing food in a controlled, soilless setting. It provides complete control of environmental factors, such as pH, light, air temperature, microorganisms, tilth, and nutrient content. It helps grow plants in a liquid nutrient solution comprising expanded clay, coir, perlite, vermiculite, brick shards, polystyrene packing peanuts, and wood fiber. At present, highly precise, data-driven, automated, and scalable hydroponics solutions are being developed worldwide. These solutions allow tomatoes, lettuce, cucumbers, peppers and ornamental crops like herbs, roses, freesia, and foliage plants to be produced in smaller spaces.

Hydroponics Market Trends:

Increasing food shortage on account of the rising global population, rapid urbanization, reducing arable land area, and climatic changes are among the key factors bolstering the market growth. Moreover, conventional commercial farming practices rely on pesticides, agrochemicals, mechanization, and mono-cropping, which deplete topsoil and aquifers and pollute water and air. This, along with the growing awareness among farmers about the environmental impacts of traditional soil-based farming, is contributing to the adoption of hydroponics around the world. In addition to this, hydroponic farming requires less water, eliminates soil-related diseases, and provides faster growth and high crop yields. As a result, governing agencies of numerous countries are promoting its use in areas with poor soil conditions like deserts and cold regions to overcome food shortage challenges. Apart from this, due to the inflating income levels and rising consumer inclination towards home-grown organic fruits and vegetables, home-based hydroponic gardening is gaining traction across the globe. In line with this, researchers are focusing on developing efficient indoor and outdoor hydroponic gardening methods, which are anticipated to influence the demand for hydroponics positively.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global hydroponics market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, crop type and equipment.

Breakup by Type:

• Aggregate Hydroponic System
  • Closed System
  • Open System
• Liquid Hydroponic System
   

Breakup by Crop Type:

• Tomato
• Lettuce and Leafy Vegetables
• Pepper
• Cucumber
• Microgreens
• Others
   

Breakup by Equipment:

• HVAC
• LED Grow Light
• Irrigation Systems
• Material Handling
• Control Systems
• Others
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being AeroFarms, Argus Control Systems Limited (Controlled Environments Limited), BrightFarms, General Hydroponics Inc., GreenTech Agro LLC, GrowLife Inc., Hydrodynamics International, Hydrofarm LLC, Logiqs B.V., LumiGrow Inc., Thanet Earth Limited and Village Farms International Inc.

Report Coverage:

Key Questions Answered in This Report:

• How has the global hydroponics market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the global hydroponics market?
• What are the key regional markets?
• What is the breakup of the market based on the type?
• What is the breakup of the market based on the crop type?
• What is the breakup of the market based on the equipment?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global hydroponics market and who are the key players?
• What is the degree of competition in the industry?