The new report by Expert Market Research titled, ‘Global Hydroponics Market Analysis, Share, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global hydroponics market, assessing the market based on its segments like product types, equipment, crop types, and regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators and analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 10.2 Billion
- Forecast CAGR (2023-2028): 11.30%
The hydroponics market is being driven by the rising global population, which is spearheading the demand for agricultural produce and food in the market. The growing capital expenditure in the agriculture sector is also propelling the market growth. The governments are steadily investing in the development of the agricultural infrastructure of the country to meet the dietary demands of the increasing population. Furthermore, the demand for offseason crop cultivation is also expected to promote the practice of hydroponic cultivation, thus, contributing to the market growth. The rising popularity of aggregate hydroponic system among indoor farmers due to its easy to set up nature is further propelling the market growth. In the coming years, increased consumer awareness of the nutritional benefits of hydroponically cultivated produce is expected to boost the market growth.
Hydroponics Industry Definition and Major Segments
Hydroponics is type of soil-less farming, wherein the cultivation process is conducted indoors. The nutrients and minerals are not taken by the soil, but a nutrient solution is provided to the roots. Hydroponics farming results in high crop yield with improved quality and reduced water consumption, as well as pests.
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The hydroponics market, on the basis of product type, can be segmented into:
- Aggregate Hydroponic System
- Closed System
- Open System
- Liquid Hydroponic System
Based on equipment, the industry can be segregated into:
- Heating, Ventilation, and Air Conditioning (HVAC)
- LED Growing Lights
- Irrigation Systems
- Control Systems
On the basis of crop type, the market can be distributed into:
The regional markets for hydroponics include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Hydroponics Market Trends
The global hydroponics industry is being driven by the increased adoption of hydroponic cultivation across the globe. Factors such as improved quality, high crop yield, along with reduced water and soil pollution are predicted to augment the market growth. The rising government investments and supportive initiatives to provide a boost to the practice of hydroponics farming are expected to impact market growth positively. Inert soil media, including peat, coco coir, and sawdust, among others, are increasingly being used to provide the required support to plants because they are relatively cost-effective, which is likely to boost market growth in the subsequent years. Moreover, the rising investments in the research and development of hydroponics cultivation is predicted to bolster the market growth.
Key Market Players
The major players in the market are Argus Control Systems Limited, AeroFarms, LLC, Heliospectra AB, Freight Farms, Inc., and Triton Foodworks Pvt. Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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