Global Hydroponics Market Overview
Global Hydroponics Market Size Was Valued at USD 28.13 Billion In 2023 And Is Projected to Reach USD 45.32 Billion By 2032, Growing at A CAGR of 5.9% From 2023 To 2032.
Hydroponics is a technique of growing plants in a water-based and nutrient-rich solution. The plant root system is supported by using an inert medium such as rockwool, perlite, clay pellets, vermiculite or peat moss, rather than soil. Plant roots are directly in contact with the nutrient solution with access to oxygen which enhances proper growth of the plant. This method of growing plants is used widely by commercial growers as it is easy to set up, has a high return on investment and costs less than other techniques. Hydroponics recycles large amount of water with minimal wastage and thus makes it the most water-efficient farming method. Additionally, the hydroponically grown crops produce better quality crop and high yield than the crops grown in soil due to the proper control over essential nutrients. Hydroponics is looked upon as a substantial solution for the rising concern about food security and supplying nutritious and safe food over the projected period. The rising pressure on the agriculture sector to meet the growing human as well as animal population is the main factor expected to propel the development of the hydroponics market over the projected period.
Market Dynamics and Factors For Hydroponics Market
Drivers:
Greater Yield than the Conventional Agriculture Practices
Hydroponics is a modern method of crop cultivation without soil, where mineral solution is inserted near the plant roots and use of soil is eliminated. Hydroponics mechanism also terminates the risk of soil borne diseases, which are mostly observed in traditional or conventional method of farming. In addition to this, the plants that are cultivated hydroponically, supplies better quality and high yield and the plant is rich in all the essential nutrients. Also, with the help of several sensors, the plant is monitored and temperature is adjusted accordingly. All these significant properties of hydroponics farming lead to greater yield of plants than that from the conventional agricultural practices; thereby supporting the expansion of the hydroponics market.
Restraints:
High Initial Cost for Large Scale Farms
Comparing the investments required in the conventional farming or traditional farming methods on large scale farms, the hydroponics mechanism require high capital investment. Different System Type of equipment such as grow lights, irrigation systems, ventilators, HVAC systems, rails, fans, control systems and others are the basic and essential requirements for setting up a hydroponics unit. The tremendous high cost for installing all the equipment is estimated to hamper the market growth for large scale farms. Several farmers or growers are refraining themselves from installing such systems, which is further expected to a decline in growth of hydroponics market.
Opportunity:
Huge Demand for Exotic Vegetables and Salads
In recent years, demand for exotic vegetables and salads have been widely increasing owing to the change in eating habits, shifting preferences to healthy and nutritious foods and growing awareness regarding organic food. Also, with the rapid urbanization, the demand for hydroponically cultivated vegetables and fruits is increasing from the HoReCa segment, as well as the NGOs, fast food chains and railway catering. Additionally, the retail and food chains such as KFC & Burger king are looking forward to utilize exotic vegetables such as red lettuce, yellow and red capsicum and many more. Such a rise in demand from various food chains creates an immense opportunity for the hydroponics growers, and is expected to gain high revenue in the forthcoming years.
Segmentation Analysis of Hydroponics Market
By System Type, the aggregate system segment is forecasted to dominate the global hydroponics market in the forecast years. The huge growth of this segment is due to the extensive popularity among all the indoor hydroponic growers, owing to its low costs of installations and ease of setup. The primary technologies like ebb, drip, wick and flow systems being cheaper and easy, drive the market growth of aggregate systems segment.
By Crop Type, the fruits segment is estimated to grow at high rate and dominate the hydroponics market in upcoming years. Fruits cultivated through hydroponics are sustainable, and can be harvested throughout the year due to the interior conditions of the farming unit or greenhouse. Water adaptable fruits like tomatoes, watermelon is ideal choice of farmers as they can be cultivated easily using the hydroponics mechanism.
By Equipment, the HVAC [Heating, Ventilation & Air Conditioning] segment dominates the hydroponics market and is further projected to continue its significant dominance owing to the rapid development of indoor growers or farmers. The HVAC system is essential in dehumidification, cooling and monitoring required temperature in the unit. Also, the economic costs of HVAC systems are far better than other utilities and equipment, which is further expected to drive the growth.
Regional Analysis of Hydroponics Market
The Asia Pacific region dominates the hydroponics market and is expected to continue its dominance owing to significant adoption of the mechanism in various parts such as South Korea, Australia and China. The demand for fresh fruits and vegetables in the region is boosting the market demand for hydroponic mechanisms. The hydroponics farms present in this region are either small business operations or individuals and families that cover approx. one acre of land. The market in India and China is expected to rise substantially over the forecasted period due to the emerging urban hydroponic farms. The region also holds a high potential for growth owing to the rapid urbanization, changing eating habits and dietary plans and adoption of alternative farming techniques in various urban areas.
The North American region is anticipated to have the second highest share of the hydroponics market over the forecasted period. Rooftop hydroponic setups or gardens in urban areas like New York are boosting the market growth. Hydroponic farming being widely used in most part of the region, instead of the open-field agriculture, is most likely to drive the regional growth. The produce of hydroponic farming has gained popularity among commercial vegetable producers as it is a less labor-intensive and effective method to control inputs. The rapid rise in adoption of hydroponics as a regular cultivation method is further projected to drive market growth in North America.
Europe is expected to gain rapid growth over the projected period owing to the increasing adoption of hydroponics in the region. Europe being the home to many developed economies such as Greece, Germany, France, Italy, Netherlands and Spain, contributes in expansion of hydroponics technology among the commercial growers. Europe has been in the forefront of adopting advanced technologies like smart greenhouses, and is further expected to witness a huge growth in the hydroponics farming method over the projected period.
Covid 19 Impact Analysis on Hydroponics Market
Due to the sudden emergence of COVID-19, many individuals have formed a critical point of view regarding outdoor food. After the destructive outbreak of COVID-19 pandemic, there have been observed an immense rise in the adoption rate of urban farming or hydroponics mechanisms worldwide. The agriculture sector faced challenges during the initial stage of the spread of the pandemic. There was shortage of labour on the farms, some farmers missed their harvesting for seasonal crops, also, the falling prices of agricultural food and grains was observed and the supply chain and logistics was disrupted. Later, consumers shift towards indoor, healthy and nutritious food propelled the market growth of hydroponic farming as it is an easy method to control everything from seeds to stores. The market is now witnessing a rapid rate of growth and is expected to gain huge revenue in the coming years.
Top Key Players Covered in Hydroponics Market
- Aero Farm Systems (USA)
- Lettus Grow (United Kingdom)
- Hydrofarm(USA)
- CityCrop (Greece)
- Circulus Agtech (Canada)
- Rivasha Eco Design (India)
- Phytoponics (United Kingdom)
- Sky Greens (Singapore)
- Spread (Japan)
- Infarm (Berlin)
- AgriCool (France)
- Crop One (Dubai, UAE)
- Surna (Boulder, Colorado)
- Freight Farms (Boston)
- SweGreen (Sweden) and other major players.
Key Industry Development In The Hydroponics Market
In February, 2022, Silal, Abu Dhabi’s leading fresh produce and agri-tech company, and AeroFarms, a Certified B Corporation and leader in indoor vertical farming, have signed a memorandum of understanding (MoU) to forge a long-term research and development collaboration involving knowledge and technology transfer of advanced farming systems to local farmers. Under the MoU, both parties will assess opportunities to transfer technology and data analytics capabilities from high-tech farming systems to improve yield, reduce cost and waste, and enhance environmental sustainability practices in agriculture across the emirate of Abu Dhabi.
In April 2024, Vertefarm proudly announced the launch of its innovative hydroponic micro plant factory, seamlessly blending aesthetic appeal with smart practical functionality. Vertefarm utilizes cutting-edge vertical surface planting and root cyclic drip irrigation technologies to ensure healthy plant growth by providing ample contact with both water and air.
Global Hydroponics Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 28.13 Bn. |
Forecast Period 2023-30 CAGR: |
5.9% |
Market Size in 2032: |
USD 45.32 Bn. |
Segments Covered: |
By System Type |
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By Crop Type |
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By Equipment |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Hydroponics Market by By System Type (2018-2032)
4.1 Hydroponics Market Snapshot and Growth Engine
4.2 Market Overview
4.3 Aggregate systems
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units
4.3.3 Key Market Trends, Growth Factors, and Opportunities
4.3.4 Geographic Segmentation Analysis
4.4 Liquid systems
Chapter 5: Hydroponics Market by By Crop Type (2018-2032)
5.1 Hydroponics Market Snapshot and Growth Engine
5.2 Market Overview
5.3 Vegetables
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units
5.3.3 Key Market Trends, Growth Factors, and Opportunities
5.3.4 Geographic Segmentation Analysis
5.4 Fruits
5.5 Flowers
Chapter 6: Hydroponics Market by By Equipment (2018-2032)
6.1 Hydroponics Market Snapshot and Growth Engine
6.2 Market Overview
6.3 HVAC
6.3.1 Introduction and Market Overview
6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units
6.3.3 Key Market Trends, Growth Factors, and Opportunities
6.3.4 Geographic Segmentation Analysis
6.4 LED grow lights
6.5 Irrigation systems
6.6 Material handling equipment
6.7 Control systems
Chapter 7: Company Profiles and Competitive Analysis
7.1 Competitive Landscape
7.1.1 Competitive Benchmarking
7.1.2 Hydroponics Market Share by Manufacturer (2024)
7.1.3 Industry BCG Matrix
7.1.4 Heat Map Analysis
7.1.5 Mergers and Acquisitions
7.2 THE SCOTTS MIRACLE-GRO COMPANY (US)
7.2.1 Company Overview
7.2.2 Key Executives
7.2.3 Company Snapshot
7.2.4 Role of the Company in the Market
7.2.5 Sustainability and Social Responsibility
7.2.6 Operating Business Segments
7.2.7 Product Portfolio
7.2.8 Business Performance
7.2.9 Key Strategic Moves and Recent Developments
7.2.10 SWOT Analysis
7.3 SIGMA AGRISCIENCE LLC (US)
7.4 THE MOSAIC COMPANY (US)
7.5 NUTRIEN LTD. (CANADA)
7.6 ILSA S.P.A. (ITALY)
7.7 ITALPOLLINA S.P.A. (ITALY)
7.8 YARA INTERNATIONAL ASA (NORWAY)
7.9 EUROCHEM GROUP (SWITZERLAND)
7.10 ISRAEL CHEMICAL LTD. (ISRAEL)
7.11 TATA CHEMICALS LTD (INDIA)
7.12 AJAY FARM-CHEM PRIVATE LIMITED (INDIA)
7.13 BALAJI FERTILIZERS PRIVATE LIMITED (INDIA)
7.14 DEEPAK FERTILIZERS AND PETROCHEMICALS CORPORATION LIMITED (INDIA)
7.15 BHARAT FERTILIZER INDUSTRIES LIMITED (INDIA)
7.16 COROMANDEL FERTILIZERS LIMITED (INDIA)
7.17
Chapter 8: Global Hydroponics Market By Region
8.1 Overview
8.2. North America Hydroponics Market
8.2.1 Key Market Trends, Growth Factors and Opportunities
8.2.2 Top Key Companies
8.2.3 Historic and Forecasted Market Size by Segments
8.2.4 Historic and Forecasted Market Size By By System Type
8.2.4.1 Aggregate systems
8.2.4.2 Liquid systems
8.2.5 Historic and Forecasted Market Size By By Crop Type
8.2.5.1 Vegetables
8.2.5.2 Fruits
8.2.5.3 Flowers
8.2.6 Historic and Forecasted Market Size By By Equipment
8.2.6.1 HVAC
8.2.6.2 LED grow lights
8.2.6.3 Irrigation systems
8.2.6.4 Material handling equipment
8.2.6.5 Control systems
8.2.7 Historic and Forecast Market Size by Country
8.2.7.1 US
8.2.7.2 Canada
8.2.7.3 Mexico
8.3. Eastern Europe Hydroponics Market
8.3.1 Key Market Trends, Growth Factors and Opportunities
8.3.2 Top Key Companies
8.3.3 Historic and Forecasted Market Size by Segments
8.3.4 Historic and Forecasted Market Size By By System Type
8.3.4.1 Aggregate systems
8.3.4.2 Liquid systems
8.3.5 Historic and Forecasted Market Size By By Crop Type
8.3.5.1 Vegetables
8.3.5.2 Fruits
8.3.5.3 Flowers
8.3.6 Historic and Forecasted Market Size By By Equipment
8.3.6.1 HVAC
8.3.6.2 LED grow lights
8.3.6.3 Irrigation systems
8.3.6.4 Material handling equipment
8.3.6.5 Control systems
8.3.7 Historic and Forecast Market Size by Country
8.3.7.1 Russia
8.3.7.2 Bulgaria
8.3.7.3 The Czech Republic
8.3.7.4 Hungary
8.3.7.5 Poland
8.3.7.6 Romania
8.3.7.7 Rest of Eastern Europe
8.4. Western Europe Hydroponics Market
8.4.1 Key Market Trends, Growth Factors and Opportunities
8.4.2 Top Key Companies
8.4.3 Historic and Forecasted Market Size by Segments
8.4.4 Historic and Forecasted Market Size By By System Type
8.4.4.1 Aggregate systems
8.4.4.2 Liquid systems
8.4.5 Historic and Forecasted Market Size By By Crop Type
8.4.5.1 Vegetables
8.4.5.2 Fruits
8.4.5.3 Flowers
8.4.6 Historic and Forecasted Market Size By By Equipment
8.4.6.1 HVAC
8.4.6.2 LED grow lights
8.4.6.3 Irrigation systems
8.4.6.4 Material handling equipment
8.4.6.5 Control systems
8.4.7 Historic and Forecast Market Size by Country
8.4.7.1 Germany
8.4.7.2 UK
8.4.7.3 France
8.4.7.4 The Netherlands
8.4.7.5 Italy
8.4.7.6 Spain
8.4.7.7 Rest of Western Europe
8.5. Asia Pacific Hydroponics Market
8.5.1 Key Market Trends, Growth Factors and Opportunities
8.5.2 Top Key Companies
8.5.3 Historic and Forecasted Market Size by Segments
8.5.4 Historic and Forecasted Market Size By By System Type
8.5.4.1 Aggregate systems
8.5.4.2 Liquid systems
8.5.5 Historic and Forecasted Market Size By By Crop Type
8.5.5.1 Vegetables
8.5.5.2 Fruits
8.5.5.3 Flowers
8.5.6 Historic and Forecasted Market Size By By Equipment
8.5.6.1 HVAC
8.5.6.2 LED grow lights
8.5.6.3 Irrigation systems
8.5.6.4 Material handling equipment
8.5.6.5 Control systems
8.5.7 Historic and Forecast Market Size by Country
8.5.7.1 China
8.5.7.2 India
8.5.7.3 Japan
8.5.7.4 South Korea
8.5.7.5 Malaysia
8.5.7.6 Thailand
8.5.7.7 Vietnam
8.5.7.8 The Philippines
8.5.7.9 Australia
8.5.7.10 New Zealand
8.5.7.11 Rest of APAC
8.6. Middle East & Africa Hydroponics Market
8.6.1 Key Market Trends, Growth Factors and Opportunities
8.6.2 Top Key Companies
8.6.3 Historic and Forecasted Market Size by Segments
8.6.4 Historic and Forecasted Market Size By By System Type
8.6.4.1 Aggregate systems
8.6.4.2 Liquid systems
8.6.5 Historic and Forecasted Market Size By By Crop Type
8.6.5.1 Vegetables
8.6.5.2 Fruits
8.6.5.3 Flowers
8.6.6 Historic and Forecasted Market Size By By Equipment
8.6.6.1 HVAC
8.6.6.2 LED grow lights
8.6.6.3 Irrigation systems
8.6.6.4 Material handling equipment
8.6.6.5 Control systems
8.6.7 Historic and Forecast Market Size by Country
8.6.7.1 Turkiye
8.6.7.2 Bahrain
8.6.7.3 Kuwait
8.6.7.4 Saudi Arabia
8.6.7.5 Qatar
8.6.7.6 UAE
8.6.7.7 Israel
8.6.7.8 South Africa
8.7. South America Hydroponics Market
8.7.1 Key Market Trends, Growth Factors and Opportunities
8.7.2 Top Key Companies
8.7.3 Historic and Forecasted Market Size by Segments
8.7.4 Historic and Forecasted Market Size By By System Type
8.7.4.1 Aggregate systems
8.7.4.2 Liquid systems
8.7.5 Historic and Forecasted Market Size By By Crop Type
8.7.5.1 Vegetables
8.7.5.2 Fruits
8.7.5.3 Flowers
8.7.6 Historic and Forecasted Market Size By By Equipment
8.7.6.1 HVAC
8.7.6.2 LED grow lights
8.7.6.3 Irrigation systems
8.7.6.4 Material handling equipment
8.7.6.5 Control systems
8.7.7 Historic and Forecast Market Size by Country
8.7.7.1 Brazil
8.7.7.2 Argentina
8.7.7.3 Rest of SA
Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies
Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research
Global Hydroponics Market |
|||
Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 28.13 Bn. |
Forecast Period 2023-30 CAGR: |
5.9% |
Market Size in 2032: |
USD 45.32 Bn. |
Segments Covered: |
By System Type |
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By Crop Type |
|
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By Equipment |
|
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By Region |
|
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Key Market Drivers: |
|
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Key Market Restraints: |
|
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Key Opportunities: |
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Companies Covered in the report: |
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Frequently Asked Questions :
The forecast period in the Hydroponics Market research report is 2023-2030.
Aero farm systems (USA), Lettus grow (UK), Hydrofarm (USA), Citycrop (Greece), Circulus Agtech (Canada), and other major players.
The Hydroponics Market is segmented into System Type, Crop Type, Equipment and region. By System Type, the market is categorized into Aggregated systems and Liquid systems. By Crop Type, the market is categorized into Vegetables, Fruits, Flowers. By Equipment, the market is categorized into HVAC, LED Grow lights, Irrigation systems, Material handling equipment, Control systems. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
Hydroponics is a technique of growing plants in a water-based and nutrient-rich solution. The plant root system is supported by using an inert medium such as rockwool, perlite, clay pellets, vermiculite or peat moss, rather than soil, which is utilized for cultivating better crop quality and yield, and further drives the market growth.
Global Hydroponics Market Size Was Valued at USD 27.99 Billion In 2022 And Is Projected to Reach USD 42.64 Billion By 2030, Growing at A CAGR of 5.4% From 2023 To 2030.