Hydroponics Market Is Growing with CAGR Of ~20.3% By 2022 To 2030 Industry Is Thriving Globally With Top Key Players
Research Reports
Jul 18, 2023
Hydroponics Market Research Future Insights
Hydroponics Market Size was valued at USD 2.5 billion in 2022. The Hydroponics market industry is projected to grow from USD 3.007 Billion in 2023 to USD 9.11 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 20.3% during the forecast period (2023 – 2030).
The hydroponics market refers to the industry involved in the cultivation of plants in a soil-less system, where plants are grown in nutrient-rich water solutions. It is a method of agriculture that allows for controlled and efficient plant growth by providing the necessary nutrients directly to the plant roots. Hydroponics systems can be used in various settings, including commercial greenhouses, indoor farms, and home gardening. The COVID-19 pandemic has had a significant impact on the hydroponics market. The lockdown measures and disruptions in the food supply chain highlighted the importance of local and sustainable food production. This led to an increased interest in indoor farming and hydroponics as a means to ensure a constant supply of fresh produce. The pandemic also accelerated the adoption of e-commerce and direct-to-consumer sales channels.
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Key Players
Some of the market key players are Signify Holdings, American Hydroponics , Argus Control Systems, Grobo, Heliospectra AB, Logiqs B.V, Scotts Miracle Gro, Hydrodynamics International, American Hydroponics and LumiGrow
Market Segmentation
The Global Hydroponics market has been segmented into type, Input and Equipment
Based on Type: Aggregate System and Liquid Hydroponics
Based on Input: Growth Media, Nutrients and Other
Based on Equipment: HVAC, Irrigation System, LED Growing Lights and Others
Regional Analysis
North America is one of the leading markets for hydroponics , driven by the high demand for locally grown and pesticide-free produce. The US and Canada have a strong presence in the hydroponics industry, with a significant number of commercial greenhouse operations and indoor farms. Europe is another prominent market for hydroponics , driven by the focus on sustainable agriculture and the need for year-round production. Countries like the Netherlands, Spain, and the UK are leading in hydroponics technology and commercial-scale operations.
The hydroponics market in the Asia Pacific region is experiencing rapid growth, fueled by the increasing population, urbanization, and limited arable land. Countries like China, Japan, and Australia are investing in vertical farming and hydroponics to address food security and achieve higher crop yields. In Latin America, hydroponics is gaining traction as a viable solution for agricultural challenges, including water scarcity and limited land availability.
Countries like Mexico, Brazil, and Chile are witnessing increased adoption of hydroponics , particularly in urban areas. The hydroponics market in the Middle East and Africa region is growing due to the water scarcity and harsh climatic conditions in many areas. Countries like the United Arab Emirates, Saudi Arabia, and South Africa are investing in hydroponics to achieve food self-sufficiency and reduce dependence on imported produce.
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