The Global Hydroponics Market Size Was Worth USD 3.00 Billion in 2022 And is Estimated to Grow to USD 13.19 Billion by 2030, with a CAGR of Approximately 20.3 % Over the Forecast Period From 2023 To 2030.
Hydroponics Market Overview
The process of growing plants using mineral nutrient solutions in sand, gravel, or liquid without using soil is known as hydroponics. This technology is advantageous and friendly to the environment. As a result of its benefits for food security, it has received support from several governments and non-governmental organizations. The improved output relative to conventional agricultural approaches is highlighted more after the Covid-19 pandemic breakout, suggesting that the hydroponics business will certainly expand. The hydroponics market is also anticipated to grow throughout the forecast period as a result of the quick global advances in testing technologies. Additionally, the hydroponic systems market is expanding due to the increased demand for these resources due to the role that hydroponic systems play in resource conservation. Furthermore, factors like the implementation of strict food safety rules and farming in a controlled environment assist in reducing the impact of outside variables on crop development, which are the main reasons driving the expansion of the target market.
COVID-19 has had a favorable effect on the market expansion. Due to several limitations on border crossings and an increase in food losses, lockdowns in several nations have resulted in a shortage of food and vegetables. The lockdown in the city has raised awareness of how crucial it is for residents to have access to food. Because of this outbreak, many people are now forced to cultivate their fruits and vegetables at home, which is predicted to spur market expansion. Several advantages of this innovative approach also enhance food security and nutrition, which will help people build stronger immune systems and lessen the effects of climate change.
The plants/crops can be cultivated using hydroponics technology in many locations where gardening or in-ground agriculture is severely prohibited (for instance, cold climate regions or dry areas). Growing demand for crops that can be grown in constrained indoor environments is fostering industrial expansion. With this method, the growers or farmers have better control over the pH measurement, nutrient content, and growth environment. Additionally, because nutrients and water can be recycled, hydroponic farming requires less water and nutrients than conventional farming. The appropriate oxygen supply in the root area has allowed the crops produced using this method to grow more quickly. These benefits are encouraging the sector’s growth.
Initial and ongoing costs for hydroponics are higher than for conventional soil growing. This constraint is constraining the sector’s expansion. Additional factors that are anticipated to hinder market expansion in the upcoming years include a shortage of qualified and knowledgeable farmers and an increase in the risk of waterborne illness caused by nutrient-enriched recirculation.
Hydroponics Market Segmentation
The global hydroponics market is segregated based on type, equipment, input, crop type, farming method, and crop area.
- Based on type, the market is divided into aggregate systems, Ebb & flow systems, drip systems, wick systems, liquid systems, deep water culture, nutrient film technique (NFT), and aeroponics. Among these, the aggregate systems category led the market in 2022 and is expected to maintain its dominance throughout the forecast period due to its universal acceptance among all indoor hydroponic producers and the low cost and ease of setup. Inert and solid media, such as peat, rock wool, vermiculite, sand, sawdust, perlite, or coconut coir, support these systems’ plants. Drip, Ebb, flow, and wick systems are some of the main technologies used in aggregation systems. The ebb and flow aggregate system is the most popular and recommended due to its simplicity and inexpensive construction costs.
- Based on crop type, the market is divided into vegetables (tomatoes, leafy greens, cucumbers, peppers, and other vegetables), fruits, flowers, and other crop types. The fruits category dominated the market in 2022. Fruits produced hydroponically can be collected for a long time due to the greenhouse’s controlled interior climate. Cantaloupe, tomatoes, and watermelon are just a few examples of the many fruits that can adapt to water. Growers favor these fruits because they are simple to cultivate and harvest using hydroponic techniques. This hydroponic system produces or cultivates fruits, causing the market to expand more quickly.
Hydroponics Market: Regional Landscape
In 2022, North America dominated the market for hydroponics due to the increased use of various cutting-edge farming practices, particularly in developed areas. Growing demand for fresh produce in this area further boosts the necessity for multiple hydroponic enterprises and expands the market. The development of the business is also being supported by a trend toward rooftop hydroponic gardens, particularly in urban settings like New York. Due to the rapid development of hydroponic production systems that are cost-competitive with conventional open-field agriculture techniques is anticipated that the sector in this area will grow. Another element boosting the industry in this area is the growing use of hydroponics as a cultivation technique.
Hydroponics Market: Competitive Landscape
Some of the main competitors dominating the global hydroponics market include
- Argus Control Systems Ltd.
- Emirates Hydroponics Farms
- Freight Farms
- Green Sense Farms Holdings, Inc.
- Heliospectra AB
- Signify Holding
- Terra Tech Corp
- January 2022: In a deal that greatly bolstered The Hawthorne Gardening Company’s market-leading lighting portfolio, ScottsMiracle-Gro (US) and Lux Lighting (US) announced their acquisition. Extending its product offers would benefit the business.
- January 2019: Argus Control Solutions Ltd. and Hydrofarm Holdings Group, Inc. have joined forces to offer cutting-edge environmental systems and services for horticulture production in the United States and Canada. The partnership’s goal was to give customers a personalized control solution to help them accomplish their objectives. Advanced environmental control systems from Argus Control Systems Ltd. are tailored to the demands of the growers and flexible enough to respond to those needs as they change, allowing the growers to manage their facilities exactly how they desire.
Global Hydroponics Market is segmented as follows:
Hydroponics Market by Type Outlook (Revenue, USD Million, 2017 – 2030)
- Aggregate Systems
- Liquid Systems
Hydroponics Market by Crops Outlook (Revenue, USD Million, 2017 – 2030)
Hydroponics Market by Region Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- The UK
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Hydroponics Market Report Scope
|Market Size Value in 2023
||USD 3.61 billion
|Revenue Forecast in 2030
||USD 13.19 billion
||CAGR of 20.3 % from 2023 to 2030
|Base Year for Estimation
||2017 – 2022
||2023 – 2030
||Revenue in USD million and CAGR from 2023 to 2030
||Revenue forecast, company ranking, Trends
competitive landscape, and growth factors
||Type, Crops, and Region
||North America; Europe; Asia Pacific; Latin America; Middle East & Africa
||U.S.; Canada; UK; Germany; France; Italy; Spain; China; India; Japan; Australia; South Korea; Brazil; Mexico; Argentina; UAE; Saudi Arabia; South Africa
|Key Companies Profiled
||AeroFarms; AmHydro; Argus Control Systems Ltd.; Emirates Hydroponics Farms; Freight Farms; Green Sense Farms Holdings, Inc.; Heliospectra AB; LumiGrow; Signify Holding and Terra Tech Corp.