Hydroponics Market To Reach US$ 23.1 Billion by 2028 | CAGR of 11.48%

How Big is the Hydroponics Market ? :

IMARC Group's latest report, titled "Hydroponics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", 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.

What is Hydroponics ? :

Hydroponics is a modern method widely used for growing plants without utilizing the soil. It involves the usage of water solutions that are nutrient-rich and carefully formulated with the essential minerals and nutrients the plants need for healthy growth. The plants in this method are not cultivated in the ground, but rather in specialized containers that keep the roots in situ while exposing them to the nutritional solution continuously. Due to its many benefits, which include larger yields, quicker growth rates, and more effective use of resources, this technology is growing in prominence.

Additionally, plants may be grown year-round, regardless of the season, using hydroponic systems that can be tailored to match various plant species and growth situations. It may also be a more environmentally conscious and sustainable agricultural practice than conventional farming methods as it consumes less water, pesticides, and nutrients and generates less waste.

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Competitive Landscape with Key Players:

• 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
• Village Farms International Inc

Hydroponics Market Growth and Future Demand Analysis:

The rising shortage of food majorly drives the global market. This can be supported by rapid urbanization, decreasing arable land, and climate change. Along with this, conventional agricultural methods that rely on pesticides, agrochemicals, mechanization, and monoculture have depleted topsoil and aquifers and contaminated water and the atmosphere. As a result, the popularity of hydroponics has increased globally as farmers become more conscious of the negative effects of traditional soil-based farming on the environment.

In addition, governments across the globe are encouraging the use of hydroponics in areas with poor soil conditions, such as deserts and cold regions as it requires less water, eliminates soil-related diseases, and allows higher crop yields. This is contributing to the market. Furthermore, the development of efficient indoor and outdoor hydroponic gardening methods is creating a positive market outlook. Some of the other factors driving the factor include increasing income levels and changing consumer preferences.

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Key Market Segmentation:

Breakup by Type:

• Aggregate Hydroponic System
o Closed System
o 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, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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