Hydroponics Market Research Analysis 2024-2033 | Growth, Size, Forecast, Analysis, Insights

The hydroponics market size has grown rapidly in recent years. It will grow from $14.12 billion in 2023 to $15.69 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to resource efficiency, water conservation, land scarcity, urban agriculture, reduced dependency on soil quality, year-round production.

The hydroponics market size is expected to see rapid growth in the next few years. It will grow to $25.07 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth in the forecast period can be attributed to integration with sustainable practices, consumer demand for fresh produce, food security concerns, government support and incentives, educational and research initiatives. Major trends in the forecast period include smart farming technologies, vertical farming systems, nutrient film technique systems, sustainable and organic hydroponic practices, adoption of aeroponics technology.

Market Overview -

Hydroponics refers to a method of growing crops without using soil, replacing it with another material to support the plant's roots, and doing so in nutrient-rich water. Because plants are more closely spaced out in a hydroponic system than they would be on a plot of land to cultivate the same number of plants, hydroponic plants generate more fruits and vegetables.

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Rising Demand For Exotic Vegetables Fuels Growth In The Hydroponics Market
The growing demand for exotic vegetables is expected to propel the hydroponics market. Rapid growth in urban population among emerging economies, and the growing establishment of gourmet restaurants across the globe are contributing to rapid growth in consumption of exotic vegetables such as mushrooms, tangy kiwis, green olives, and fresh broccoli, dragon fruit, and others. The increasing demand for exotic vegetables is expected to boost demand for a hydroponic system, as the commercial farmers involved in this sector are investing in advanced plantation equipment such as hydroponics to reduce operational expenses and increase profits. For Instance, In September 2021, according to estimates of agro farming, the Indian exotic vegetable market is expected to increase from 332 million metric tons by 2020 to 432 million metric tons by 2026. Therefore, the increasing demand for exotic vegetables is expected to boost demand for hydroponics systems during the forecast period.

Competitive Landscape -

Major companies operating in the hydroponics market report are The Scotts Miracle-Gro Company, Hydrofarm Holdings Group Inc., Village Farms International Inc., Freight Farms Inc., AeroFarms LLC, Crop One Holdings Inc., Bright Farms Inc., BioHarvest Sciences Inc., Urban Crop Solutions, Agrilution Systems GmbH, 3Dponics Inc., American Hydroponics, Illumitex Inc., Azuvia Inc., Back to the Roots, CityCrop Inc., Fresh Box Farms, General Hydroponics Inc., Green Spirit Horticulture, Grow Pura, IBIÒ Inc., Indoor Harvest Corporation, Modular Farms Inc., Pegasus Agritech Inc., Thanet Earth Limited, Evergreen Farm Oy, Green Sense Farms LLC, GreenTech Agro LLC, Heliospectra AB, LettUs Grow Ltd., Aessense Corporation, Agrivolution LLC, CropKing Inc, Valoya Inc.

Rising Technological Advancement Enhance The Hydroponics Market Growth
Technological advancement is a key trend gaining popularity in the hydroponics market. Major companies operating in the hydroponics market are focused on providing technologically-advanced solutions to meet end-customer demands and strengthen their market position. These companies are implementing next-generation hydroponics solutions and technologies into their services, such as nutrient film technique, Ebb and Flow System, wick system, communication technology, sensors, irrigation systems, automation, robotics, artificial intelligence system, machine learning, computer vision, and others to grow plants in small spaces. For instance, In November 2021, Iron Ox, a US-based robotics and artificial intelligence-based farming company launched Grover, an autonomous mobile robot to assist farmers with monitoring, watering, and harvesting a wide variety of crops. Through automation and computer vision, Grover autonomously navigates the need of plants related to sunlight, nutrition, and water.

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Key Segments -

The hydroponics market covered in this report is segmented -

1) By Type: Aggregate Systems, Liquid Systems
2) By Farming: Indoor Farming, Outdoor Farming
3) By Crop Type: Vegetables, Fruits, Flowers

Key highlights covered in the report -

1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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