The hydroponics market is expected to grow at a CAGR of 13.7%, according to Future Market Insights Inc.

According to Future Market Insights, the global hydroponics market is expected to grow at a CAGR of 13.7% over the forecast period. The hydroponics sector is expected to be worth $12,644 million in 2023. FMI predicts that the hydroponics market could grow to $45,623 million by 2033.

Hydroponics is one of the very intensive methods of crop production in agriculture. Crops can be grown using this technique in a soilless environment and in the presence of nutrient solutions. One of the commonly used methods of growing crops without the use of pesticides or other artificial ripening agents is hydroponics. Given its ability to better manage the availability of nutrients in the system, reduce the time needed to generate significant yields, and reduce soil-borne diseases, hydroponics is expected to see a surge in popularity during the forecast period.

The world’s population is growing rapidly, increasing the demand for food by almost 200,000 people per day. As crops are lost to insect infestations, natural disasters such as droughts and floods, and pest infestations, the area of arable land around the world is also decreasing and production costs are rising. As a result, commercial hydroponic systems are receiving significant financial investment worldwide.

Being a space-efficient form of food production that can be adopted even by people without access to land in urban and rural areas, hydroponics offers a practical approach to achieving food security. Due to growing concerns about environmental deterioration due to greenhouse effects, hydroponics has become more significant. Moreover, there has been a gradual increase in the demand for hydroponics to meet the growing demand for fruits and vegetables as agricultural infrastructure is developed and improved.

Because it requires less water, labor, and land, producing food without the use of pesticides or other pesticides is very profitable. The growing demand for fruits and vegetables grown without pesticides is another factor driving the hydroponic market. It is becoming more common for plants to be moved mechanically. The sector is likely to see more inventive opportunities to flourish as concerns about food supply and safety grow.

Hydroponics is gradually developing to increase vegetable production and meet the demand that is rapidly increasing due to the growth and development of agricultural infrastructure. Hydroponics has become more crucial due to the growing concerns about the deterioration of the environment caused by greenhouse effects.

Hydroponic farming is expected to grow as a result of increasing investment in cutting-edge agricultural technology and innovation trends. Since hydroponic farming requires 95% less water than conventional farming, the business is booming. By using this technology, crops can be produced in cities in several vertical and horizontal layers without the need for soil.

In line with the growing popularity of hydroponics worldwide, companies and experts are working to enhance the efficiency of the hydroponics system to increase both the quantity and quality of production. Several companies are investing heavily in research and development to obtain cutting-edge technologies that increase production and inspire different varieties. Strong partnerships with academic institutions and research facilities support the development of the hydroponics business.

Considering the widespread adoption of hydroponics in countries like China, Australia, South Korea, and others, Asia Pacific would hold the lion’s share of the hydroponics market in 2022. With the proliferation of urban hydroponics farms, FMI predicted that the market in China and India could grow significantly during the forecast period.

KEY FINDINGS

The US market grew significantly in 2022. 19.3% world market share.
The market in China is expected to grow at a CAGR of 8% in the forecasting period.
The UK market is expected to grow at a CAGR of 7.5% until 2033.
With a CAGR of 13.4% The Indian market is expected to grow dynamically during the forecast period.
Germany was responsible for 9.9% global market in 2022.

COMPETITIVE LANDSCAPE

The largest producers in the hydroponics market are: Emerald Harvest, Argus Control Systems Limited, Hydroponic Systems International, Emirates Hydroponics Farms, Advanced Nutrients (Canada), Freight Farms, Inc., Green Sense Farms Holdings, Inc., Signify Holding BV, Terra Tech Corp and others.

These companies used different strategies to gain a solid advantage over their rivals. They increased new customers and wealth by implementing both organic and inorganic operational strategies, such as product innovation, acquisitions, mergers, corporate modernization, and collaborations.

LATEST EVENTS

In October 2022, GrowGeneration Corp. (GRWG) opened its first hydroponics store in Virginia, a 9,000-square-foot location in Richmond. To capitalize on the growing hydroponics market, GRWG plans to expand its store count in the region.
In July 2022, with an investment of USD 40 million, Bustanica unveiled the world’s leading hydroponic farm. Emirates Crop One, a partnership between Crop One and Emirates Flight Catering (EKFC), opened its first vertical farm at the site.

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Hydroponics Market Segmentation

By product type:

Aggregate systems
Liquid systems

By equipment:

Heating, ventilation and air conditioning
Irrigation systems
Control systems
LED Grow Lights
Transfer of materials
Others

According to input data:

By type of crop:

Tomato
Lettuce and leafy vegetables
Pepper
Cucumber
Microleaves
Herbs
Fruit
Others

By region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award winner and member of the Greater New York Chamber of Commerce) offers in-depth insights into the factors driving market demand. FMI is a leading global provider of market intelligence, advisory services, consulting and events for the packaging, food and beverage, consumer technology, healthcare, industrial and chemical markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional and local expertise on various industry disciplines and trends in over 110 countries.

Contact FMI:

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Website: https://www.futuremarketinsights.com
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