Hydroponic Growing Equipment Stores in the US - Industry Market Research Report

Freshly Picked: The Popularity of Quality Organic Produce is Expected to Rise, Fostering Industry Demand

The Hydroponic Growing Equipment Stores industry has exhibited strong growth through 2023. Increased consumer focus on healthy eating and the benefits of organic produce have aided hydroponic food crop farmers that use this industry's equipment for small-scale, regional growing operations. Produce that is grown hydroponically often meets organic standards, and its contained indoor process reduces the need for genetically modified pesticides. Consequently, industry retailers experienced a spike in demand because of small farms and individuals seeking to set up hydroponic greenhouses to grow organic foods early in the period. Later in the period, demand for growth equipment has skyrocketed by burgeoning demand from recreational and medical marijuana growers. Revenue has grown at a CAGR of 1.6% to reach $1.4 billion through 2023, including an expected stagnation of 0.0% in 2023. The Hydroponic Growing Equipment Stores industry is primarily engaged in selling hydroponic horticulture equipment. Hydroponics is a method of growing plants using mineral nutrient solutions in water without the use of soil. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.