Hydroponics Market Report and Forecast 2023-2028

According to the report by the publisher, the global hydroponics market attained a value of USD 7,068.4 million in 2022. Aided by the growing concerns about food security and the increasing demand for high-quality, pesticide-free products, the market is projected to further grow at a CAGR of 20.1% between 2023 and 2028 to reach a value of USD 20,751.6 million by 2028.

Hydroponics is a soilless method of growing plants using nutrient-rich water solutions. The plants are grown in an inert growing medium, such as perlite, coconut coir, or rockwool, which provides support and allows the plant roots to access the nutrient solution. Hydroponics offers several advantages over traditional soil-based cultivation methods, such as higher yield, faster growth, and reduced water and land requirements. The global hydroponics market is primarily driven by the growing concerns about food security and the increasing global population. With the rising demand for food and the limited availability of arable land, there is a pressing need for innovative and sustainable agricultural practices that can ensure a stable supply of high-quality produce. Hydroponics offers a viable solution to this challenge, as it allows for year-round cultivation and higher crop yields compared to traditional agriculture.

Another key factor contributing to the growth of the hydroponics market is the increasing demand for high-quality, pesticide-free products. Consumers are becoming increasingly conscious of the health and environmental impacts of pesticide use in agriculture and are seeking fresh and healthy produce that is grown without the use of harmful chemicals. Hydroponics enables the cultivation of pesticide-free produce, as the controlled growing environment minimises the risk of pest infestations and reduces the need for chemical interventions. The growth of the global hydroponics market is also being driven by the potential of hydroponics to address the issue of water scarcity in agriculture. Traditional agriculture is a major consumer of freshwater resources, accounting for around 70% of global freshwater withdrawals. Hydroponics systems, on the other hand, use up to 90% less water compared to soil-based cultivation methods, as the water in the system can be recirculated and reused. This makes hydroponics a more sustainable and resource-efficient option for agricultural production, particularly in water-scarce regions.

Furthermore, the hydroponics market is benefitting from the growing interest in urban and vertical farming. As urban populations continue to grow, there is an increasing need for localised food production systems that can reduce the environmental impacts associated with food transportation and storage. Hydroponics offers an effective solution for urban agriculture, as it can be easily integrated into urban environments, such as rooftops, basements, and unused indoor spaces. Vertical farming, in particular, utilises hydroponic systems to grow crops in vertically stacked layers, which can significantly increase the production capacity per unit of land area.

In addition to these factors, the hydroponics market is also supported by advancements in technology and the growing availability of hydroponic equipment and supplies. Innovations in areas such as nutrient formulation, lighting systems, and environmental controls have improved the efficiency and cost-effectiveness of hydroponic systems, making them more accessible to a wider range of growers. Moreover, the increasing availability of hydroponic products through e-commerce platforms has further contributed to the growth of the hydroponics market.

Market Segmentation

The market can be divided on the basis of product type, equipment, crop type, and region.

Market Breakup by Product Type

• Aggregate Hydroponic System

Breakup by System

• Closed System
• Open System
• Liquid Hydroponic System

Market Segmentation by Equipment

• Heating, Ventilation and Air Conditioning (HVAC)
• LED Growing Lights
• Irrigation Systems
• Control Systems
• Others

Market Division by Crop Type

• Vegetables
• Fruits
• Flowers
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

This report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global hydroponics companies. Some of the major key players explored in the report by the publisher are as follows:

• Argus Control Systems Limited
• AeroFarms, LLC
• Heliospectra AB
• Freight Farms, Inc
• Triton Foodworks Pvt. Ltd
• Others

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*The publisher always strives to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.