The Hydroponics Market Is Estimated To Record a CAGR of Around 12.65% During The Forecast Period
Market Highlights
The Global Hydroponics market is projected to be valued at USD 60.36 Billion by 2033, recording a CAGR of around 12.65% during the forecast period. The hydroponics market refers to the industry involved in the cultivation of plants without soil, using nutrient solutions in a water-based system. This innovative agricultural technique has ancient roots and offers numerous benefits, including faster plant growth, high yields, and the ability to grow plants in various locations like rooftops and greenhouses. Hydroponics allows for water and nutrient recycling, organic food production, and is even utilized in space research programs. Despite its advantages, hydroponics requires upfront investment and technical knowledge. Overall, the hydroponics market is a growing sector that revolutionizes traditional farming methods by providing a soil-less and efficient way to cultivate a variety of crops.
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The Hydroponics market experienced a detrimental effect due to the Covid-19 pandemic. Due to supply chain disruptions brought on by the COVID-19 epidemic, there are now shortages or decreased demand in the hydroponics market. Spending by consumers and businesses has decreased significantly as a result of the travel restrictions and social distancing measures, and this trend is expected to persist for some time. The epidemic has altered end-user trends and tastes, prompting manufacturers, developers, and service providers to implement diverse tactics aimed at stabilizing their businesses.
Segmental Analysis
The global Hydroponics market has been segmented based on Type, Input, Equipment and Crop type
Based on the Type, the market is segmented based on Aggregate Systems and Liquid Systems. According to hydroponics market data, the aggregate systems category held the lion’s share in 2022. This is because it is inexpensive, simple to set up, and widely accepted by indoor hydroponic growers. The plants in these systems are supported by inert and solid medium like as peat, rock wool, vermiculite, sand, sawdust, perlite, or coconut coir.
Based on Input, the market has been divided into Nutrients and Rockwool. During the 2022–2030 forecast period, the nutrients segment is expected to develop at a faster rate than other segments, having led market growth in 2022. This segment’s significant market share can be attributed to the need to cultivate crops in both aggregate and non-aggregate approaches. The three essential nutrients that plants need to grow are potassium, phosphorus, and nitrogen.
Based on the Equipment, the market has been divided into HVAC, LED Grow Lights, Irrigation Systems, Material Handling, Control Systems, Others. In the hydroponics market, the Equipment segment encompasses a wide range of essential tools and systems, including grow lights, hydroponic systems (such as deep water culture and nutrient film technique), pumps, reservoirs, and controllers. This segment is witnessing steady growth driven by technological advancements, increasing adoption of indoor farming practices, and the rising demand for efficient, automated hydroponic solutions.
Based on Crop type, the market has been divided into Vegetables (Fruits, Flowers, Others). This segment is experiencing significant growth attributed to the rising demand for fresh, locally grown produce, increased consumer awareness about food quality and safety, and the ability of hydroponic systems to optimize growing conditions for a wide range of crops, regardless of seasonal constraints.
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Regional Analysis
The Hydroponics market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. The Europe region holds a dominant position in the Hydroponics market. The hydroponics market in Europe, which was valued at USD 1.145 billion in 2022 and held a 45.80% market share, is anticipated to develop at a substantial compound annual growth rate (CAGR) throughout the course of the study. It can be linked to the growing industrialization and scarcity of land that have led to the widespread use of hydroponics. Europe is home to the developed economies of the Netherlands, Greece, Italy, France, and Spain. The rapid development of genetically modified agricultural technologies is another factor expected to contribute to the region’s substantial CAGR during the forecast period. The Asia-Pacific region is witnessing rapid growth and emerging as a significant market for the Hydroponics industry. The hydroponics market in Asia Pacific is anticipated to expand at the quickest rate possible between 2022 and 2030. This can be explained by the fact that hydroponics is widely used in countries like South Korea, Australia, China, and others. It is projected that the market in China and India would develop significantly over the forecast period due to the emergence of urban hydroponic farms. North America has enormous development potential because of the sheer number of firms that are located there.
