The global hydroponics market size is anticipated to grow at a CAGR of 7% over the projected period, according to a Future Market Insights analysis. The hydroponics sector is anticipated to be worth US$ 2.78 billion in 2023. By 2033, FMI anticipated that the hydroponics market could increase to US$ 5.70 billion.
One of the most intensive crop-production techniques used in agriculture is hydroponics. This method can be used to grow plants in a soilless environment with the presence of nutrient solutions. Hydroponics is one of the most popular techniques for producing crops without the use of artificial ripening agents or pesticides. Hydroponic crops are expected to witness a strong increase in popularity during the projection period due to their ability to decrease soil-borne diseases, produce considerable crop yields faster, and better regulate nutrient availability in the system.
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The requirement for food is increasing daily by around 200,000 individuals due to the world’s rapid population growth. Globally, the amount of arable land is decreasing and production costs are rising as a result of agricultural losses brought on by pest infestations, natural disasters including droughts and floods, and bug infestations. As a result, there is a large global financial interest in commercial hydroponics systems.
Hydroponics is a feasible way to achieve food security because it is a space-efficient method of food production that even those without access to land in rural and urban regions may use. Hydroponic farming has grown in importance due to growing worries about the effects of greenhouse gases on the environment. Additionally, as agricultural infrastructures have developed and improved, there has been a steady increase in the requirement for hydroponic farming to meet the growing demand for fruits and vegetables.
Producing food without the use of pesticides or other crop protection agents is very profitable because it requires less water, labor, and land. Another thing driving the market for hydroponic systems is the increasing desire for fruits and vegetables cultivated without the use of pesticides. Mechanical movement is becoming more and more common in plants. As worries about the security and availability of food increase, there will probably be more creative opportunities for the industry to prosper.
In order to meet the increased demand for vegetables resulting from the expansion and improvement of agricultural infrastructure, hydroponic farming has been steadily expanding. Concerns about the damaging impacts of greenhouse gases on the environment have increased, making hydroponic farming even more important.
It is projected that advances in agricultural innovation and cutting-edge technology will lead to changes in hydroponic farming. The industry is growing because hydroponic gardening uses 95% less water than conventional cultivation. This technique makes it possible to grow crops in cities without the need for soil in a number of vertical and horizontal levels.
Businesses and specialists are attempting to increase the hydroponics system’s effectiveness in order to increase both the number and quality of the output, in keeping with the growing popularity of hydroponics worldwide. Many businesses spend a lot of money on R&D to acquire innovative technology that increase productivity and inspire different crops. Robust collaborations with universities and research centers facilitate the expansion of the hydroponics industry.
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Given the widespread adoption of hydroponics in nations like China, Australia, South Korea, and others, Asia Pacific had the lion’s share of the hydroponics market in 2022. With the proliferation of urban hydroponic farms, FMI anticipated that the market in China and India could grow considerably over the forecast period.
KEY TAKEAWAYS
- The market in the United States has grown significantly in 2022 holding a 19.3% share of the global market.
- The market in China is expected to grow at a CAGR of 8% over the forecast period.
- The market in the United Kingdom is anticipated to grow at a CAGR of 7.5% through 2033.
- With a CAGR of 13.4% over the forecast period, India is predicted to grow rapidly in the market.
- Germany accounted for 9.9% of the global market in 2022.
Competitive Landscape:
The top manufacturers of the Hydroponics Industry 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 B.V., Terra Tech Corp, and others.
These companies have used a variety of strategies to get a solid advantage over their rivals. They have grown their number of new clients and prosperity by putting both organic and inorganic operational strategies into practice, such as the introduction of innovative goods, acquisitions, mergers, corporate modernization, and collaborations.
Recent Developments:
- In October 2022, GrowGeneration Corp. (GRWG) established its first hydroponic store in Virginia, a 9,000-square-foot location in Richmond. To take advantage of the growing Hydroponics Industry, GRWG intends to increase the number of its stores in the region.
- In July 2022, with a $40 million investment, Bustanica unveiled the leading hydroponic farm in the world. 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 Industry Segmentation
By Product Type:
- Aggregate Systems
- Liquid Systems
By Equipment:
- HVAC
- Irrigation Systems
- Control Systems
- LED grow Lights
- Material Handing
- Others
By Input:
- Nutrients
- Rockwool
By Crop Type:
- Tomato
- Lettuce and Leafy Vegetables
- Pepper
- Cucumber
- Microgreens
- Herbs
- Fruits
- 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, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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