Higher yield as compared to traditional agricultural practices is driving the industry.
Market Size – USD 9.5 Billion in 2020, Market Growth – at a CAGR of 11.3%, Market Trends –Growing veganism practice and rising consumption on salads among health-conscious population
The global hydroponics market is predicted to be valued at USD 22.2 Billion in 2028 from USD 9.5 Billion in 2020, occupying a CAGR of 11.3% throughout the forecast period. Hydroponics is a profitable technology, which is also environment-friendly. This technology is highly promoted by several governments and private firms for its numerous advantages in food security. Growing demand for supplying food against the considerable population is propelling the industry growth.
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Excessive cost of this technology is the major drawback in the hydroponics industry. However, a lot of research and development activity in this field is predicted to minimize the overall cost of this technology. Growing emphasis on food security, high profits, and rising consumption of exotic vegetables and salad are accelerating the sector’s growth.
The need for exotic fruits has been constantly elevating due to the rising purchasing power of a large base of consumers. These exotic products are costly, as such products are imported, and thus, various research universities and institutions are highly focusing on building simplified hydroponics systems, to accelerate the exotic vegetables’ production, meeting the population’s escalating demand. Growing awareness among consumers regarding the advantages of eating fresh vegetables is further contributing to the industry development.
Hydroponic production is getting popular among vegetable producers, since the method is not labor-intensive to manage huge production area, and it is an efficient method for controlling inputs and managing facilitates for pests and disease. Hydroponics reduce the soil fumigants’ requirement and can rise popular vegetables’ yields; farmers are adopting hydroponics. Rising hydroponics adoption as a preferred cultivation method is further supporting the sector growth.
Hydroponics Market Size, Share & Analysis, By Type (Aggregate Systems, Liquid Systems), By Crop Type (Vegetables, Fruits, Flowers), By Equipment (HVAC, LED Grow Lights, Irrigation Systems, Material Handling Equipment, Control Systems), By Region, And Forecast To 2028; To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/hydroponics-market
Further key findings in the report
- In October 2018, a Miami based company—Box greens introduced farms-in-a-box that retrofits portable hydroponics farms. Similarly, a renowned dealer in home accessories— IKEA, developed a cultivation kit for indoor herbs/vegetables cultivation in November, 2018.
- The liquid segment is leading in the industry, as they are efficient as well as cost-effective as compared to the basic models. The economics of liquid systems are feasible, since these systems majorly operate in a closed mode, reducing the overall costs of nutrient solution.
- Europe has been at the forefront in terms of implementing several advanced techniques in advanced greenhouse horticulture. Nations like Spain, the Netherlands, and France have extensive areas for greenhouse cultivation. Although, in the Netherlands, the growers generally produce their crops in several greenhouses without involving the climate control technology.
For the purpose of this report, Reports and Data has segmented the global hydroponics market on the basis of type, crop type, equipment, and region:
Type Outlook (Revenue, USD Billion, 2018 - 2028)
- Aggregate Systems
- Ebb & Flow Systems
- Drip Systems
- Wick Systems
- Liquid Systems
- Deep Water Culture
- Nutrient Film Technique
- Aeroponics
Equipment Outlook (Revenue, USD Billion, 2018 - 2028)
- HVAC
- LED Grow Lights
- Irrigation Systems
- Material Handling
- Control Systems
- Others
Input Outlook (Revenue, USD Billion, 2018 - 2028)
Nutrients
- NPK
- Trace Minerals
- Others
- Grow Media
Rockwool
- Perlite & Vermiculite
- Coco Fiber
- Others
Crop Type (Revenue, USD Billion, 2018 - 2028)
- Vegetables
- Fruits
- Flowers
- Others
Regional Outlook (Revenue, USD Billion, 2018 - 2028)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- The U.K.
- France
- Asia Pacific
- China
- India
- Japan
- Rest of World
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