"Hydroponics Market Outlook: Achieving USD 9.11 Billion by 2030 at 20.3% CAGR"
Hydroponics Market Overview
Hydroponics Market Size was valued at USD 2.5 billion in 2022. The Hydroponics market industry is projected to grow from USD 3.007 Billion in 2023 to USD 9.11 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 20.3% during the forecast period (2023–2030).
The global hydroponics market refers to the industry involved in the production and sale of hydroponic systems, equipment, and supplies, as well as the cultivation of plants using hydroponic techniques. Hydroponics is a method of growing plants in a soilless environment, where the plants receive essential nutrients through a water-based solution.
The market for hydroponics has been witnessing significant growth due to several factors. These include the increasing demand for food production in urban areas with limited arable land, the need for sustainable agricultural practices that reduce water consumption and environmental impact, and the rising popularity of indoor gardening and urban farming.
Segment Analysis
The Global Hydroponics Market has been segmented based type, input and equipment.
Based on type, the market is segmented into aggregate system and liquid hydroponics. The aggregate systems segment plays universal acceptance among all indoor hydroponic producers and the low cost and ease of setup.
Based on input, the market has been segmented into growth media and nutrients. The nutrients segment is projected to be the faster-growing segment. This segment’s substantial market share is explained by the requirement to grow crops in both aggregate and non-aggregate systems.
Based on equipment, the market has been segmented into HVAC, Irrigation System and LED Growing Lights. The HVAC system, which is responsible for cooling, dehumidifying, and maintaining the ideal temperature inside the facility, is crucial to developing indoor growers.
Regional Analysis
The Global Hydroponics Market Size, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Global Hydroponics Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Global Hydroponics Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Global Hydroponics Market comprises of Middle East, Africa, and Latin America.
North America has been one of the leading regions in the global hydroponics market. The United States and Canada have witnessed a surge in commercial hydroponic farming and indoor gardening due to factors such as high urbanization rates, limited arable land, and increasing consumer demand for locally grown, pesticide-free produce.
Europe is another prominent market for hydroponics. Countries such as the Netherlands, Spain, and the United Kingdom have advanced greenhouse farming practices, including hydroponic systems, to achieve higher crop yields and minimize environmental impact.
The Asia-Pacific region is witnessing rapid growth in the hydroponics market. Countries like China, Japan, Australia, and India are adopting hydroponic techniques to overcome land limitations, improve food security, and address water scarcity issues.
Furthermore, the rest of the world’s Global Hydroponics Market is divided into the Middle East, Africa, and Latin America. Latin America has shown substantial growth potential in the hydroponics market. The region’s favorable climate for year-round cultivation and export opportunities contribute to the market’s expansion.
Key Findings of the Study
- The Global Hydroponics Market is expected to reach USD 9.11 Billion by 2030, at a CAGR of 20.3% during the forecast period.
- Europe is another prominent market for hydroponics. Countries such as the Netherlands, Spain, and the United Kingdom have advanced greenhouse farming practices, including hydroponic systems, to achieve higher crop yields and minimize environmental impact.
- Based on equipment, the market has been segmented into HVAC, Irrigation System holding the largest market in 2022.
- Signify Holdings, American Hydroponics, Argus Control Systems, Grobo, Heliospectra AB, Logiqs B.V, Scotts Miracle Gro, Hydrodynamics International, American Hydroponics and LumiGrow.
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