Hydroponics Market is Anticipated to Witness High Growth Owing to...

Hydroponics Market is Anticipated to Witness High Growth Owing to Increasing Demand

Posted 2024-07-19 14:18:59

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The Global Hydroponics Market is estimated to be valued at US$ 538.18 Bn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in the Hydroponics are Johnson Health Tech, ICON Health & Fitness, Technogym, Precor, Nautilus, Cybex, True Fitness, Amer Sports, Sole Fitness and Life Fitness. These players are focusing on new product launches to consolidate their market shares.

The key opportunities in the Hydroponics Market Size include urban farming, rising popularity of organic food and adoption in non-traditional areas. Emerging economies in Asia Pacific and Latin America are expected to witness highest growth due to increasing population and rapid urbanization.

Countries like China, India, Brazil and Mexico have shown promising signs of global expansion in the hydroponics market supported by government initiatives for sustainable food production.

Market Drivers
Growing population: With global population surpassing 8 billion, the demand for food is rising exponentially. Hydroponics offers 15-25% higher yields compared to conventional farming, thereby addressing issue of food security.

Climate change impact: Variations in climate affect crop yields. Hydroponics helps insulate crops from droughts, floods and pests by controlling environmental parameters more efficiently.

Land constraints: Agriculture land availability is dwindling while demand is increasing. Hydroponics utilizes land and water more judiciously by allowing vertical and out-of-season cultivation.

Market Restraints
High initial investments: Setting up a commercial hydroponic operation requires substantial capital for equipment, infrastructure, nutrients and energy costs. This limits adoption.

Lack of technical know-how: Hydroponics involves precise balance of inputs and correct methodology. Absence of expertise and technical training restricts its reach, especially in developing regions.

Segment Analysis
The hydroponics market can be segmented based on type into aggregated system and liquid system. The aggregated system segment holds the dominant share in the market as it is cheaper and easy to cultivate a small number of plants. Nutrient delivery occurs via daily watering in the aggregated system which makes it less complex and suitable for beginners and small businesses.