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Report Overview
The global hydroponics market is expected to reach a value of more than USD 7068.40 Million in 2023. The industry is expected to grow at a CAGR of 20.10% during the forecast period of 2024-2032. Sustainable farming practices are a key driver of the global hydroponics market. As traditional agriculture faces challenges like limited arable land, water scarcity, and climate change, hydroponics offers a resource-efficient solution, thus aiding the market to attain a valuation of USD 36745.84 Million by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- The USDA's Agricultural Innovation Agenda focuses on increasing food production by 40% by 2050, directly supporting the growth of the hydroponics market. Hydroponics is an ideal solution for increasing yields with no increase in land usage when the demand for food continues to increase globally. This would perfectly fit the USDA's objectives of increasing efficiency and sustainability in farming, considering that traditional farming is challenged by factors such as soil degradation and climate change. By promoting innovative methods like hydroponics, the U.S. government is paving the way for sustainable agricultural practices, encouraging further market growth, propelling the growth of the hydroponics market.
- Various governments around the world are increasingly supporting hydroponics as an effective solution for efficient land use, water conservation, and sustainable farming methods. Several countries are investing in hydroponic research and development and are providing subsidies and incentives to farmers and startups. Such initiatives would minimize reliance on traditional farming, which is highly water-dependent, and overcome the challenges associated with climate change. Global push towards sustainable food production systems has directly influenced the adoption of hydroponic technologies. Both consumers and governments adopt sustainable agriculture, thereby increasing the market.
- Hydroponic systems reduce water usage to as much as 90% less than traditional farming. This is crucial in light of the growing water scarcity in the world, particularly in areas dependent on irrigation. Hydroponics systems are made to recycle water efficiently and provide a practical solution for crop production with minimal environmental impact. These systems are currently gathering global popularity, more specifically within cities where, with high levels of urbanization, direct conventional farming is hard to accomplish. This water-saving benefit drives interest for hydroponics, encouraging further market demand throughout the globe.
Hydroponics Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 36745.84 Million by 2032.
The hydroponics market is assessed to grow at a CAGR of 20.10% between 2024 and 2032.
The major drivers of the market include the growing awareness among consumers regarding the essential benefits of hydroponic farming, rising disposable incomes, improved living standards, rapid urbanisation, increased government investments to support the development of the agriculture sector and promote sustainable farming practices, and increasing use of inert soil media.
The steadily increasing population and increased demand for food and agricultural produce are the key industry trends propelling the market growth.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant product types include aggregate hydroponic system and liquid hydroponic system.
The different equipment considered in the market report include heating, ventilation and air conditioning (HVAC), LED growing lights, irrigation systems, and control systems, among others.
The major crop types can be segmented into vegetables, fruits, and flowers, among others.
The major players in the market are Argus Control Systems Limited, Heliospectra AB, RISING FARMS, Freight Farms, Inc., Lettuce Grow LLC, Triton Foodworks Pvt. Ltd., AeroFarms, LLC, among others.
In 2023, the market reached an approximate value of USD 7068.40 Million.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124