Hydroponics Market - By Systems (Aggregate Systems, Liquid Systems), By Crops (Tomatoes, Lettuce, Peppers, Cucumbers, Herbs), By Area (Up to 1,000 Sq. Ft., 1,000-50,000 Sq. Ft., Above 50,000 Sq. Ft), By Farming Method, By Equipment & Forecast, 2024 – 2032

Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Agriculture | Format: Report available in PDF / Excel Format

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Hydroponics Market - By Systems (Aggregate Systems, Liquid Systems), By Crops (Tomatoes, Lettuce, Peppers, Cucumbers, Herbs), By Area (Up to 1,000 Sq. Ft., 1,000-50,000 Sq. Ft., Above 50,000 Sq. Ft), By Farming Method, By Equipment & Forecast, 2024 – 2032

Hydroponics Market Size

Hydroponics Market was valued at USD 5.2 billion in 2023 and is estimated to register a CAGR of over 8.5% between 2024 & 2032. Governments increasingly incentivize hydroponic farming through subsidies, grants, and policy support to promote food security, sustainable agriculture, and economic development. Such initiatives foster innovations and technology adoption while addressing environmental concerns and enhancing local food production capabilities.

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For instance, in December 2023, the Uttarakhand Rural Development and Panchayati Raj Institute (UIRD) announced the launch of a hydroponics-based polyhouse project in Rudrapur. This innovative farming initiative aims to empower farmers in Uttarakhand by providing them with opportunities to cultivate a variety of crops. The project signifies a development in the region, offering a modern & sustainable approach to agriculture. This initiative supports the hydroponics industry growth by demonstrating practical implementation and promoting inclusive economic development in the region.

The expansion of vertical farming in urban areas serves as a significant factor propelling the hydroponics market growth. With limited space in cities, vertical farming maximizes land use efficiency, enabling high-yield crop production in a smaller footprint. This trend is fueled by the increasing demand for locally sourced, fresh produce in urban populations, attracting investments in hydroponic systems tailored for vertical farming and fostering innovations in urban agriculture practices.
 

Hydroponics Market Report Attributes
Report Attribute Details
Base Year 2023
Hydroponics Market Size in 2023 USD 5.2 Billion
Forecast Period 2024 – 2032
Forecast Period 2024 – 2032 CAGR 8.5%
2024 – 2032 Value Projection USD 10.8 Billion
Historical Data for 2018 - 2023
No. of Pages 240
Tables, Charts & Figures 270
Segments covered Systems, crops, area, farming method, equipment
Growth Drivers
  • Increasing demand for locally sourced, fresh produce
  • Expansion of vertical farming in urban areas
  • Growing awareness of sustainable agriculture practices
  • Government support for hydroponic farming initiatives
Pitfalls & Challenges
  • High initial investment costs for hydroponic setups
  • Limited crop variety compared to traditional farming

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High initial investment costs for hydroponic setups pose a significant pitfall for the market. Implementing hydroponic systems requires substantial upfront expenditure on infrastructure, equipment, and technology. This hurdle may deter potential growers, particularly small-scale farmers, or new entrants to the market. Additionally, the need for specialized knowledge and training adds to the overall cost, limiting the accessibility of hydroponics to a broader range of agricultural practitioners and investors.

Hydroponics Market Trends

Vertical farming is becoming a big hit in the world of growing plants. It's a way to stack plants on top of each other, like a skyscraper for veggies. This lets farmers grow more food in less space, which is perfect for cities where land is at a premium. People in these areas want to eat fresh, local food, and vertical farming can help make that happen. For example, there's this cool place called Masdar City in the United Arab Emirates. It's like a hub for sustainability and innovation, and they've partnered with a company that specializes in vertical farming. Together, they're building a smart vertical farm that will use high-tech tools to grow food year-round. This farm will help ensure that people in the area have enough to eat and also help fight climate change.

The hydroponics industry is witnessing a growing awareness of sustainable agriculture practices. Consumers and businesses are increasingly prioritizing environment-friendly farming methods. Hydroponics, with its reduced water usage, minimal pesticide requirements, and land efficiency, aligns well with this trend. This awareness is fueling the demand for hydroponically grown produce, leading to further adoption of hydroponic systems and fostering innovations in sustainable farming techniques within the industry.

Hydroponics Market Analysis

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The hydroponics market has two main types of systemsaggregate systems and liquid systems. Aggregate systems, like expanded clay or rockwool, are like the soil in traditional gardening, but they're specifically designed for hydroponics. These systems make up over half of the market right now, and they're expected to keep growing for the next ten years. Why are aggregate systems so popular? They're versatile and good at growing plants. They hold the roots firmly, let air in, and give nutrients to the plants, which helps them grow better and makes it easier to grow lots of plants in a small space. For example, in 2023, a group in Spain started making foam from chicken feathers to use in hydroponic systems. They want to make a circular economy, where nothing goes to waste. Chicken feathers are usually thrown away, but this new foam can be used in hydroponics. It's specially designed to break down over time and release nitrogen, which helps the plants grow and makes the system more sustainable.

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When it comes to hydroponics, different crops like tomatoes, lettuce, peppers, and cucumbers all have their own place. But when we look at the big picture, tomatoes are like the MVP right now, taking up more than 30% of the market in 2023. Why tomatoes? Well, they're like superheroes in the hydroponic world. They thrive in controlled environments, so hydroponic growers can get bumper crops and higher quality veggies compared to the old-fashioned way of farming. It's like building a custom gym for tomatoes where they can reach their full potential. To give you an idea, Abu Dhabi University just started a cool project called AirFarm. It's like a portable farm on wheels that can grow tomatoes without even needing dirt! By using hydroponics, AirFarm is not only saving water but also creating a sustainable way to meet the demand for yummy, locally grown tomatoes. It's a win-win for everyone who loves fresh produce and cares about our planet.

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Asia Pacific is a huge player in the hydroponics industry, with over 37% of the market in 2023. Countries in this region are quickly adopting hydroponic farming to feed their growing populations, keep up with urbanization, and support sustainable agriculture. For example, in May 2023, Azelis and Novozymes joined forces in Malaysia to provide better agricultural and environmental solutions. They want to help farmers use more sustainable methods. Novozymes makes natural products for hydroponic farming that boost crop growth, use nutrients better, and help plants handle stress. These products are helping to improve hydroponic farming in Asia Pacific.

Hydroponics Market Share

Infarm and Signify Holding hold over 20% of the market share in the hydroponics industry. Companies in the hydroponics industry employ several key strategies to enhance their market foothold. Infarm invests in research and development to innovate new hydroponic technologies and systems. Embrace advancements in automation, sensor technologies, and data analytics to improve efficiency and productivity. Also, the company develops tailored hydroponic solutions for commercial clients such as restaurants, grocery stores, or food service providers. Offering customized packages and services attract larger-scale customers.

Signify Holding partners with other companies, research institutions, or agricultural organizations to leverage complementary expertise, share knowledge, and jointly develop solutions for the market. The company increases production capacity by expanding hydroponic farming facilities. This could involve establishing new vertical farms, greenhouses, or partnering with existing facilities to reach a broader market.

Hydroponics Market Companies

Major players operating in the global market are

  • AeroFarms
  • AmHydro
  • AppHarvest, Inc.
  • Argus Control Systems Limited
  • BrightFarms
  • Emirates Hydroponics Farms
  • Freight Farms, Inc.
  • Heliospectra
  • Infarm
  • Signify Holding
    Hydroponics Industry News
  • In February 2024, LettUs Grow launched an aeroponic technology partner program aimed at enhancing its global reach and promoting geographical expansion in hydroponics farming. This initiative is designed to scale the benefits of aeroponics worldwide by collaborating with supply chain and delivery partners in the greenhouse and Controlled Environment Agriculture (CEA) industry.
     
  • In June 2023, Growee, an Israeli hydroponics start-up, expanded into the U.S. by opening a distribution center in Florida to target micro-hydroponic growers in North America. This move highlights the increasing interest in sustainable farming practices and local food production, especially in urban settings.

The hydroponics market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 - 2032, for the following segments

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Market, By Systems

 

  • Aggregate systems
    • EBB & flow systems
    • Drip systems
    • Wick systems 
  • Liquid systems
    • Deep water culture
    • Nutrient Film Technique (NFT)
    • Aeroponics

Market, By Crops

  • Tomatoes
  • Lettuce
  • Peppers
  • Cucumbers
  • Herbs
  • Others 

Market, By Area

  • Up to 1,000 sq. ft.
  • 1,000-50,000 sq. ft.
  • Above 50,000 sq. ft

Market, By Farming Method

  • Indoor
  • Outdoor

Market, By Equipment

  • HVAC
  • LED grow lights
  • Control systems
  • Irrigation systems
  • Material handling equipment
  • Others

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Nordics
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Southeast Asia
    • Rest of Asia Pacific 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America 
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA

 

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