Hydroponics Market to be Worth $35.4 Billion by 2030
Hydroponics
Market to be Worth $35.4 Billion by 2030
Download Free Sample Report Here: https://www.meticulousresearch.com/download-sample-report/cp_id=5434
According to this latest publication from
Meticulous Research®, the hydroponics market is expected to reach $35.4
billion by 2030, at a CAGR of 15.6% during the forecast period 2023–2030. The
growth of this market is mainly driven by the growing population and reduction
in arable land, changing climatic conditions and erratic weather patterns,
rising need to increase agricultural productivity, increase in demand for
fresh food products among the urban population, and growing demand for
chemical-free fruits and vegetables. In addition, the rising adoption of
hydroponics farming for cannabis cultivation further supports the growth of
this market.
Moreover, technological advancement in the
hydroponics sector and the increasing adoption of urban farming using vertical
hydroponics systems are expected to provide significant growth opportunities
to the stakeholders operating in this market. However, the critical management
requirement, lack of knowledge and expertise in developing countries, and high
capital investment for large-scale farms are some of the factors that hinder
the growth of the hydroponics market to some extent.
The global hydroponics market study presents
historical market data in terms of values (2021 and 2022), estimated current
data (2023), and forecasts for 2030- by type (non-aggregate system {deep water
culture, nutrient film technique (NFT), aeroponics system, and other
non-aggregate systems}, aggregate system {ebb and flow system, drip system,
wick system, and other aggregate systems}); equipment (HVAC system, led grow
lights, irrigation system, control system, other equipment); input (nutrients
and growth media); and crop type (vegetables, fruits, flowers, and other crop
types). The study also evaluates industry competitors and analyses the market
at the regional and country levels.
Based on type, the hydroponics
market is segmented into non-aggregate systems (liquid systems) and aggregate
systems. In 2023, the non-aggregate systems (liquid systems) segment is
expected to account for the larger share of the global hydroponics market. The
large share of this segment is mainly due to the increasing popularity of
liquid system cultivation among growers. In addition, non-aggregate (liquid)
systems eliminate the use of a solid medium, and the roots are directly
submerged in the nutrient solution, making the cultivation process easier.
Moreover, as the nutrients are directly provided to the roots of a plant,
liquid systems expedite the growth, thereby giving maximum yields. Although
this soilless farming method mitigates the risk of soil-borne diseases, the
risk of dispersal of pathogens increases by recirculating nutrient solutions
in closed systems.
Speak to analyst: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5434
Based on type, the hydroponics
equipment market is segmented into HVAC systems, LED grow lights, irrigation
systems, control systems, and other equipment. In 2023, the HVAC systems
segment is expected to account for the largest share of the global hydroponics
equipment market. HVAC system plays a major role in the development of indoor
growers, as the system is accountable for cooling, dehumidification, and
maintaining the optimum temperature inside the facility.
Based on type, the hydroponics
input market is segmented into nutrients and growth media. In 2023, the
nutrients segment is expected to account for a larger share of the hydroponics
input market. The large market share of this segment is attributed to its
necessity to grow crops in both aggregate and non-aggregate systems. Nitrogen,
phosphorus, and potassium are the major nutrients required for the growth of
plants. The deficiency of these nutrients caters to the growth of
discoloration, stunted growth, and scattered spots in the plants.
Based on crop type, the hydroponics
market is segmented into vegetables, fruits, flowers, and other crop types. In
2023, the vegetables segment is expected to account for the largest share of
the global hydroponics market. This segment's large market share is attributed
to the growing demand for premium quality and exotic vegetables. The demand
for exotic vegetables has constantly been growing at a higher rate due to the
increased purchasing power of consumers in most developed and developing
countries. The cost of these exotic products is high, and thus hydroponics
farmers are highly focusing on establishing more simplified hydroponics
systems to accelerate the production of exotic vegetables and meet the
escalating demand. Moreover, with the rapid urbanization, the demand for
hydroponically grown vegetables has been increasing from QSRs, hotels, fast
food chains, railway catering, NGOs, and defense, supporting the growth of
this global market.
Geographic Review:
This research report also analyzes major
geographies and provides a comprehensive analysis of North America (U.S. and
Canada), Europe (Germany, Netherlands, Spain, France, U.K., Greece and RoE),
Asia-Pacific (China, Japan, India, Australia, South Korea, and RoAPAC), Latin
America (Brazil, Argentina, Mexico, and RoLATAM), and the Middle East &
Africa. Europe is expected to account for the dominant position in the global
hydroponics market. The dominant position of this region is primarily
attributed to the presence of key players, technological advancements, high
adoption of hydroponics driven by rapid industrialization and scarcity of
land, availability of required infrastructure to run hydroponics farms, and
rising demand for fresh and chemical-free food. Moreover, the rising
government support for hydroponics farming further drives this market's
growth.
Key Players
The report includes a competitive landscape
based on an extensive assessment of the key strategic developments adopted by
leading market participants in the industry over the past 3-4 years. The key
players operating in the hydroponics market are Argus Control Systems Ltd.
(Canada), Signify Holding B.V. (Netherlands), The Scotts Miracle-Gro Company
(U.S.), Hydroponic Systems International (Spain), Hydrodynamics International
Inc (U.S.), AmHydro (U.S.), Emerald Harvest (U.S.), Heliospectra AB (Sweden),
Freight Farms, Inc. (U.S.), Logiqs BV (Netherlands), AirLogix (U.S.), and
Nutriculture Grow Systems (U.K), among others.
Quick Buy: https://www.meticulousresearch.com/Checkout/99312640
Key questions answered in
the report:
· Which are
the high-growth market segments in terms of type, equipment, input, crop type,
and country/region?
· What is
the historical market size for hydroponics across the globe?
· What are
the market forecasts and estimates for 2023–2030?
· What are
the major drivers, restraints, opportunities, challenges, and trends in the
global hydroponics market?
· Who are
the major players in the global market, and what are their market shares?
· Who are
the major players in various countries, and what are their market shares?
· What is
the competitive landscape, and who are the market leaders in the global
hydroponics market??
· What are
the recent developments in the global hydroponics market?
· What are
the different strategies adopted by the major players in the market?
· What are
the key geographic trends, and which are the high-growth countries?
· Who are
the local emerging players in the global hydroponics market, and how do they
compete with the global players?
Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Comments
Post a Comment