Industry

Hydroponics Market Forecast 2024-2033: Growth Rate, Drivers, And Trends|The Scotts Miracle-Gro Company, Hydrofarm Holdings Group Inc., Village Farms International Inc., Freight Farms Inc., AeroFarms LLC

The Hydroponics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Hydroponics Global Market Report 2024, The hydroponics market size has grown rapidly in recent years. It will grow from $14.12 billion in 2023 to $15.69 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to resource efficiency, water conservation, land scarcity, urban agriculture, reduced dependency on soil quality, year-round production.

The hydroponics market size is expected to see rapid growth in the next few years. It will grow to $25.07 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth in the forecast period can be attributed to integration with sustainable practices, consumer demand for fresh produce, food security concerns, government support and incentives, educational and research initiatives. Major trends in the forecast period include smart farming technologies, vertical farming systems, nutrient film technique systems, sustainable and organic hydroponic practices, adoption of aeroponics technology.

The growing demand for exotic vegetables is expected to propel the hydroponics market. Rapid growth in urban population among emerging economies, and the growing establishment of gourmet restaurants across the globe are contributing to rapid growth in consumption of exotic vegetables such as mushrooms, tangy kiwis, green olives, and fresh broccoli, dragon fruit, and others. The increasing demand for exotic vegetables is expected to boost demand for a hydroponic system, as the commercial farmers involved in this sector are investing in advanced plantation equipment such as hydroponics to reduce operational expenses and increase profits. For Instance, In September 2021, according to estimates of agro farming, the Indian exotic vegetable market is expected to increase from 332 million metric tons by 2020 to 432 million metric tons by 2026. Therefore, the increasing demand for exotic vegetables is expected to boost demand for hydroponics systems during the forecast period.

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The hydroponics market covered in this report is segmented –

1) By Type: Aggregate Systems, Liquid Systems
2) By Farming: Indoor Farming, Outdoor Farming
3) By Crop Type: Vegetables, Fruits, Flowers

Major companies operating in the hydroponics market are focusing on developing innovative product such as advanced hydroponic systems to meet evolving agricultural demands and sustainability goals. Advanced hydroponic systems encompass cutting-edge technologies and methodologies for optimizing plant growth in a controlled environment without soil. For instance, in November 2023, Oceansix Future Paths Ltd., an Israel-based environmental technology company, launched HydroQuick, an innovative system set to revolutionize the efficiency and sustainability of hydroponic farming. This state-of-the-art system aims to streamline the installation process for farmers, enhancing cost-effectiveness and environmental sustainability. Engineered for easy setup and upkeep, HydroQuick’s intuitive design eliminates the necessity for extra tools, ensuring a seamless experience from assembly to maintenance.

The hydroponics market report table of contents includes: