According to the latest report by IMARC Group, titled “Hydroponics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on hydroponics market size.
The global hydroponics market reached a value of US$ 10.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 20.9 Billion by 2027, exhibiting at a CAGR of 11.5% during 2022-2027. Hydroponics is a state-of-the-art technique that is used for producing food in a controlled and soilless setting. It provides complete control of environmental factors, such as light, pH, air temperature, microorganisms, etc. Hydroponics helps grow plants in a liquid nutrient solution comprising of coir, perlite, vermiculite, brick shards, expanded clay, etc. Hydroponic farming requires less water, provides faster growth, ensures high crop yields, eliminates soil-related diseases, etc. At present, highly precise, automated, data-driven, and scalable hydroponics solutions are being developed to grow tomatoes, cucumbers, lettuce, peppers, herbs, roses, freesia, foliage plants, etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Hydroponics Market Trends:
The escalating food shortages, on account of the expanding global population, limited availability of arable land, and the elevating levels of urbanization, are primarily driving the hydroponics market. Moreover, the growing awareness among farmers about the environmental impacts of traditional soil-based farming and conventional commercial farming practices which rely on pesticides, agrochemicals, mono-cropping, mechanization, etc., is further catalyzing the market growth. Apart from this, the government bodies of various countries are promoting hydroponic farming in areas with poor soil conditions to overcome food shortage challenges. This, in turn, is acting as another significant growth-inducing factor. Furthermore, the increasing popularity of home-based hydroponic gardening, owing to the inflating income levels and the shifting consumer preferences towards home-grown vegetables and fruits, is augmenting the global market. Besides this, the rapid development of efficient indoor and outdoor gardening solutions is anticipated to fuel the hydroponics market over the forecasted period.
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Key Market Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Breakup by Type:
- Aggregate Hydroponic System
- Closed System
- Open System
- Liquid Hydroponic System
Breakup by Crop Type:
- Lettuce and Leafy Vegetables
Breakup by Equipment:
- LED Grow Light
- Irrigation Systems
- Material Handling
- Control Systems
Breakup by Region:
- Middle East and Africa
- North America
- Latin America
Key highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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