Hydroponics Market Overview

As per Market Research Future (MRFR) analysis, the global hydroponics market is estimated to garner a revenue of USD 17 billion with a CAGR of approximately 11.5% from 2019 to 2024 (forecast period). The report identifies the strengths, opportunities, challenges, and future business risks and offers an extensive overview of the global market situation with the effect of COVID-19.

Hydroponics refers to an agricultural method used to grow plants in a soilless medium, such as a mineral nutrient and a water solution. Traditionally, crops have been grown in a specific climate, but in hydroponics, they are grown in a regulated environment. Hydroponics uses two approaches to grow crops as a solid medium crop and a solution crop.

Key Players

Some of the leading participants identified by MRFR in the global hydroponics market are Heliospectra AB (Sweden), Terra Tech Corp (US), Scotts Miracle Gro (US), Aerofarms (US), Village Farms (Canada), Argus Control Systems (Canada), Iron Ox (US), American Hydroponics (US), Hydroponic Farms (UAE), LumiGrow (US), Triton Foodworks Ltd. (India), Urban cultivator (Canada), Signify Holdings (Netherlands), Green Sense Holdings (US)

Market Dynamics

Hydroponics is gaining traction in the global agriculture industry due to higher yields from hydroponics. In addition, the cultivation of crops by hydroponics eliminates the impact of external environmental influences on crop growth by providing regulated environmental conditions. Hydroponics also decreases the pressure on natural resources, such as land and water, because it requires little indoor space, and the water used in the nutrient solution can be recycled and reused. However, the global market is experiencing a hindrance to its growth due to the high capital investment required to set up a large-scale hydroponic facility. Lack of government support and initiatives, especially in developing countries, is also hindering the market growth. Market players are expected to see lucrative opportunities in the global market over the forecast period due to the increasing usage of hydroponics in various commercial and residential buildings, such as restaurants, grocery stores, residential terraces, and others.

Market Segmentation

The global hydroponics market has been segmented based on type, input, equipment, and crop type.

By type, the global market for hydroponics market share has been divided into aggregate system and liquid hydroponics. The segment for aggregate system is further divided into water culture system, drip system, EBB and flow system, and others. The segment for liquid hydroponics is further segregated into nutrient film technique, aeroponics, and others.

Based on input, the global market for hydroponics research paper has been segregated into growth media, nutrients, and others. The segment for growth media is further classified into clay, rockwool, coco coir, and others.

Based on equipment, the global market for hydroponics has been segregated into HVAC, irrigation system, LED growing lights, and others.

By crop type, the global market for hydroponics has been classified as vegetables, fruits, flowers, and others. The segment for vegetable is further segmented into leafy, cucumber, tomato, and others.

Regional Analysis

The global hydroponics market trends has been studied concerning four key regions—North America, Europe, Asia Pacific, and the rest of the world.

The Asia Pacific is expected to lead the market for hydroponics during the forecast period due to the high adoption of advanced agricultural technologies among farmers in the region. Throughout Europe, countries like the Netherlands, France, and Spain are the leading markets contributing to the region's growth. Nonetheless, North America is expected to witness the highest CAGR during the forecast period due to the growing penetration of market players in the region and the increasing need to cultivate high-quality crop production in a smaller area.

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