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Hydroponics Market Overview
Hydroponics Market Size was valued at USD 2.5 billion in 2022. The Hydroponics market industry is projected to grow from USD 3.007 Billion in 2024 to USD 9.11 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 20.3% during the forecast period (2024 - 2030). In the Hydroponics Market landscape, the agriculture sector is under increasing strain to satisfy the rising demand for food and grains, resulting in a diversified quest for high-yielding farming methods, including precision and urban farming. Hence, hydroponics is a potential remedy for concerns related to rising concern over food security in the next years, thus driving the growth of the hydroponics market. These are just a few of the market drivers that are driving the market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Hydroponics Market Trends
- The development of a constant degree of innovation is driving the market growth
The demand for food is expanding as a result of population growth. The Food and Agricultural Organization (FAO) of the United Nations (UN) estimates that by 2050, there will be up to 9.1 billion people on the planet, for whom food production will rise by 25% to 70%. This is expected to increase demand for alternative farming methods that produce large yields in a short amount of time. The use of alternative high-yield agricultural methods is expanding in areas like Asia and Europe, where there is a shortage of arable land and water, which is likely to spur market expansion. Thus, this factor is driving the market CAGR.
In the foreseeable future, improvements in sensing technologies, nutrient film techniques, and climate control, among other areas, are predicted to favor market expansion. Providers of hydroponic farming solutions give customers a variety of sensors, web platforms, software, and mobile applications to monitor and control their crops. For instance, SmartBee Technologies, Inc. provides agriculturalists real-time control through software, irrigation controls, water, fertilizer, and environmental sensors. The sophisticated use of IoT makes automatic and remote data collecting and monitoring possible. Because of these technological developments in hydroponics products, the industry is anticipated to expand quickly. Thus, it is anticipated that this aspect will accelerate hydroponics market revenue globally.
Hydroponics Market Segment Insights
Hydroponics Type Insights
The  Hydroponics market segmentation, based on type includes, aggregate system, and liquid hydroponics. The aggregate systems segment held the majority share in 2022 in the  hydroponics market data. This is due to its universal acceptance among all indoor hydroponic producers and the low cost and ease of setup. Inert and solid media, such as peat, rock wool, vermiculite, sand, sawdust, perlite, or coconut coir, support these systems' plants. Drip, ebb, flow, and wick systems are some of the main technologies used in aggregation systems. The ebb and flow aggregate system is the most popular and recommended due to its simplicity and inexpensive construction costs.
Hydroponics Input Insights
The  Hydroponics market segmentation, based on input, includes growth media, nutrients, and others. The nutrients segment dominated the market growth in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This segment's substantial market share is explained by the requirement to grow crops in both aggregate and non-aggregate systems. Plants' three main nutrients to grow are nitrogen, phosphorus, and potassium. Lack of these nutrients causes the plants to become discolored, grow slowly, and have sporadic blotches. It is projected that these elements will propel the segment, hence contributing in the growth of the hydroponics market
Figure 2: Â Hydroponics Market, by Input, 2024 & 2030 (USD Billion)
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Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Hydroponics Equipment Insights
The  Hydroponics market segmentation, based on equipment includes, HVAC, irrigation systems, led growing lights, and others. The bakery and confectionery segment held the majority share in 2022 in the  hydroponics market data. The HVAC system, which is responsible for cooling, dehumidifying, and maintaining the ideal temperature inside the facility, is crucial to developing indoor growers.
The indoor farming industry is expanding, and grow lights are increasingly used in indoor farming. These factors are largely responsible for the segment's rapid expansion since growing lights emit the critical light that plants need for photosynthesis. Using spectrum-chargeable LED grow lights, gardeners may also experiment with the light recipes to alter the flavor, size, and other characteristics. Also, the European Union's September 2018 ban on older, inefficient halogen units is causing an increase in the adoption of LED to grow lights during the forecast period.
Hydroponics Crop Type Insights
The  Hydroponics market segmentation, based on crop type, includes vegetables, fruits, flowers, others. The vegetables segment dominated the market growth in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Hydroponically grown leafy greens, including spinach, arugula, kale, and lettuce, are becoming increasingly popular. Due to its relatively high raw consumption, green and red leaf lettuce is the most hydroponically cultivated vegetable among indoor growers. Due to the increased demand for lettuce from consumers and fast-food chains on the continent, hydroponically grown lettuce is becoming more popular in North America. It is projected that these elements will propel the segment, hence contributing in the growth of the hydroponics market
Hydroponics Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. European Hydroponics market accounted for USD 1.145 billion in 2022 with a share of around 45.80% and is expected to exhibit a significant CAGR growth during the study period. It can be attributed to the widespread use of hydroponics caused by increasing industrialization and a lack of available land. The developed economies of France, Germany, Greece, Italy, Spain, and the Netherlands are all in Europe. The region is also predicted to see a significant CAGR during the projection period due to the rapid growth of genetically modified agricultural technologies. New product development, partnerships, partnerships, expansions, mergers, and acquisitions are the main strategies used by the organisations in the market.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Â HYDROPONICS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Asia Pacific Hydroponics Market is expected to grow at the fastest CAGR from 2022 to 2030. The widespread use of hydroponics in nations like China, Australia, South Korea, and others can explain this. Due to the emergence of urban hydroponic farms, it is anticipated that the market in China and India will grow significantly during the projection period. Due to the many businesses present there, North America has a significant potential for growth. Further, the China Hydroponics market held the largest market share, and the India Hydroponics market was the fastest-growing market in the region.
North America Hydroponics Market accounts for the second-largest market share. Additionally, commercial vegetable growers are increasingly using hydroponic production since it is a productive way to manage inputs, facilitate the spread of disease and pests, and manage greater production areas without requiring much work. Farmers in the area should adopt hydroponics as a popular growth method since it reduces the need for soil fumigants and can enhance the yields of popular foods. Further, the U.S. Hydroponics market held the largest market share, and the Canada Hydroponics market was the fastest-growing market in the region.
Hydroponics Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Hydroponics market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, mergers and acquisitions, contractual agreements, increased investments, and collaboration with other organizations. Competitors in the hydroponics industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the  hydroponics industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, hydroponics industry has provided medicine with some of the most significant benefits. The Hydroponics market major player such Signify Holdings, American Hydroponics, Argus Control Systems, Grobo, Heliospectra AB, Logiqs B.V.
A proprietary aeroponic growing technique is used by AeroFarms, a sustainable indoor agricultural business headquartered in Newark, New Jersey, to grow food. The corporation owns and runs four farming operations in and around Newark. AeroFarms announced in April 2021 that the building has begun on its second 136,000-square-foot commercial indoor vertical farm in Danville-Pittsylvania County, Virginia.
In 1938, Philips Lighting Holding B.V. was established. The management of funds, trusts, and foundations established for purposes other than philanthropic, educational, or nonprofit research is one of the company's lines of business. The Netherlands-based corporation Signify Holding allocated 4.8% of its revenue to R&D in 2020. This investment is anticipated to aid the business in improving its product line.
Key Companies in the Hydroponics market includes.
- Signify Holdings
- American Hydroponics
- Argus Control Systems
- Grobo
- Heliospectra AB
- Logiqs B.V
- Scotts Miracle Gro
- Hydrodynamics International
- American Hydroponics
- LumiGrow
Hydroponics Industry Developments
July 2022:Â The largest hydroponic farm in the world, supported by a USD 40 million investment, has officially opened its doors in Bustanica. The facility is the one of the first vertical farm for Emirates Crop One, a partnership between Crop One, a pioneer in technology-driven indoor vertical farming, and Emirates Flight Catering (EKFC), one of the largest catering companies in the world, serving more than 100 airlines.
February 2022:Â To establish a long-term research and development partnership encompassing knowledge and technology transfer of modern farming methods to local farmers, AeroFarms and Silal, Abu Dhabi's top fresh produce and agri-tech company, have signed a Memorandum of Understanding (MoU).
Hydroponics Market Segmentation
Hydroponics Type Outlook (USD Billion, 2018-2030)
- Aggregate System
- Liquid Hydroponics
Hydroponics Input Outlook (USD Billion, 2018-2030)
- Growth Media
- Nutrients
- Other
Hydroponics Equipment Outlook (USD Billion, 2018-2030)
- HVAC
- Irrigation System
- LED Growing Lights
- Others
Hydroponics Regional Outlook (USD Billion, 2018-2030)
-
North America- US
- Canada
-
Europe- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia-Pacific- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
-
Rest of the World- Middle East
- Africa
- Latin America
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