Hydroponics Market Is Expected To Reach Revenue Of USD 66.6 Bn By 2033, At 16.2% CAGR: Dimension Market Research.

Advancements and Projections in the Global Hydroponics Market: Insights, Trends, Opportunities, and Recent Developments

New York, Oct. 08, 2024 (GLOBE NEWSWIRE) — Overview

The Global Hydroponics Market is projected to reach USD 17.3 billion in 2024 which is further anticipated to reach USD 66.6 billion by 2033 at a CAGR of 16.2%.

The use of hydroponic technologies is increasingly being adopted as a soil-free method of farming for better and self-controlled growth of crop plants. This fulfill the demand for efficient farming solutions with lower set-up costs associated with aggregate systems.

This is happening predominantly in regions that have little arable land, so it fuels the market in hydroponic vegetables that dominate due to short cycles of growth. Rising indoor farming trends are rapidly fueling year-round crops.

The main focus of market leaders is in the area of research and development, as increasing awareness about sustainable farming practices among consumers is going to drive the market through 2033.

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The US Hydroponics Market

The US Hydroponics Market with an estimated value of USD 4.2 billion in 2024 is projected to increase at a compound annual growth rate of 15.2% until reaching USD 15.1 billion by 2033.

The highly potential US hydroponics market is expected to increase rapidly due to increasing consumer interest in locally grown organically produced food and advancement in hydroponics technology.

This growth is driven specifically by urban farming particularly in residential settings and small-scale projects. The growth potential is immense under the current scenario in terms of innovation in hydroponic and indoor framing systems, where optimized plant growth is attainable.

Key players are increasingly adding more products to their portfolios and increasing the efficiency of the systems. Recent innovations in high-efficiency LED grow lights and climate control have added to increasing crop yields while reducing energy usage, which again would spur the market growth and make it sustainable.

Important Insights

  • Global Market Value: The global hydroponics market is estimated to be valued at USD 17.3 billion in 2024 and is projected to reach USD 66.6 billion by 2033.
  • S. Market Overview: The U.S. hydroponics market is expected to be valued at USD 4.2 billion in 2024 and forecasted to reach USD 15.1 billion by 2033, growing at a CAGR of 15.2%.
  • Type Segment Analysis: Aggregate hydroponic systems are predicted to dominate the global market by type, commanding 56.4% of the market share in 2024.
  • Crop Type Analysis: Vegetables are expected to lead the global hydroponics market by crop type, securing the highest market share in 2024.
  • Crop Area Segment: The above 50,000 sq. ft segment is anticipated to dominate the global market by crop area, holding 49.0% of the market share by the end of 2024.
  • End-User Segment Analysis: Commercial growers are projected to lead the global hydroponics market’s end-user segment in 2024.
  • Regional Insights: The Asia Pacific region is expected to hold the largest market share in the global hydroponics market, with a 38.2% share in 2024. North America is projected to account for 29.1% of the global market share by the end of 2024.
  • Global Growth Rate: The global hydroponics market is anticipated to grow at a CAGR of 16.2% during the forecast period.

Latest Trends

  • Rising Urbanization: Global urbanization is surging, creating an increased demand for vertical farming and urban hydroponic farms. Hydroponics efficiently drops into the crux of yearly crop production in cities, optimizing space and climatic factors to correctly quantify food output, hence remaining as one of the crucial methods for sustainable agriculture in urban areas.
  • Technological Advancements: Advances in hydroponic technology include automated nutrient monitoring and AI-driven crop management. These innovations enhance efficiency and scalability, particularly in commercial farming, with IoT-integrated AI systems leading to significant market growth.

Hydroponics Market: Competitive Landscape

The hydroponics market across the globe is highly competitive, primarily by the key players, including aero supply Inc., Emirates Hydroponics Farms, and general hydroponics. These market players are fundamentally involved in the construction of robust and innovative hydroponics system to offer services to plant better, regulate maximum growth and ensure optimization concerning resource input.

Traditional building business and new entrants dominate as well. Competition is recently being enhanced owing to the increased number of companies seeking to dominate the significant market share. Some essential strategies implemented are the partnerships, alliances, merger and acquisition, and R&D or innovation.

Some of the prominent market players:

  • AeroFarms
  • AmHydro
  • Argus Control Systems Limited
  • Emirates Hydroponics Farms
  • Freight Farms, Inc.
  • Heliospectra
  • Signify Holding
  • Nutrifresh India
  • UrbanKisaan
  • Other Key Players

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Hydroponics Market Scope 

Report Highlights Details
Market Size (2024) USD 17.3 Bn
Forecast Value (2033) USD 66.6 Bn
CAGR (2024-2033) 16.2%
North America Revenue Share 29.1%
Asia Pacific Revenue Share 38.2%
Historical Data 2018 – 2023
Forecast Data 2024 – 2033
Base Year 2023
Estimate Year 2024
Segments Covered By Type, By Crop Type, By Crop Area, By Input, By Farming, By Equipment, By End-User
Regional Coverage North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Market Analysis

It is forecast that aggregate hydroponic systems will acquire up to 56.4% of the global hydroponics market by 2024, since such systems are simple, cheap, and easy to work with. Systems in this category include EBB & flow, drip, and wick systems, which use perlite, coco coir, or Rockwool as growing media.

All these hold moisture and nutrients well, and they can be used with most kinds of crops and in environments, especially for those crops from smaller operations taking much of the space and having limited capital. Aggregate systems are customizable and accessible, appealing to both commercial growers and hobbyists, ensuring their market dominance.

Hydroponics Market Segmentation

By Type

  • Aggregate Hydroponics Systems
    • EBB & Flow Systems
    • Drip Systems
    • Wick Systems
    • Passive Sub-Irrigation
    • Rotary Hydroponics
    • Dutch Bucket System
  • Liquid Hydroponics Systems
    • Deep Water Culture
    • Nutrient Film Technique (NFT)
    • Aeroponics
    • Floating Raft Systems

 By Crop Type

  • Vegetables
    • Leafy Greens
      • Lettuce
      • Spinach
    • Herbs
      • Basil
      • Cilantro
    • Vine Crops
      • Tomatoes
      • Cucumbers
  • Fruits
    • Berries
      • Strawberries
      • Blueberries
    • Melons
      • Watermelons
      • Cantaloupes
    • Flowers
      • Cut Flowers
      • Ornamental Plants

By Crop Area

  • Upto 1000 sq. ft.
    • Small-scale Urban Farms
    • Residential Hydroponics
  • 1000-50000 sq. ft.
    • Commercial Greenhouses
    • Community Gardens
  • Above 50000 sq. ft
    • Large-scale Commercial Operations
    • Industrial Hydroponics Facilities

By Input

  • Nutrients
    • Organic Nutrients
    • Synthetic Nutrients
  • Grow Media
    • Rockwool
    • Coco Coir
    • Perlite
    • Clay Pellets
    • Peat Moss
    • Vermiculite
  • Others

By Farming Method

  • Indoor
  • Outdoor

By Equipment

  • HVAC
    • Climate Control Systems
    • Air Circulation Fans
  • LED Grow Light
    • Full Spectrum Lights
    • Adjustable Spectrum Lights
  • Irrigation Systems
    • Drip Irrigation
    • Automated Irrigation Controllers
  • Material Handling
    • Conveyors
    • Automated Storage and Retrieval Systems (ASRS)
    • Plant Transportation Carts
  • Control Systems
    • Environmental Control Systems
    • Nutrient Monitoring Systems
  • Others

By End-User

  • Commercial Growers
  • Residential Users
  • Research Institutions

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Growth Drivers

  • Increase in global population escalates the demand for food. Hydroponics, as mentioned earlier, offers a solution to grow crops in urban areas without much land available, as it provides a sustainable way of curbing water usage and does not require soil.
  • The opportunities in hydroponics are growing not only from the deliberate water conservation technique but also from nutrient recycling, which is a process of minimizing waste. This eco-friendly approach attracts investment and supports the market’s expansion.

Restraints

  • The high initial cost of setting up advanced hydroponic systems remains a major barrier, particularly for small- and medium-sized farmers, and in developing regions where access to capital is limited.
  • Operating hydroponic systems requires technical expertise in nutrient monitoring, environmental control, and disease management. The complexity and reliance on technology can lead to potential failures, posing financial risks.

Growth Opportunities

  • Emerging markets in Asia-Pacific and Latin America offer significant growth potential for hydroponics. Urbanization and government initiatives promoting sustainable agriculture are driving demand for hydroponic farming in these regions.
  • Smart hydroponic technologies, including AI, IoT, and data analytics, present massive opportunities for improving crop production efficiency and reducing operational costs. Investments in these technologies are poised to drive substantial market growth.

Regional Analysis

Asia Pacific is projected to lead the hydroponics market with 38.2% by 2024 due to rapid urbanization, population growth, and demand for sustainable agriculture. Countries like China, Japan, and India are increasingly adopting hydroponics due to advanced technology allowing efficient land usage; as well as government initiatives and ideal indoor farming conditions further supporting this region’s market dominance.

North America, holding 29.1% market share, benefits from early adoption of technology and urban vertical farming. Europe, led by the Netherlands, Germany, and the UK, emphasizes sustainability and organic food, contributing to the market’s growth.

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By Region

North America

  • The U.S.
  • Canada

Europe

  • Germany
  • The U.K.
  • France
  • Italy
  • Russia
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • South Korea
  • India
  • ANZ
  • ASEAN
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Rest of Latin America

Middle East & Africa

  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Egypt
  • Rest of MEA

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Recent Developments in the Hydroponics Market

  • August 2024: AeroFarms Inc. completed its largest vertical farm in Singapore, expected to produce over 1 million pounds of leafy greens annually.
  • July 2024: Emirates Hydroponics Farms partnered with a UAE retail chain to supply locally grown hydroponic produce, reducing food imports.
  • June 2024: General Hydroponics launched organic nutrient solutions for small-scale and home-based hydroponic systems, tapping into the DIY market.
  • May 2024: AeroFarms Inc. raised USD 50 million in Series D funding to expand global operations and enhance hydroponic technologies.
  • March 2024: Emirates Hydroponics Farms opened an R&D center in Abu Dhabi to develop hydroponic technologies for arid climates.
  • February 2024: General Hydroponics partnered with a European supermarket chain to supply hydroponically grown herbs and vegetables, focusing on sustainability.
  • January 2024: The Dutch government launched a funding initiative to support SMEs in adopting advanced hydroponic systems in the Netherlands.

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