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Global Hydroponics Market to Grow at a CAGR of 11.30% During 2022-2027, Aided by the Rising Awareness Regarding the Benefits of Hydroponic Farming
According to a new report by EMR titled, ‘Global Hydroponics Market Report and Forecast 2022-2027’, the market attained a value of nearly USD 10.2 billion in 2020. The market is further expected to witness a healthy growth in the forecast period, growing at a CAGR of 11.30% between 2022 and 2027.
The global market for hydroponics is being driven by the rising awareness regarding its benefits and the increasing global demand for food and agricultural produce, as a result of the rising population. In addition, the increased investments in the agricultural sector in order to promote the concept of sustainable cultivation are also expected to bolster the market growth in the coming years. Moreover, the demand for offseason cultivation of fruits and vegetables is also expected to contribute to the market development. The rising demand for high crop yield, coupled with the increasing inclination towards sustainable farming with reduced pollution as well as improved quality produce is expected to positively impact the market growth in the forecast period.
The market players are increasingly investing in the development of quality cultivation mechanism in order to enhance the cultivation of crops. In September 2021, GrowGeneration Corp (NASDAQ: GRWG) opened two new hydroponic garden centres to serve the largest hydroponic market in Los Angeles County, California. Furthermore, another leading vendor of hydroponics equipment, Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM), in March 2021, announced the launch of new indoor sustainable farming equipment to expand the company’s portfolio of innovative products in the lighting, nutrients, climate control, and growing media segment. Such developments are expected to positively impact the growth of the hydroponics industry in the forecast period.
Market Breakup by Product Type, Equipment, Crop Type, and Region:
- The market is divided based on product type into aggregate hydroponic system and liquid hydroponic system. Among these, aggregate hydroponic systems can be further divided into closed system and open system.
- On the basis of equipment, the market can be distributed into heating, ventilation and air conditioning (HVAC), LED growing lights, irrigation systems, and control systems, among others.
- Based on crop type, the industry is segregated into vegetables, fruits, and flowers, among others.
- Region-wise, the global market for hydroponics can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Key Findings of the Report:
- The global market for hydroponics is being driven by the increasing demand for food and agricultural produce.
- In addition, the growing global population has significantly contributed to the market expansion.
- Increased investments in research and development activities around hydroponics cultivation have been contributing to the market growth.
- The growing agriculture industry and the increasing focus on sustainable practices are expected to further propel the market growth.
Key Offerings of the Report:
- The EMR report gives an overview of the global market for hydroponics for the periods (2017-2021) and (2022-2027).
- The report also offers historical (2017-2021) and forecast (2022-2027) market information for the product types, equipment, crop types, and major regions of hydroponics.
- The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.
The major players in the global hydroponics market are Argus Control Systems Limited, AeroFarms, LLC, Heliospectra AB, Freight Farms, Inc., and Triton Foodworks Pvt. Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.
EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.
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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
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