According to the recent FMI report, the hydroponics market size is anticipated to cross a value of US$ 58.1 Billion in 2032, growing at a CAGR of 16.2% approximately between 2022 and 2032.
A significant driver of the hydroponics market is the emerging trend for exotic vegetables for use in intercontinental cuisines. This is due to consumers' growing preference for natural and chemical-free food products. This factor accelerates the global hydroponics market growth. The developing world is focusing on technological developments to increase production and push demand for hydroponic-based products.
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Future hydroponics market growth may also be aided by rising consumer knowledge of the benefits of eating fresh veggies. During the projection year, sales are expected to increase due to the desire for exotic vegetables like red and yellow capsicum and red lettuce in fast food and retail chains like Burger King and KFC.
Since climatic changes have little effect on such systems, crops can be grown all year, increasing annual output. Salad crops are also becoming more popular, and the growing need for food security may drive global hydroponics market growth. The primary factor driving the growth of the global hydroponics market is people's shifting preferences for hydroponics as profit farming. Certain constraints and challenges will stymie overall hydroponics market growth.
Furthermore, with rapid urbanisation, the demand for hydroponically grown vegetables and crops has increased from a variety of industries, including hotels, restaurants, fast food chains, railway catering, NGOs, and defence, encouraging farmers to cultivate using hydroponics systems.
Key Takeaways from the Hydroponics Market Study:
- The focus of the developing world is on creating technological innovations that will speed up production and increase consumer demand for products made in hydroponic systems.
- When planted under same conditions, the hydroponic plant grows 3050% quicker than a soil plant.
- Given that the technique is very effective in accelerating vegetable crop growth, the use of hydroponics in the production of vegetable crops is expected to stay high during the forecast period.
- A basic system that is not fully automated can run up to US$ 110,000 for a hydroponic farm that is 500 square feet in size.
Due to customers' greater spending power as a result of health concerns, the demand for vegetables and exotic fruits has been steadily increasing at a faster rate. Due to the fact that the majority of these products are imported, their prices are exorbitant. In order to increase the production of exotic fruits and vegetables and satisfy the rising demand, various research institutions and colleges are concentrating on setting up more straightforward hydroponics systems.
Increasing efforts to expand the area under commercial hydroponic systems in Europe are expected to aid hydroponics market growth. The Asia Pacific hydroponics market is expected to grow at the fastest rate due to the increasing use of hydroponics in countries.
Australia is the world's largest producer of hydroponic lettuce, and its hydroponic strawberry cultivation exceeds that of the United States. The hydroponic market is expected to grow at a rapid pace in countries where land with poor soil quality is increasing.
The Middle East and Africa hydroponics market is expected to grow rapidly, owing to the presence of countries such as Israel, where hydroponics is being used to produce a variety of citrus fruits, berries, and other commercial crops.
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Landscape of Competition
The global hydroponics input provider market is consolidated, with major layers accounting for the lion's share of the hydroponics market. Koninklijke Philips N.V., Argus Control Systems Ltd., American Hydroponics, Hydrodynamics International, Inc., and Lumigrow, Inc. are some of the market's major players.
The market for hydroponic systems output is highly fragmented, with the top five companies, which include Bright Farms, Inc., FreshBox Farms, Pegasus Agritech, Village Farms International, Inc., and Thanet Earth, among others, accounting for only 7.1% of the market, while the rest is split among numerous players.
Get Valuable Insights into Hydroponics Market
FMI, in its new offering, provides an unbiased analysis of Hydroponics Market presenting historical demand data (2017-2022) and forecast statistics for the period from (2022-2032). The study divulges compelling insights on the demand for Hydroponics based on Type (Aggregate Systems, Liquid Systems) by Equipment (HVAC, Control Systems, LED grow Lights, Irrigation Systems, Material Handing and Others) by Input (Nutrients, Rockwool) by Crop Type (Vegetables, Herbs, Fruits, Flowers) by Region (North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East and Africa )
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