Global Hydroponics System Market worth $25.1 billion and Hydroponics Crop Market is estimated to reach USD 53.4 billion by 2027 - Report by MarketsandMarkets™
MarketsandMarkets Research Pvt. Ltd.
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MarketsandMarkets Research Pvt. Ltd.
RISE IN DEMAND FOR FRESH FOOD IN URBAN AREAS ACROSS GLOBE TO DRIVE MARKET FOR HYDROPONICS
Chicago, Nov. 07, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets, the Hydroponics Market is valued at USD 12.1 billion in 2022 and is projected to reach USD 25.1 billion by 2027. The global hydroponics crop market is estimated to be valued at USD 37.7 billion in 2022 and is projected to reach USD 53.4 billion by 2027, recording a CAGR of 7.2% from 2022 to 2027.
Hydroponic offers various advantages such as lower water consumption, better control of nutrient levels, lower susceptibility to pests or diseases, and higher yields. All these factors are expected to the drive the global hydroponics market.
The aggregate systems segment accounted for the second-largest share of the global hydroponics market
Based on types, the aggregate systems segment gained the second-largest market share in the hydroponics market. Aggregate systems in hydroponics farming include models such as wick systems, drip systems, and ebb & flow systems. These systems are widely used for crop production since the growing media helps support the roots, thereby driving the growth of this segment.
The LED grow light segment is projected to grow at the highest CAGR in the hydroponics market during the study period
Based on equipment, the LED grow light segment accounted for the largest market share and is expected to grow with the highest CAGR in the hydroponics market. LED grow lights are artificial lights that aid in the growth of plants by mimicking the sun lights’ whole spectrum or by adjusting the light spectrum to the demands of the plant in a grow room. They are a crucial component of a complete hydroponic system.
The nutrients segment projected to grow with the highest CAGR in the hydroponics market during the review period
By input, the nutrients segment is expected to grow tremendously in the hydroponics market. During the application of nutrients, nutrient concentration to suffice plant needs at every growth phase and EC strength at the growth stage must be monitored. Apart from NPK, trace elements also play a vital role in plant growth. Trace minerals are nutrient catalysts hailed as the most versatile and effective plant additives. They improve the uptake and effectiveness of all plant nutrients and provide ample quantities of auxins, gibberellins, and cytokinins to promote cell division, enlargement, differentiation of cells, and development of chloroplasts, as well as a delay in aging.
By crop type, the fruits segment is anticipated to grow at the highest CAGR in the hydroponics market during the forecast period
Fruits grown using hydroponic systems can be harvested throughout the year due to the interior conditions of the greenhouse. Water-adaptable fruits such as watermelons, cantaloupes, and tomatoes are the ideal choice for farmers as they are easier to grow using hydroponic methods. Some farmers even opt for exotic fruits and pineapples in hydroponic units, provided the right conditions are met.
The Asia Pacific region is projected to be the fastest-growing region in the global hydroponic market in the forecast period
Asia Pacific region is experiencing high growth in the market due to increasing demand for fresh food among the urban population and government support in establishing hydroponic farms by means of subsidies. Developments are witnessed in countries such as South Korea, Australia, and China. Chinese farmers have introduced advanced growing techniques, such as controlled environment agriculture, to increase their productivity. All these factors are driving the growth of Asia Pacific hydroponic market.
Key Players: The key players in this market include Tate & Lyle (UK), Emsland (Germany), Ingredion Incorporated (US), and Avebe (Netherlands).
Indoor Farming Technology Market by Growing System (Hydroponics, Aeroponics, Aquaponics, Soil-based, Hybrid), Facility Type, Component, Crop Type (Fruits & Vegetables, Herbs & Microgreens, Flowers & Ornamentals), and Region - Global Forecast to 2026
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