Redding, California, March 02, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled, “Hydroponics Market by Type (Aggregate System, Non-aggregate System), Equipment (HVAC System, LED Grow Lights, Irrigation System, Control System, Material Handling), Input (Nutrients, Growth Media), Crop Type (Vegetables, Fruits) – Global Forecast to 2030”, the hydroponics market is expected to reach $35.4 billion by 2030, at a CAGR of 15.6% during the forecast period 2023–2030.
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Hydroponics is a cropping system that makes plants grow in a nutrient-rich water solution. Crops grown hydroponically can be grown anywhere on earth at any time of the year, regardless of weather conditions, availability of cultivable land, or soil quality. Hydroponic farming has the potential to provide fresh, local food for areas with extreme droughts and low soil quality, such as in sub-Saharan Africa, where access to leafy green vegetables is often limited. In addition, hydroponics farming allows a plant to grow 50% faster than the conventional method. It eliminates the need for pesticides and herbicides. In hydroponic gardening, recycled and reused water reduces the need for fresh water and requires less space. It is considered that hydroponics consumes 20 times less water than conventional agriculture.
The major factors driving the hydroponics market include the growing population and reduction in arable land, changing climatic conditions and erratic weather patterns, rising need to increase agricultural productivity, increase in demand for fresh food products among the urban population, and growing demand for chemical-free fruits and vegetables. In addition, the rising adoption of hydroponics farming for cannabis cultivation further supports the growth of this market.
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Moreover, technological advancement in the hydroponics sector and the increasing adoption of urban farming using vertical hydroponics systems are expected to provide significant growth opportunities to the stakeholders operating in this market. However, the critical management requirement, lack of knowledge and expertise in developing countries, and high capital investment for large-scale farms are some factors that hinder the growth of the hydroponics market to some extent.
The global hydroponics market is segmented on the basis of type (non-aggregate systems {deep water culture, nutrient film technique (NFT), aeroponics system, and other non-aggregate systems}, aggregate systems {ebb and flow system, drip system, wick system, and other aggregate systems}); equipment (HVAC system, led grow lights, irrigation system, control system, other equipment); input (nutrients and growth media); and crop type (vegetables, fruits, flowers, and other crop types). The study also evaluates industry competitors and analyses the market at the regional and country levels.
The Impact of COVID-19 on the Hydroponics Market
The COVID-19 outbreak caused by the SARS-CoV-2 virus created a severe public health emergency globally, spreading quickly in more than 150 countries. Numerous countries worldwide declared emergencies and announced complete nationwide, statewide, or citywide lockdowns to combat & control the spread of this disease, halting all travel, transport, manufacturing, educational institutions, and non-essential trade, significantly impacting many industries globally.
In the agriculture sector, the hydroponics market registered a strong slowdown in sales during the first quarter of 2020 due to disrupted logistics and transportation. The hydroponics market also witnessed interruptions in the complete value chain, from input materials supply to production, packaging, and distribution of the produce. The effects of the COVID-19 outbreak on the hydroponics market were noticed in early 2020 in Europe and North America, one of the world’s largest producers and consumers of hydroponics.
Furthermore, the agriculture industry faced many challenges during the initial phases of the spread of the pandemic. There was a huge work shortage on the farm, and a few farmers missed their window of opportunity for harvesting seasonal crops. The decline in prices of agricultural produce and disruption in logistics also added to the challenges.
After the initial phase of the outbreak of the COVID-19 pandemic, people started to avoid outdoor food, with food safety and health becoming key to focus. This resulted in a positive impact on the hydroponics industry since mid-2020. People around the world have shown an inclination towards self-made meals. As the demand for indoor food increased, the urban hydroponic farming systems sector experienced a sharp increase worldwide.
Further, the COVID-19 pandemic also prompted some countries to use hydroponics to deal with disruptions in the global supply chain. For instance, countries like Netherlands and Singapore, which have limited agricultural land and majorly rely on imports to meet the food demand, have focused on investing billions after the pandemic to build industrial hydroponics farms. Thus, after the initial phase of the outbreak of COVID-19, the global hydroponics market experienced rapid growth and is expected to remain the same in the forthcoming years.
Based on type, the hydroponics market is segmented into non-aggregate systems (liquid systems) and aggregate systems. The aggregate systems segment is projected to grow at the highest CAGR during the forecast period of 2023–2030, owing to its low initial cost of setting up and sophisticated modular design that allows users to scale up systems for higher yields. Aggregate hydroponic systems consist of a solid, inert medium that supports the plants. In addition, the primary technologies in aggregate systems include drip, ebb and flow, and wick systems. The ebb and flow system is the most common mode of an aggregate system that is preferred as it is easy and economically cheap to build.
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Based on type, the hydroponics equipment market is segmented into HVAC systems, LED grow lights, irrigation systems, control systems, and other equipment. The LED grow lights segment is projected to grow at the highest CAGR during the forecast period of 2023–2030. The fast growth of this segment is mainly attributed to the growing indoor farming and rising adoption of the grow light in indoor farming, as they play a vital role in plant photosynthesis as it emits essential light required by plants for photosynthesis. Also, growers can experiment with the light recipes to change the flavor, size, and other aspects using spectrum-chargeable LED grow lights. Further, the ban on older and inefficient halogen units in the European Union from September 2018 is increasing the adoption of LED grow lights during the forecast period.
Based on type, the hydroponics input market is segmented into nutrients and growth media. The nutrients segment is expected to account for the larger share of the hydroponics input market in 2023, owing to its necessity to grow crops in both aggregate and non-aggregate systems. Nitrogen, phosphorus, and potassium are the major nutrients required for the growth of plants. The deficiency of these nutrients caters to the growth of discoloration, stunted growth, and scattered spots in the plants.
Based on crop type, the hydroponics market is segmented into vegetables, fruits, flowers, and other crop types. In 2023, the vegetables segment is expected to account for the largest share of the global hydroponics market. This segment’s large market share is attributed to the growing demand for premium quality and exotic vegetables. The demand for exotic vegetables has constantly been growing at a higher rate due to the increased purchasing power of consumers in most developed and developing countries. The cost of these exotic products is high, and thus hydroponics farmers are highly focusing on establishing more simplified hydroponics systems to accelerate the production of exotic vegetables and meet the escalating demand. Also, with the rapid urbanization, the demand for hydroponically grown vegetables has been increasing from QSRs, hotels, fast food chains, railway catering, NGOs, and defense, supporting the growth of this global market.
Based on geography, the global hydroponics market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2023, Europe is expected to account for the dominant position in the global hydroponics market. The dominant position of this region is primarily attributed to the presence of key players, technological advancements, high adoption of hydroponics driven by rapid industrialization and scarcity of land, availability of required infrastructure to run hydroponics farms, and rising demand for fresh and chemical-free food. Moreover, the rising government support for hydroponics farming further drives the growth of this market.
Some of the key players operating in the hydroponics market are Argus Control Systems Ltd. (Canada), Signify Holding B.V. (Netherlands), The Scotts Miracle-Gro Company (U.S.), Hydroponic Systems International (Spain), Hydrodynamics International Inc (U.S.), AmHydro (U.S.), Emerald Harvest (U.S.), Heliospectra AB (Sweden), Freight Farms, Inc. (U.S.), Logiqs BV (Netherlands), AirLogix (U.S.), and Nutriculture Grow Systems (U.K), among others.
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Scope of the Report:
Hydroponics Market, by Type
- Non-aggregate System (Liquid System)
- Deep Water Culture
- Nutrient Film Technique (NFT)
- Aeroponics System
- Other Non-aggregate System
- Aggregate System
- Ebb and Flow System
- Drip System
- Wick System
- Other Aggregate System
Hydroponics Equipment Market, by Type
- HVAC System
- LED Grow Lights
- Irrigation System
- Control System
- Other Equipment
Hydroponics Input Market, by Type
- Nutrients
- Growth Media
Hydroponics Market, by Crop Type
- Vegetables
- Fruits
- Flowers
- Other Crop Types
Hydroponics Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- Netherlands
- Spain
- France
- U.K.
- Greece
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Middle East & Africa
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Source: Globenewswire