Hydroponics Market Outlook 2024, Share, Size, Key Players and Forecast By 2032

Written by Elena Anderson  »  Updated on: July 08th, 2024

Hydroponics Market Outlook 2024, Share, Size, Key Players and Forecast By 2032

IMARC Group’s latest report, titled “Hydroponics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a comprehensive analysis of the hydroponics market outlook. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.

the global hydroponics market size reached US$ 13.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 32.5 Billion by 2032, exhibiting a growth rate (CAGR) of 10.1% during 2024-2032.

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Factors Affecting the Growth of the Hydroponics Industry:

Increasing Environmental Concerns and Sustainability:

The hydroponics industry has experienced significant growth in recent years, driven in part by increasing environmental concerns and a growing emphasis on sustainability. Traditional agricultural practices often involve the extensive use of water, pesticides, and fertilizers, which can lead to soil degradation, water pollution, and significant resource consumption. Hydroponics, as a soil-less cultivation method, offers a more sustainable alternative. Hydroponic systems use less water compared to conventional farming, as water is recirculated and optimized for plant growth. This reduces the strain on water resources, especially in water-scarce regions. Additionally, hydroponic systems are highly efficient in nutrient delivery, minimizing the need for chemical fertilizers. With the rising demand for organic produce and eco-friendly farming practices, the hydroponics industry is well-positioned to thrive as a sustainable solution to modern agricultural challenges.

Technological Advancements and Precision Agriculture:

Hydroponics industry is the continuous advancement of technology and the adoption of precision agriculture techniques. Hydroponic systems are highly adaptable to automation and control systems, allowing growers to monitor and adjust environmental conditions such as temperature, humidity, and nutrient levels with precision. This level of control enhances crop yield and quality. The integration of sensors, data analytics, and artificial intelligence (AI) in hydroponics has revolutionized crop management. Growers can receive real-time data on plant health, optimize resource utilization, and detect issues early, reducing crop losses. Moreover, the ability to grow crops in controlled environments, such as vertical farms or greenhouses, extends the growing season and enables year-round production, further increasing the industry's attractiveness.

Growing Urbanization and Limited Arable Land:

Urbanization is a global trend, with more people residing in cities than ever before. As cities expand, available arable land for traditional agriculture becomes limited. This challenges the supply of fresh produce to urban populations. Hydroponics offers a solution by enabling cultivation in urban spaces, including rooftops, vacant buildings, and small lots. The compact and versatile nature of hydroponic systems allows growers to maximize space utilization, making it ideal for urban farming. By bringing food production closer to urban centers, the hydroponics industry reduces transportation distances, decreasing carbon emissions associated with food distribution. This localized approach to farming aligns with the preferences of environmentally conscious consumers and supports the growth of the industry.

Competitive Landscape with Key Players:

AeroFarms

Argus Control Systems Limited (Controlled Environments Limited)

BrightFarms

General Hydroponics Inc

GreenTech Agro LLC

GrowLife Inc

Hydrodynamics International

Hydrofarm LLC

Logiqs B.V

LumiGrow Inc

Thanet Earth Limited

Village Farms International Inc

Global Hydroponics Market Trends:

The global market is primarily driven by changing dietary preferences and increased awareness of the nutritional value of fresh produce has significantly impacted the hydroponics market. Additionally, the growing cycles and higher crop yields compared to traditional soil-based agriculture are impelling the market growth.

Moreover, altering climate change and the increasing volatility of weather patterns has augmented the demand for this product in the market. Furthermore, rapid legalization continues to spread, the hydroponics industry is poised to benefit from the expanding market of legal cannabis cultivation. In line with this, continual technological advancements and innovation in hydroponic systems play a pivotal role in market expansion.

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Key Market Segmentation:

Breakup by Type:

Aggregate Hydroponic System

Closed System

Open System

Liquid Hydroponic System

Aggregate hydroponic system represented the largest segment due to their versatility and suitability for a wide range of crops, offering growers a flexible and efficient cultivation method.

Breakup by Crop Type:

Tomato

Lettuce and Leafy Vegetables

Pepper

Cucumber

Microgreens

Others

Tomato represented the largest segment because hydroponic systems provide precise control over growing conditions, resulting in consistently high-quality tomatoes that meet consumer demand for year-round availability.

Breakup by Equipment:

HVAC

LED Grow Light

Irrigation Systems

Material Handling

Control Systems

Others

HVAC (heating, ventilation, and air conditioning) represented the largest segment as it is essential for maintaining the optimal climate and environmental conditions necessary for successful hydroponic crop cultivation.

Breakup by Region:

North America (United States, Canada)

Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)

Europe (Germany, France, United Kingdom, Italy, Spain, Others)

Latin America (Brazil, Mexico, Others)

Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

North America’s dominance in the hydroponics market is attributed to a strong focus on sustainable agriculture, increasing demand for fresh produce, and favorable government policies supporting hydroponic farming practices.

Key Highlights of the Report:

Market Performance (2018-2023)

Market Outlook (2024-2032)

Porter’s Five Forces Analysis

Market Drivers and Success Factors

SWOT Analysis

Value Chain

Comprehensive Mapping of the Competitive Landscape

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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