Pune, 18, Nov 2022: According to the “Hydroponics Market” report published by Maximize Market Research, the market is expected to grow from USD 10.57 Billion in 2021 to USD 24.89 million in 2029, at a CAGR of 11.3 percent during the forecast period from 2022 to 2029.
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Hydroponics Market Overview
Hydroponics is a farming method used to cultivate plants in an environment devoid of soil, such as a mineral fertilizer and water solution. As a subset of hydroculture, which uses mineral fertilizer solutions in water instead of soil and is one of the fastest-growing soilless agricultural techniques globally. The hydroponics industry is mostly driven by the increased demand for exotic vegetables used in multi-national and intercontinental cuisines, such as kale, lettuce, broccoli, cucumber, and cilantro. This is a result of rising consumer demand for natural and chemical-free food products. This component helps the hydroponics industry grow.
Hydroponics Market Dynamics
This rapid growth rate is attributable to the growing use of hydroponic systems for growing crops indoors. Additionally, due to the legalization of marijuana in nations like Canada, the Czech Republic, South Africa, and others, the adoption of alternative farming techniques for the growing of cannabis is rapidly increasing. The demand for hydroponics is expected to increase as customers become more conscious of the negative health consequences of pesticides and artificial ripening agents. This is because hydroponics eliminates the need for these items and produces vegetables that are more nutritious. The popularity of these systems is expected to increase in the near future due to their low installation costs and simplicity of use.
The rise in the world’s food demand is a key element in the market’s revenue growth. The growing population over the previous ten years has resulted in a marked increase in food demand. However, due to the enormous influence of rapid climate change and unpredictable weather patterns on agricultural output, rising demand cannot be satisfied. As a result, there is now a greater need for alternative and sustainable agricultural methods like hydroponics, which is expected to dramatically enhance revenue.
The primary benefit of a hydroponics system is that it is not dependent on weather conditions. Demand for hydroponics systems is expected to increase quickly as a result of the improved ability to tailor various parameters, including temperature, water content, and the fertiliser needed for plant growth in a small amount of space. This guarantees consistent crop production with high nutrient content and makes it possible to more effectively manage the spread of various plant-related diseases. This is a big benefit for farmers to keep up consistent output, which is expected to propel market revenue growth.
Hydroponics Market Regional Insights
The growth of hydroponics in Europe was supported by greenhouse agriculture in the region. In order to grow crops hydroponically, a number of European firms, including General Hydroponics and Hydroponic System International, joined the market with hydroponic tools and technology, along with growth mediums and nutrients; this encouraged the growers to employ such technologies. The Asia Pacific is expected to grow at a significant growth rate through the forecast period. The region’s growth is attributed to the rising urban population demand for fresh food and government subsidies for the establishment of hydroponic farms.
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Hydroponics Market Segmentation
By Type
By Material
By Application
By Industry
Hydroponics Market Key Competitors
Key questions answered in the Hydroponics Market are:
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Vertical Farming Market: Vertical Farming Market was valued at USD 4.03 Billion in 2021, and it is expected to reach USD 15.78 Billion by 2029, exhibiting a CAGR of 18.6 % during the forecast period (2022-2029). Vertical farming is critical to minimising agriculture’s environmental effect. It minimises the quantity of water needed to grow the same or more crops. It also eliminates the need of herbicides and pesticides in agricultural production and reduces the requirement for transportation.
Indoor Farming Market: Indoor Farming Market size is expected to grow at a CAGR of 11% during the forecast period and the market size is expected to reach nearly US$ 42.53 Billion by 2029. Indoor farming has better output than traditional agricultural methods, which is one of its primary advantages. Indoor farming facilities offer ideal growing conditions for farmers, allowing them to cultivate a crop from seed to harvest in less time and with greater yields in each cycle while using less land.
Precision Farming Market: The Precision Farming Market size was valued at US$ 7.58 Billion in 2021 and the total precision farming revenue is expected to grow at 12.9% through 2022 to 2029, reaching nearly US$ 20.02 Billion. Rising government support for adopting new agricultural practices, as well as the growing requirement for effective crop health monitoring, are projected to fuel market growth. The cloud-based software model is expected to hold a high market share by 2029 since it decreases energy consumption and provides enormous amounts of data storage while allowing cost savings.
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