by The global Hydroponics Market is estimated to be valued at US$ 467.17 Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hydroponics is a method of growing plants using mineral nutrient solutions, in water, without soil. It relies on different techniques such as nutrient film technique, deep water culture, screen of nuts among others. Hydroponic farming enables higher yields with less water and space.
Market key trends:
One of the key trends in the hydroponics market is extensive research in LED lighting technology for indoor farming. LED lights allow precise spectrum tuning and are more energy efficient than traditional lighting such as HPS and metal halide. LEDs also emit less heat than traditional lighting solutions which is suitable for indoor vertical farming. Research is ongoing to develop customized LED lights optimized for different plants stages of growth and maximizing productivity.
SWOT Analysis
Strength: Hydroponics allows for higher crop yields per unit area as it uses water and nutrients more efficiently. It reduces the dependence on soil and allows year-round production.
Weakness: Hydroponic farming has high initial setup and maintenance costs. It is also an energy-intensive process which increases operating costs. There is a learning curve involved for farmers to master this technique.
Opportunity: The increasing global population and declining arable land are driving the need for innovative food production techniques. Hydroponics can help address global food security issues. Urban farming using hydroponics also presents an opportunity to produce food closer to urban consumers.
Threats: Unpredictable weather patterns and natural disasters can disrupt hydroponic operations by damaging infrastructure. Hydroponic farming also depends on a continuous supply of resources like water, nutrients, and electricity.
Key Takeaways
The Global Hydroponics Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing emphasis on sustainable agricultural practices.
North America currently dominates the hydroponics market owing to favorable government initiatives and high consumer demand for organically grown foods in the region. Europe is another major market for hydroponics driven by increasing organic farmlands. Asia Pacific is expected to be the fastest growing regional market over the forecast period supported by growing middle-class population and their health-conscious mindset.
Key players operating in the hydroponics include Argus Control System, Koninklijke Philips NV, Greentech Agro LLC, Biodynamic LLC., General Hydroponics, Inc., Logiqs B.V., Lumigrow, Inc. Lumigrow, Hydrofarm Inc., Hydrodynamics International Inc., Heliospectra AB, Village Farms International, Inc., Platinum Produce Company and Millennium Pacific Greenhouses Ltd, and Soave Enterprises LLC. Market leaders are focusing on partnerships, new product launches and expansion of production facilities to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
