by Hydroponics is a cultivation method that uses mineral nutrient solutions in water, without soil. This allows commercial cultivation of leafy greens, herbs, tomatoes, cucumbers and other fruits and vegetables with less land, water and space. Hydroponically grown produce avoids contamination and provides a consistent supply. With increasing awareness about the adverse effects of chemical fertilizers and pesticides on soil health and the environment, hydroponics has emerged as a sustainable alternative for commercial agriculture.
The global Hydroponics Market is estimated to be valued at US$ 467.17 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends propelling the growth of the hydroponics market is the rising demand for organic fruits and vegetables. Consumers are increasingly choosing organic produce due to health and sustainability concerns related to soil-grown conventional agriculture. Hydroponic farming eliminates the use of soil, hence chemicals, fertilizers and pesticides are not required. This makes hydroponically grown fruits and vegetables completely chemical-residue free and qualified for organic certification. The technique also uses 90% less water compared to traditional agriculture. With diminishing arable land and water resources and the growing population, hydroponic vertical farming can play a vital role in sustainably meeting the rising demand for organic produce.
SWOT Analysis
Strength: Hydroponics allows year-round production and higher yield per unit area compared to traditional agriculture. It uses 90% less water than traditional field farming.
Weakness: High initial investment cost for establishing hydroponics operation. Requires technical knowledge and skills to operate hydroponics systems.
Opportunity: Increasing demand for fresh produce and growing popularity of organic fruits and vegetables will drive the market. The market is also driven by rising global population and constraints on arable land for traditional agriculture.
Threats: High sensitivity to failures in the irrigation systems and nutrient delivery can damage the whole crop. Strict laws and regulations regarding use of active ingredients in hydroponic nutrient solutions.
Key Takeaways
The Global Hydroponics Market Size is expected to witness high growth.
Regional analysis comprises: North America dominated the global hydroponics market in 2023 and is expected to maintain its dominance over the forecast period. This is attributed to growing demand for organic fruits and vegetables among health-conscious consumers and increasing adoption of hydroponics farming techniques by commercial farmers in the US and Canada.
Key players operating in the hydroponics market are Johnson Health Tech, ICON Health & Fitness, Technogym, Precor, Nautilus, Cybex, True Fitness, Amer Sports, Sole Fitness and Life Fitness. These key players are focusing on expansion of their hydroponics offerings and operations to strengthen their market position. For instance, Johnson Health Tech expanded its hydroponics product portfolio with the launch of advanced nutrient film technique (NFT) hydroponics systems in 2022.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
