April 20, 2024

Hydroponics Market Is Estimated To Witness High Growth Owing To Rise In Popularity Of Organic Farming

The hydroponics market involves farming techniques that grow plants using mineral nutrient solutions in water without soil. Hydroponic farming offers numerous benefits such as higher yields with less water usage, controlled environment allowing year-round production, and nutrient delivery method enabling beneficial uptake of nutrients by plants. It is an effective solution for locations with poor soil or limited land availability and helps meet the rising global demand for food.

The Global Hydroponics Market is estimated to be valued at Us$ 538.18 Bn in 2024 and is expected to exhibit a CAGR Of 7.4% over the forecast period 2024 To 2030.

Key Takeaways

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. The introduction of innovative hydroponic systems and strategies by key players is fueling market growth. There is immense opportunity for hydroponic products in densely populated countries and regions facing land and water scarcity. The market is witnessing rapid global expansion with growing hydroponic farming adoption in Asia Pacific and European countries to meet rising food demand.

Market Drivers

Hydroponics aids higher crop yields per unit area as the system supplies nutrients directly to roots through dissolved mineral rich water. It ensures optimal temperature and humidity control throughout the year preventing loss of crops to harsh weather conditions. The method requires less than 10% of the land and water usage compared to traditional soil farming driving its popularity. Government support through initiatives and subsidies for organic and technology-driven farming is further strengthening the adoption of hydroponics.

PEST Analysis

Political: Hydroponics farming is governed by various policies set by governments and regulatory bodies regarding use of land, water, and electricity. Changes in these policies can impact adoption of hydroponics.

Economic: Hydroponics helps reduce investment and operational costs compared to conventional farming. Lower costs and higher yields attract commercial producers.

Social: Consumers are increasingly preferring pesticide-free produce grown through hydroponics. Health and environmental benefits of this technique drives its acceptance in society.

Technological: Advancements in hydroponics equipment and greenhouse automation has optimized nutrient delivery, climate control, and yield. Data-driven solutions help increase efficiency.

Geographical concentration

North America accounts for the largest share of the global hydroponics market, led by U.S. Factors such as established distribution channels, technical expertise, and higher consumer spending have propelled adoption in the region.

Fastest growing region

The Asia Pacific region is expected to be the fastest growing market during the forecast period due to factors such as rising population, increasing produce demand, reducing rural land availability, and supportive government initiatives in countries such as China, India, and Japan.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it