The global hydroponics market is evaluated at US$524.906 million for the year 2019 and is projected to grow at a CAGR of 12.81%, reaching the market size of US$1,220.110 million by the year 2026.
Hydroponics is a branch of hydroculture that refers to the process of growing plants with the help of mineral nutrient solution in a water solvent in a soilless medium or in an aquatic-based environment. With hydroponics, the plants can be developed in an idle growing medium, and an adjusted and pH-balanced supplement arrangement is provided to the roots in a highly dissolvable manner. The pH-adjusted nutrient solution enables the plant to take up its food with almost no effort as compared to the soil where the roots must find out its nourishment and extract them.
The global market of hydroponics is predominantly driven by the better yield produced by hydroponics than other agricultural techniques. The hydroponics system is considered to generate better results than other methods in less time as compared to others. In addition, the rises in global demand for food owing to the constant increase in global population contribute to the global hydroponics market growth significantly. Factors like growing consumption of exotic vegetables and salad crops and profit farming are also expected to drive market growth. However, a high initial cost and lack of proper knowledge among players along with the requirement of technical knowledge about hydroponics systems will prohibit entrants from entering into the market, thus posing a potential restraint to the market.
Key drivers of the market.
The method provides several benefits to the agriculture industry as well as the farmers that grow the plants.
Increasing consumption of salads and vegetables is expected to be a tailwind to the market during the forecast period.
There has been a significant shift in the eating habits of the final consumers over the years which has encouraged the adoption of salads and vegetables as a healthier alternative.
The advent of COVID-19 had a positive impact on the hydroponics market given the rise in health concerns during the year.
Increasing investments in technology in various countries are expected to be a tailwind to the market during the forecast period.
The; market for hydroponics is expected to be fuelled by the increasing investments done by major players and countries in the sector.
|Market size value in 2019||US$524.906 million|
|Market size value in 2026||US$1,220.110 million|
|Growth Rate||CAGR of 12.81% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Input, Crop, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Argus Control Systems Limited, Hortisystems UK Ltd, Kubo Group, GreenTech Agro LLC, Heliospectra AB, American Hydroponics Inc., Lumigrow Inc., General Hydroponics Inc., Growlife, Terra Tech|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the hydroponics market size by 2026?
A1. The global hydroponics market is projected to reach a market size of US$1,220.110 million in 2026.
Q2. What is the size of global hydroponics market?
A2. Hydroponics Market was valued at US$524.906 million in 2019.
Q3. What are the growth prospects for the hydroponics market?
A3. The hydroponics market is projected to grow at a CAGR of 12.81% over the forecast period.
Q4. What factors are anticipated to drive the hydroponics market growth?
A4. The global hydroponics market is predominantly driven by the better yield produced by hydroponics than other agricultural techniques.
Q5. Who are the major players in the hydroponics market?
A5. Prominent key market players in the hydroponics market include Argus Control Systems Limited, Hortisystems UK Ltd, Kubo Group, GreenTech Agro LLC, Heliospectra AB, American Hydroponics Inc., among others.