Market Size of Hydroponics Industry
|2019 - 2029
|Market Size (2024)
|USD 5.06 Billion
|Market Size (2029)
|USD 7.36 Billion
|CAGR (2024 - 2029)
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Hydroponics Market Analysis
The Hydroponics Market size is estimated at USD 5.06 billion in 2024, and is expected to reach USD 7.36 billion by 2029, growing at a CAGR of 7.80% during the forecast period (2024-2029).
- Hydroponics farming not only helps in protecting the environment, but it also helps in getting a higher yield from the crops compared to open field production. Additionally, rising health awareness among consumers created higher demand, therein resulting in the increasing adoption of hydroponic production techniques.
- Increasing pressure on global arable land, increased demand for nutrition, and a shift in the dietary pattern of the global population toward consumption of fresh fruits and vegetables are the factors driving the increase in area under hydroponics. In countries with unfavorable climatic conditions for open land farming, hydroponics provides a sustainable option for the cultivation of fresh produce to supply to markets.
- To attain self-sufficiency in food, hydroponics provides an effective food security solution, as the technology uses space efficiently and can be applied even by landless urban and rural people. According to USDA/ERS report, the volume of hydroponic tomato imports from countries, such as Canada, Mexico, and the Netherlands, has increased drastically, and they now account for a significant share of all United States-fresh-market tomato imports.
- Leafy vegetables and microgreens have traditionally been the most cultivated hydroponic crops. However, the area under hydroponics in crops that are exotic to warmer climates, such as cherry tomatoes, lettuce, microgreens, and a wide variety of other cool-season crops, has been increasing.
- Hydroponics is an environment-friendly and profitable technology in developed regions such as North America. It has been promoted by various governments and non-governmental organizations for its benefits in terms of food security. The need for food supply against the explosive population increase by 2050 has catalyzed the growth of the hydroponics market. Additionally, with the increasing success rates associated with the commercial hydroponics industry and the increasing difficulty of growing crops on soil, the hydroponics market is expanding exponentially.