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Hydroponics Market Size

Report ID: GMI8423
Published Date: Mar 2024
Report Format: PDF

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Hydroponics Market Size

Hydroponics Market was valued at USD 5.2 billion in 2023 and is estimated to register a CAGR of over 8.5% between 2024 & 2032. Governments increasingly incentivize hydroponic farming through subsidies, grants, and policy support to promote food security, sustainable agriculture, and economic development. Such initiatives foster innovations and technology adoption while addressing environmental concerns and enhancing local food production capabilities.

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For instance, in December 2023, the Uttarakhand Rural Development and Panchayati Raj Institute (UIRD) announced the launch of a hydroponics-based polyhouse project in Rudrapur. This innovative farming initiative aims to empower farmers in Uttarakhand by providing them with opportunities to cultivate a variety of crops. The project signifies a development in the region, offering a modern & sustainable approach to agriculture. This initiative supports the hydroponics industry growth by demonstrating practical implementation and promoting inclusive economic development in the region.

The expansion of vertical farming in urban areas serves as a significant factor propelling the hydroponics market growth. With limited space in cities, vertical farming maximizes land use efficiency, enabling high-yield crop production in a smaller footprint. This trend is fueled by the increasing demand for locally sourced, fresh produce in urban populations, attracting investments in hydroponic systems tailored for vertical farming and fostering innovations in urban agriculture practices.

Hydroponics Market Report Attributes
Report Attribute	Details
Base Year:	2023
Hydroponics Market Size in 2023:	USD 5.2 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	8.5%
2024 – 2032 Value Projection:	USD 10.8 Billion
Historical Data for:	2018 - 2023
No. of Pages:	240
Tables, Charts & Figures:	270
Segments covered:	Systems, crops, area, farming method, equipment
Growth Drivers:	Increasing demand for locally sourced, fresh produce Expansion of vertical farming in urban areas Growing awareness of sustainable agriculture practices Government support for hydroponic farming initiatives
Pitfalls & Challenges:	High initial investment costs for hydroponic setups Limited crop variety compared to traditional farming

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High initial investment costs for hydroponic setups pose a significant pitfall for the market. Implementing hydroponic systems requires substantial upfront expenditure on infrastructure, equipment, and technology. This hurdle may deter potential growers, particularly small-scale farmers, or new entrants to the market. Additionally, the need for specialized knowledge and training adds to the overall cost, limiting the accessibility of hydroponics to a broader range of agricultural practitioners and investors.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

Market size for hydroponics was USD 5.2 billion in 2023 and is expected to register over 8.5% CAGR from 2024-2032 owing to the governments increasingly incentivize hydroponic farming through subsidies, grants, and policy support worldwide.

Hydroponics industry from the aggregate systems segment held over 57% share in 2023 and is expected to register an appreciable CAGR from 2024-2032 due to offering versatile and efficient growing mediums.

Asia Pacific industry acquired over 37% share in 2023 and is expected to register a commendable CAGR from 2024-2032 due to the rapid adoption of hydroponic farming methods in the region.

AeroFarms, AmHydro, AppHarvest, Inc., Argus Control Systems Limited, BrightFarms, Emirates Hydroponics Farms, Freight Farms, Inc., Heliospectra, Infarm, and Signify Holding, are some of the major hydroponics companies worldwide.