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Hydroponics Market Trends

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

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Hydroponics Market Trends

A prominent market trend in the hydroponics sector is the increasing adoption of vertical farming techniques. Vertical farming optimizes space utilization, enabling efficient crop production in urban areas. This trend is attributed to the rising demand for locally grown, fresh produce and the need to address food security challenges in densely populated regions. For instance, in February 2024, Masdar City, a sustainability and innovation hub located in Abu Dhabi, launched a smart vertical farm in partnership with an AgriTech firm. This initiative aims to address food security challenges and contribute to climate change mitigation efforts. The indoor vertical farm will be equipped with advanced agricultural technology to optimize crop growth and resource efficiency.

The hydroponics industry is witnessing a growing awareness of sustainable agriculture practices. Consumers and businesses are increasingly prioritizing environment-friendly farming methods. Hydroponics, with its reduced water usage, minimal pesticide requirements, and land efficiency, aligns well with this trend. This awareness is fueling the demand for hydroponically grown produce, leading to further adoption of hydroponic systems and fostering innovations in sustainable farming techniques within the industry.

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.