by Hydroponics farming, the cultivation of plants without soil by using mineral nutrient solutions in a water solvent, is experiencing rising popularity in the modern world. Hydroponic systems utilize various growing media such as sand, gravel, or expanded clay and enable cultivation of plants in any environment by closely controlling the climate and nutrients. The cultivation methods associated with hydroponics farming help conserve water, fertilizers and land while providing pesticide-free produce with higher yields throughout the year.
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. With the growing environmental and health concerns, hydroponic farming is gaining traction globally. The market is witnessing increasing demand for pesticide-free and chemical-free foods produced through hydroponics. Several governments and market players are also supporting hydroponic farming through initiatives to promote localized food production and exports.
Market key trends
One of the key trends driving growth in the hydroponics market is the rising popularity of urban and indoor vertical farming. With increasing urbanization and shortage of cultivable land, vertical farming techniques using hydroponics are helping optimise land-use for agriculture within urban areas. This is enabling year-round production and supply of fresh produce to urban populations. Other trends include increased adoption of advanced hydroponic greenhouse farming and use of IoT and robotics and these controlled environment agriculture techniques.
Porter’s Analysis
Threat of new entrants: Difficult due to requirement of land, greenhouse infrastructure and high initial capital investment.
Bargaining power of buyers: Low as hydroponics produce high quality crops with higher yields than traditional methods.
Bargaining power of suppliers: Higher due to suppliers of lighting, nutrients, seeds and other machinery required for hydroponics farming.
Threat of new substitutes: Low as there are no close substitutes for hydoponics produce and method.
Competitive rivalry: High as there are many established players globally offering similar hydroponics solutions.
Geographical regions with market concentration:
North America accounts for the largest share of the global hydroponics market, mainly due to high adoption of hydroponics farming in U.S. and Canada. Europe is another major region where countries like Netherlands, Spain and Germany are major producers of hydroponics crops.
Fastest growing geographical region:
Asia Pacific region is expected to grow at the fastest rate during the forecast period. Developing countries like China and India are increasingly adopting hydroponics farming to overcome issues of land scarcity and meet the rising food demand of growing population.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
