The global Hydroponics Industry is set to witness a flourishing growth trajectory with a projected CAGR of 7% over the forecast period, according to a Future Market Insights analysis. Valued at US$ 2.78 billion in 2023, the hydroponics sector is poised to escalate to US$ 5.70 billion by 2033, demonstrating its transformative potential in modern agriculture.
Growing Factor:
Rising environmental concerns, the imperative for food security, and technological advancements in hydroponics position the market as a crucial player in global agriculture’s evolution.
Hydroponics Industry Blooms: Seeding Opportunities for Sustainable Agriculture and Lucrative Returns:
As the Hydroponics Industry charts an upward trajectory, investors are presented with a golden opportunity to capitalize on the transformative potential of resource-efficient and sustainable agriculture. With a projected valuation of US$ 5.70 billion by 2033, the Hydroponics Industry promises not only financial growth but also a significant contribution to the global shift towards innovative farming practices.
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The world’s population is growing quickly, raising the need for food by nearly 200,000 people per day. As crops are lost due to insect infestations, natural calamities like droughts and floods, and pest infestations, the amount of arable land is also reducing globally, and production costs are rising. As a result, commercial hydroponics systems are receiving significant financial investment around the globe.
Key Points:
- Global Growth: The United States holds a significant 19.3% share of the global market in 2022, with robust growth anticipated through the forecast period.
- Regional Trends: China, the United Kingdom, and India are poised for substantial growth, with CAGRs of 8%, 7.5%, and 13.4%, respectively.
- Competitive Landscape: Top manufacturers include Emerald Harvest, Argus Control Systems Limited, Hydroponic Systems International, and others, employing innovative strategies for market dominance.
Key Takeaways:
- Market Dynamics: The Hydroponics Industry exhibits a remarkable CAGR of 11.5% from 2018 to 2022, indicating swift adoption of hydroponic techniques to address challenges in traditional agriculture.
- Vegetable Surge: Hydroponic vegetable cultivation experiences a surge, propelled by health-conscious consumers, contributing significantly to overall market growth.
- Resource-Efficient Farming: Increased awareness among growers regarding resource-efficient farming drives the market’s expansion from US$ 7,227.3 million to US$ 11,466 million.
- Long-Term Projections: The Hydroponics Industry is expected to reach an impressive US$ 45,623 million by 2033, underscoring its pivotal role in future agriculture.
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Competitive Landscape:
The top manufacturers of the Hydroponics Industry are Emerald Harvest, Argus Control Systems Limited, Hydroponic Systems International, Emirates Hydroponics Farms, Advanced Nutrients (Canada), Freight Farms, Inc., Green Sense Farms Holdings, Inc., Signify Holding B.V., Terra Tech Corp, and others.
These companies have used a variety of strategies to get a solid advantage over their rivals. They have grown their number of new clients and prosperity by putting both organic and inorganic operational strategies into practice, such as the introduction of innovative goods, acquisitions, mergers, corporate modernization, and collaborations.
Recent Developments:
- In October 2022, GrowGeneration Corp. (GRWG) established its first hydroponic store in Virginia, a 9,000-square-foot location in Richmond. To take advantage of the growing Hydroponics Industry, GRWG intends to increase the number of its stores in the region.
- In July 2022, with a $40 million investment, Bustanica unveiled the leading hydroponic farm in the world. Emirates Crop One, a partnership between Crop One, and Emirates Flight Catering (EKFC), opened its first vertical farm at the site.