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The Business Research Company's Hydroponics Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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The hydroponics market has expanded significantly in recent years, projected to increase from $14.12 billion in 2023 to $15.69 billion in 2024, reflecting a compound annual growth rate (CAGR) of 11.1%. This growth during the historical period is largely due to factors such as efficient resource use, water conservation, limited land availability, urban agriculture, decreased reliance on soil quality, and the ability to produce crops throughout the year.
What Is the Future Market Size of the Global Hydroponics Market and Its Yearly Growth Rate?
The hydroponics market is anticipated to experience significant growth over the coming years, projected to reach $25.07 billion by 2028 with a compound annual growth rate (CAGR) of 12.4%. Factors contributing to this growth during the forecast period include the incorporation of sustainable practices, increasing consumer demand for fresh produce, concerns regarding food security, government backing and incentives, as well as educational and research initiatives.
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What Are the Main Factors Driving Hydroponics Market Expansion?
The rising demand for exotic vegetables is anticipated to drive the hydroponics market forward. The swift increase in urban populations in emerging economies, coupled with the proliferation of gourmet restaurants worldwide, is leading to higher consumption of exotic vegetables like mushrooms, tangy kiwis, green olives, fresh broccoli, dragon fruit, and others. This growing interest in exotic vegetables is likely to enhance the demand for hydroponic systems, as commercial farmers in this sector are investing in advanced planting technologies, including hydroponics, to lower operational costs and boost profits.
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Who Are the Main Competitors Driving the Hydroponics Market Forward?
Key players in the hydroponics market include The Scotts Miracle-Gro Company, Hydrofarm Holdings Group Inc., Village Farms International Inc., Freight Farms Inc., AeroFarms LLC, Crop One Holdings Inc., Bright Farms Inc., BioHarvest Sciences Inc., Urban Crop Solutions, Agrilution Systems GmbH, 3Dponics Inc., American Hydroponics, Illumitex Inc., Azuvia Inc., Back to the Roots, CityCrop Inc., Fresh Box Farms, General Hydroponics Inc.
How Are New Trends Transforming the Hydroponics Market Size?
Key players in the hydroponics market are concentrating on creating innovative products, including advanced hydroponic systems, to address changing agricultural needs and sustainability objectives. These advanced hydroponic systems incorporate state-of-the-art technologies and methods aimed at enhancing plant growth in a controlled environment without the use of soil.
What Are the Key Segments Within the Global Hydroponics Market?
1) By Type: Aggregate Systems, Liquid Systems
2) By Farming: Indoor Farming, Outdoor Farming
3) By Crop Type: Vegetables, Fruits, Flowers
Western Europe's Role as the Foremost Player in the Hydroponics Market
Western Europe was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Hydroponics Market Definition?
Hydroponics is a technique for cultivating crops without soil, utilizing alternative materials to support the plant's roots and nutrient-rich water instead. In a hydroponic system, plants are typically spaced closer together than they would be in traditional soil cultivation, allowing for a higher yield of fruits and vegetables.
The Hydroponics Global Market Report 2024 from The Business Research Company includes the following key information:
. Market size data for both historical and future periods
. Analysis of both macro and microeconomic factors that have impacted the market over the past five years
. Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
. Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Hydroponics Market Report: Trends, Opportunities, Strategies, and More
The Hydroponics Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into hydroponics market size, hydroponics market drivers and trends, hydroponics competitors' revenues, and hydroponics market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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The Business Research Company
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