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Hydroponics Market is anticipated to surpass US$17.815 billion by 2028 at a CAGR of 8.70%

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The hydroponics market is anticipated to grow at a CAGR of 8.70% from US$9.936 billion in 2021 to US$17.815 billion by 2028.

The hydroponics market is anticipated to grow at a CAGR of 8.70% from US$9.936 billion in 2021 to US$17.815 billion by 2028.”
— Knowledge Sourcing Intelligence
NOIDA, UTTAR PARDESH, INDIA, November 29, 2023 / -- According to a new study published by Knowledge Sourcing Intelligence, the hydroponics market is projected to grow at a CAGR of 8.70% between 2021 and 2028 to reach US$17.815 billion by 2028.

Governments around the world are showing active participation in investments and providing incentives to encourage alternative methods of farming such as hydroponics. Consumers are becoming more conscious of their health and wellness owing to which there is a high demand for fresh vegetables and fruits. Efforts to promote indoor and vertical farming are also positively impacting the market growth. For instance, estimated foodgrain production in India for 2022-2023 stood at 3,305.34 lakh tonnes which signified an increase of 24.7% over 2,650.47 lakh tonnes recorded in 2013-14.

Hydroponics is the technique of growing plants without soil by using a water-based nutrient solution and a mixed substrate or medium for growth such as vermiculite, coconut coir, or perlite. The market is witnessing substantial growth due to the increasing use of hydroponic production systems by individual farmers and commercial enterprises.

Numerous product launches and technological advancements are taking place in the market. For instance, in August 2023, Rockwell Automation disclosed plans to collaborate with Fork Farms, a Green Bay-based agriculture technology startup company, to establish a highly automated, indoor 7,300-square-foot hydroponic vertical farm across Rockwell's Milwaukee headquarters by the summer of 2024. According to the World Bank December 2021 press release, insect and hydroponic crop farming for both human food and animal feed has the potential to increase access to nutritious food while generating millions of jobs, enhancing the environment and climate, and improving national economies.

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The hydroponics market, based on type is segmented into, four main categories namely Liquid hydroponic system, aggregate hydroponic system, closed system, and open system.

The hydroponics market, based on input is segmented into, two main categories namely growth medium, and nutrients.

The hydroponics market, based on crop is segmented into, six main categories namely strawberry, pepper, lettuce and leafy vegetables, tomato, cucumber, and others.

Asia-Pacific is poised to experience substantial growth fuelled by favorable government investments in commercial farming techniques. Also, new product launches in major APAC economies are expected to drive regional market growth. For instance, in August 2023, The ICAR-Indian Institute of Horticulture Research, Bengaluru (IIHR) developed another type of hydroponics, "Cocoponics" or the soilless method for growing vegetables, using cocopeat as a substrate, which has been discovered to be more effective in many vegetable crops. The Institute has created the entire production technology, including a liquid nutrient formulation.

The research includes coverage of Kubo Group, GreenTech Agro LLC, American Hydroponics Inc., General Hydroponics Inc., Bright Farms, Fresh Box Farms, Thanet Earth, Pegasus Agritech, Village Farms, Hydrofarm LLC as the significant market players in the hydroponics market.

The market analytics report segments the hydroponics market using the following criteria:

• By Type

o Liquid Hydroponic System
o Aggregate Hydroponic System
o Closed System
o Open System

• By Input

o Growth Medium
o Nutrients

• By Crop

o Strawberry
o Pepper
o Lettuce & Leafy Vegetables
o Tomato
o Cucumber
o Other

• By Geography

o North America

• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• Germany
• United Kingdom
• France
• Others

o Middle East and Africa

• Saudi Arabia
• Others

o Asia Pacific

• China
• Japan
• India
• South Korea
• Thailand
• Indonesia
• Taiwan
• Others

Companies Profiled:

• Kubo Group
• GreenTech Agro LLC
• American Hydroponics Inc.
• General Hydroponics Inc.
• Bright Farms
• Fresh Box Farms
• Thanet Earth
• Pegasus Agritech
• Village Farms
• Hydrofarm LLC

Explore More Reports:

• Indoor Farming Technology Market:
• Vertical Farming Market:
• LED Farming Market:

Ankit Mishra
Knowledge Sourcing Intelligence LLP
+1 850-250-1698
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