Hydroponics Market to Surpass USD 31 Billion by 2024, Fostered by Growing Food Demand and Practices of Indoor Farming
According to a new report published by FAST.MR, titled, “Hydroponics Market” witnessed a market value of USD XXX billion in 2018 and is considered to surpass USD 31 billion by 2024, recording a compound annual growth rate (CAGR) of 13.1% between 2019 and 2024. The hydroponics market is analysed based on regions, by product, by system and by crop. The regions covered in the report are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The research report also includes detailed competitive analysis of dominant market players in hydroponics market, such as Amhydro, Hydrofarm, Lumigrow Inc., American Hydroponics, General Hydroponics and others.
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Based on the product, the market has been classified into growing chamber, pump & tubing, growing LED lights, HVAC, growing supplies, controlling equipment, reservoir, and accessories. In product segment, growing LED lights segment contributed around XX% market share of the hydroponics market in 2018. Rising practices of indoor farming has encouraged the adoption of hydroponics as a growing method are augmenting the demand for growing LED lights across the globe.
Hydroponics system segment include aggregate hydroponic system, (closed systems, open systems), liquid hydroponics system, nutrient film technique (NFT), and others. Aggregate hydroponics system segment was valued at USD XX million in 2018 and is expected to reach USD XX Million by 2024, progressing at a CAGR of XX% from 2019 to 2024. On the basis of crop, the market is categorized into lettuce, microgreens, medical marijuana, tomatoes, herbs, pepper, cucumber, and others. At present, lettuce crop segment represents XX% of the total hydroponics market.
Region-wise, the market has been segmented into Europe, Asia Pacific, North America, the Middle East & Africa, and Latin America. At present, Asia Pacific is the prominent market, holding XX% of the global market share. The competitive landscape of the market has been examined in the report. Some of the key players operating in the market include Amhydro, Hydrofarm, Lumigrow Inc., American Hydroponics, General Hydroponics and others prominent players.
Research Scope and Deliverables:
- Research Methodology & Executive Summary
- Market Drivers, Trends, Barriers and Opportunities
- Market Size and Forecast Projections
- Competitive Analysis
- Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
- Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
- Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyses the hydroponics market by the following segments:
- Crop Type
Geographic Market Analysis:
The report offers separate analysis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In addition, the further breakdown of market data and analysis of region into countries is covered in the report.
FAST.MR is a global market research and business-consulting organization that aims to provide a deep market insight to our clients, which helps them in better decision making in the dynamic environment. We have a team of highly qualified personnel that studies the market in depth to provide our clients with better strategies to stand out in the market.
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