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Hydroponics is a rapidly growing industry that has captured the attention of individuals and organizations looking for new and innovative ways to grow plants. The hydroponics market is expanding at an astonishing rate, and it is expected to reach USD 25.1 billion by 2027. In this article, we will provide you with a comprehensive overview of the hydroponics market, including its growth drivers, market size, key players, and future outlook.
What is Hydroponics?
Hydroponics is a method of growing plants without soil, using a nutrient-rich water solution instead. This technique enables growers to control the nutrient composition, pH levels, and water content of the plant's growing environment, allowing for a more precise and efficient growing process. Hydroponics has been gaining popularity due to its numerous advantages over traditional soil-based farming, including higher yields, faster growth rates, reduced water usage, and less exposure to soil-borne diseases and pests.
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Market Size and Growth Drivers
The hydroponics market is expected to experience significant growth in the coming years, with a projected compound annual growth rate (CAGR) of 15.6% from 2022 to 2027. The increasing demand for locally grown and fresh produce, coupled with the need for sustainable agricultural practices, is driving the growth of the hydroponics market.
Another major driver of the hydroponics market is the rising population, which is expected to reach 9.7 billion by 2050. With the limited availability of arable land and increasing urbanization, the demand for efficient and sustainable farming methods like hydroponics is expected to rise. Additionally, the increasing adoption of technology in the agriculture sector, including the use of sensors, drones, and artificial intelligence, is driving the growth of the hydroponics market.
By input, the nutrients segment gained a major share in the hydroponics market. During the application of nutrients, nutrient concentration to suffice plant needs at every growth phase and EC strength at the growth stage must be monitored. Apart from NPK, trace elements also play a vital role in plant growth. Trace minerals are nutrient catalysts hailed as the most versatile and effective plant additives. They improve the uptake and effectiveness of all plant nutrients and provide ample quantities of auxins, gibberellins, and cytokinins to promote cell division, enlargement, differentiation of cells, and development of chloroplasts, as well as a delay in aging.
The vegetables segment gained the largest share in the hydroponics market based on crop type during the review period. Producing vegetables like tomatoes, leafy greens, cucumbers, among others, in hydroponic systems protects crops from harsh conditions such as cold, wind, pests, drought, etc. Growing vegetables in such systems also allow for creating the most suitable condition for crops owing to the controlling factors available, such as moisture, light, temperature, fertilization, humidity, and irrigation.
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