Dublin, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The "United States Hydroponics Market Competition Forecast and Opportunities, 2028" report has been added to ResearchAndMarkets.com's offering.
United States Hydroponics Market is projected to reach a value of $1.458 billion by 2028 from $926 million in 2022, growing at a CAGR of 7.7% due to the growing demand for exotic vegetables & fruits.
In order to grow plants without utilizing soil, hydroponics uses mineral fertilizer solutions dissolved in aqueous solvents or liquid. This method is beneficial and friendly to the environment. It has received support from the US government and non-governmental groups due to its benefits for food security. Due to the higher output compared to conventional farming methods, the US hydroponics market is predicted to grow the forecast years.
Increasing Demand for Exotic Vegetables & Fruits
Due to customers' greater spending capacity, there has been continual growth in the demand for exotic fruits and vegetables. Due to the high cost of these exotic products and the fact that the majority of them are imported, several research institutions and universities in United States are concentrating on setting up more straightforward hydroponics systems in order to increase the production of exotic fruits and vegetables and satisfy the rising demand.
Furthermore, rising consumer interest in eating fresh veggies may support the industry in the future. Sales are expected to increase throughout the forecast period due to increased demand for unusual vegetables like red and yellow capsicum and red lettuce at fast food and retail chains like Burger King and KFC.
Along with this, the demand for vegetables and crops grown hydroponically has been rising from a variety of industries, including hotels, fast food chains, restaurants, railway catering, non-governmental organizations, and the military, which encourages farmers to use hydroponics systems to grow their crops.
Growing Demand for HVAC Equipment
This segment requires proper ventilation systems and rising practices of controlled environment agriculture which help in indoor farming practices. Proper space and ventilation help to improve yield and profitability by maintaining adequate temperature and conditions. Therefore, increasing demand for HVAC for hydroponics systems results in growing the demand for the United States Hydroponics market during the projected period.
Aggregate Systems will be the Key Type
Due to their simplicity of setup, aggregate systems are becoming more and more popular among indoor growers. Additionally, the growing usage of inert soil media, such as peat, coco coir, and sawdust, among others, to provide plants with the support they need is anticipated to boost market expansion in the forecast period.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 74 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $926.99 Million |
| Forecasted Market Value (USD) by 2028 | $1458.08 Million |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | United States |
Competitive Landscape
Company Profiles: Detailed analysis of the major companies in United States Hydroponics market.
- AmHydro
- Fork Farms
- Cropking Incorporated
- Hydrofarm LLC
- GrowGeneration Corp.
- VH Hydroponics
- Moonflower Farms
- ZipGrow LLC
- Green Life Farms LLC
- HomesteadHydroFarm
Market Dynamics
Drivers
- Rising Interest in Exotic Vegetables & Fruits
- Help in Resource Conservation
- Higher Yield than Conventional Farming
Market Trends & Developments
- Product Launches
- Mergers & Acquisitions
- Technological Advancements
Challenges
- High capital investment for big-scale farms
- Argument on confirming hydroponic produce as organic
Report Scope:
United States Hydroponics Market, By Type:
- Aggregate Systems
- Liquid Systems
United States Hydroponics Market, By Equipment:
- HVAC
- LED grow light
- Control systems
- Irrigation systems
- Material handling
- Others
United States Hydroponics Market, By Input:
- Nutrient
- Growth Media
United States Hydroponics Market, By Farming Method:
- Indoor
- Outdoor
United States Hydroponics Market, By Crop Area:
- Up 1000 Square feet
- 1000-5000 Square feet
- 5001-10000 Square feet
- 10000-50000 Square feet
- Above 50000 Square feet
United States Hydroponics Market, By Crop Type:
- Vegetables
- Fruits
- Flowers
- Others
United States Hydroponics Market, By Region:
- Northeast
- Midwest
- West
- South
For more information about this report visit https://www.researchandmarkets.com/r/htt3s7
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