The global Hydroponics Market size was estimated at USD 9.2 Bn in 2022, growing at a CAGR of 11.8% during the forecast period 2022-2028. Global hydroponics market is expected to grow at significant rate over forecast period owing to the advantages such as high crop yield over the conventional technologies. Companies operating in the hydroponic market are adopting the launch of innovative products into the market to advance the hydroponic systems. For instance, in May 2016, Ikea has launched indoor hydroponic kit for home hydroponics in UK. Marketers in the hydroponics are focused on inorganic growth to strengthen market position and expanding geographical reach. For instance, in October 2016, Scotts Miracle-Gro’s subsidiary Hawthrone Hydroponics acquired Botanicare LLC this acquisition will expand the hydroponic business of Hawthrone garden. COVID-19 is an unprecedented worldwide public health crisis that has impacted practically every business, and its long-term repercussions are expected to have an influence on industry growth during the projection period. Our continuous study is enhancing our research approach to guarantee that fundamental COVID-19 concerns and potential solutions are included. The research examines COVID-19 in light of changes in consumer behaviour and demand, purchasing patterns, supply chain re-routing, market dynamics, and government involvement. The revised report considers the influence of COVID-19 on the market and includes insights, analysis, projections, and predictions.
Recent Market Developments:
In January 2022, GrowGeneration Corp., the nation’s largest chain of specialty hydroponic and organic garden centers, announced the opening of a new hydroponic garden center at 1511 Broadway Street, in Ardmore Oklahoma. This 25,000 square foot location is conveniently located in southern Oklahoma at Interstate 35 near the Texas border. This location is the sixth location in Oklahoma and GrowGen’s 63rd location nationwide. In August 2021, GrowGeneration Corp., the nation’s largest chain of specialty hydroponic and organic garden centers, announced the acquisition of Hoagtech Hydroponics, a leading hydroponic equipment and indoor gardening store, serving the Bellingham, Washington area. This acquisition brings the total number of GrowGen hydroponic garden centers nationwide to 59 stores.