The hydroponic vegetables market is estimated to be valued at US$ 11.57 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hydroponics is a method of growing plants using mineral nutrient solutions, in water, without soil. It is a type of aquaculture and is very efficient compared to traditional agriculture as it saves water consumption by 95% and increases crop yield per unit area. The vegetables commonly grown hydroponically include leafy greens like lettuce, kale, tomatoes, cucumbers and peppers. Advantages like minimal environmental impact and year-round production have made hydroponic vegetables popular globally.
Market Dynamics:
One of the major drivers for growth of the hydroponic vegetables market is increasing adoption of indoor farming technologies. Conventional agriculture is highly dependent on climatic conditions and yield is affected by seasonal fluctuations. Indoor hydroponic farming allows controlled growing conditions and higher yields with limited land. Additionally, growing urban populations have increased demand for locally grown produce that can be easily supplied through indoor vertical farming. Another driver is rising health and environmental concerns among consumers. Hydroponic cultivation uses negligible soil, less water than outdoor farms and has zero pesticide residue, making produce safer and more sustainable. Use of mineral rich nutrient solutions also results in higher nutritional value of plants.
SWOT Analysis
Strength: The hydroponic vegetables market allows year-round production of vegetables independent of weather conditions or seasonality in three sentences. It uses 90% less water than traditional agriculture in three sentences. Local and organic hydroponically grown vegetables appeal to health-conscious consumers in three sentences.
Weakness: High initial investment cost for setting up hydroponic farms in three sentences. Reliance on technical machinery and equipment leads to high operational costs in three sentences.
Opportunity: Growing demand for organic and sustainable farming practices provides an opportunity in three sentences. Developing countries with limited arable land and water resources present an opportunity in three sentences.
Threats: Vulnerable to disruption in supply of raw materials in two sentences. Threat from substitutes such as traditionally farmed vegetables in two sentences.
Key Takeaways
The global Hydroponic Vegetables market is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing preference for organic and pesticide-free foods. The hydroponic technique allows cultivation of vegetables without soil by using mineral nutrient solutions in an aqueous solvent.
Regional analysis
North America dominates the global hydroponic vegetables market and is expected to continue its dominance, growing at a CAGR of 7.2% during the forecast period. This can be attributed to increased awareness about health benefits of organic foods and expanding base of tech-savvy population willing to adopt innovative farming practices in the US and Canada. Europe is projected to exhibit substantial growth owing to support through policies and funds by European Commission for research and development of hydroponic vegetable farming.
Key players
Key players operating in the hydroponic vegetables market are AMCO Produce Inc., Eden Farms, Hollandia Produce, L.P., Bright Farms Inc, Soave Enterprises LLC., Village Farms International, Inc., Platinum Produce Company, Millennium Pacific Greenhouses Ltd., Emirates Hydroponics Farms, Thanet Earth Ltd. These major players are focusing on geographical expansion and adoption of advanced hydroponic greenhouse automation technologies to cater to the growing demand for pesticide-free produce.
Read More:
https://www.rapidwebwire.com/hydroponic-vegetables-market-size-share-growth-outlook-2023/
