Hydroponic Vegetable Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2351
Global Hydroponic Vegetable Market Size is likely to grow with a high CAGR by 2024. The growth of market is attributed to the increasing health concern among the consumers and globally rising demand for healthy & low-calorie sweeteners.
Year-round production, healthy and timely yield, production costs reduction to significant extent are the prime factors driving the product market by 2024. The hydroponic agriculture involves a process which is meticulously controlled under a centralized computer system that monitors the nutritive content in the humidity inside the greenhouse, as well as fertilizer & feed water concentration. This results into the produce which is free of any pollutants or diseases.
The yields of the plants are quite promising and assure value-based returns to the manufacturer. They offer efficient control on soil borne disease like root rot and pollutant free yield. Hydroponics also involves efficient use of water and fertilizers. It reduces water consumption up to 80-90%. Hydroponic gardens are simple to maintain both indoors and outdoors and the yield has an extended shelf life. The hydroponic vegetables not only bear higher quality but can also be cultivated in the vicinity of the vegetable markets selling points. This leads to significant reduction of the carbon footprint and the costs involved in the distribution channel, thereby increasing the value of the product for the manufacturers.
The hydroponic vegetable market is segmented on the basis of product origin, type and distribution channel. According to product type, hydroponic vegetable market is divided as natural and genetically modified organisms (GMO). The GMO vegetables are cultivated from genetically modified seeds. The natural hydroponic vegetables are cultivated from plant bases or natural seeds. Based on their origin, the product market is segmented as non-exotic hydroponic vegetables and exotic hydroponic vegetable. The exotic hydroponic vegetables have a higher return value and larger demand for their seeds are mostly imported from the other geography. The non-exotic hydroponic vegetables are everyday consumable vegetables with superior quality than traditionally cultivated vegetables.
As per the distribution channel, the product market is segmented according to the retail chains, internet stores, hypermarket and supermarkets. The internet and retail market are likely to show highest growth trends in this segmentation in the forecast period. Apart from these, multinational fast food chains, five star hotels /international hotels and international tourist places are probable to be significant points of distribution. The regional segmentation of the market is done as: North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Asia-Pacific along with MEA will have demand for exotic hydroponic vegetables. The consumption of fresh farm and natural products have been increased globally in the recent years which is predicted to influence the hydroponic vegetable market positively. Drop in costs of the exotic vegetables in local market will likely propel the product market in the forecast period. Major market regions like Europe and Northern America are likely to have high demand for hydroponic vegetables due to the preference for natural and fresh farm products by health cautious populace. The regional established R&D institutes, strong technical expertise, high concentration of venture capitalists will boost the market growth. The global population is likely to cross 8.5 billion by 2030, which will have a positive influence on the growth of hydroponic vegetable market in the forecast period.
Key players in the market are AmHydro Inc, Edenworks, BrightFarms Inc, AeroFarms, Hortimex Holland BV, Freight Farms, Metazet/FormFlex BV, Growponics Ltd, StarFarm Pakistan (Pvt) Ltd., HotiNed, Thanet Earth Ltd, Swissradies and Topterra Holland. Through consistent innovation by investing in R&D, the market players can achieve significant competitive advantage in the near future.
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