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Press Release: High End Greenhouse Market to Surpass US$ 85,136.6 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
High end greenhouses are greenhouses that are installed with devices to control temperature, moisture, humidity, and other environmental parameters. These devices helps greenhouse to grow crops faster, more sustainably, and in almost every external conditions. The global high end greenhouse market is estimated to surpass US$ 85,136.6 million by the end of 2027 in terms of revenue, exhibiting a CAGR of 8.9% during the forecast period (2020 to 2027).
Drivers
According to statistics from the World Health Organization, the global population grew at a rate of 1.05% in 2020, and a similar growth of 1% is expected to be witnessed, during the forecast period between 2020 and 2027. Such growth in the population is expected to drive the demand for agricultural food products. In addition to the growing population, economic development in emerging economies will further drive the demand for agricultural products. For instance, in 2020, the World Bank announced that the Tanzanian economy moved from a low income economy to a lower middle income economy, as the gross national income for the country increased from US$ 1,020 in 2018 to US$ 1,080 in 2019. Such factors are expected to drive the demand for agricultural products and subsequently drive the demand for high end greenhouse, as an increasing number of farmers are focusing on the use of modern technology to increase harvest. Furthermore, greenhouse allow farmers to grow a range of crops throughout the year, even during the winter season when the intensity of sunlight received is low.
Among regions, Asia Pacific held dominant position in the global high end greenhouse market in 2019, accounting for 45.9% market share in terms of revenue, followed by Europe and Africa. Increasing number of high tech greenhouse in the region is expected to boost growth of the market. In June 2020, one of China's largest intelligent tomato greenhouse company, Beijing Hongfu Agriculture, invested 320 million Yuan (US$ 45.2 million) to develop a smart computer-controlled system for its 50,000-square-meter greenhouse.
Figure 1. Global High End Greenhouse Market Revenue Share (%), By Region, 2019
Market Restraints
High initial investment required to setup a high end greenhouse is expected to hamper the market growth over the forecast period. Greenhouse trap sunlight to provide crops a longer growing period. Plastic films used in greenhouse can lead to excessive heating of the greenhouse during the summer season (if temperature levels exceed the healthy levels and proper ventilation systems are not in place to control the temperature). Glass windows are the most effective material used for maintaining heat in a greenhouse and also allows the greenhouse to be ventilated when required. However, these are much costlier than plastic film alternatives. Even though glass has a longer life in greenhouse than its alternatives, their material and installation costs are much higher in comparison to its alternatives.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 49,879.4 Mn |
| Historical Data for: | 2017 and 2018 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 8.9% | 2027 Value Projection: | US$ 85,136.6 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Texas Greenhouse Company Inc., Nexus Corporation, Certhon, Dutch Greenhouse, Conley's Manufacturing and Sales, Netafim, The Toro Company, Nelson Irrigation, LumiGrow, Poly-Tex, Inc., United Greenhouse Systems, Inc., CMF Groupe, China Agrotime, Artigianfer srl, Atlas Manufacturing Inc., Rough Brothers, Inc., Ludy Greenhouse Manufacturing Corporation, Stuppy Greenhouse, The BARRE Company, Asthor Greenhouse Manufacturer, Ammerlaan Construction, Greenhouse Kenya Company, Grekkon Limited, Illuminum Greenhouse, Haygrove Limited, Sunmax Greenhouse, GGS Structures Inc., Rimol Greenhouse Systems, Idroterm Serre Srl, and MSC Invernaderos |
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Market Trends
The increasing demand for organic and localized agricultural products is expected to drive demand for high end greenhouse. Locally produced vegetables and fruits spend the least time period between harvest and consumption, and this substantially keeps the nutritional value of the product intact. Furthermore, locally produced food also reduces the transportation cost, product cost, and also supports the local economy. According to data from the World Association of Chefs Society, locally produced organic products also tend to taste better than products imported from other regions.
Figure 2. Global High End Greenhouse Market Revenue Share (%), By Product Type, 2019
On the basis of product type, in 2019, the tomato greenhouse segment accounted for 38.2% of the revenue share. The increasing adoption of hydroponic technology for the production of tomatoes, to curtail the usage of soil for the growth of plants, is expected to drive the segment growth.
Global High End Greenhouse Market - Impact of Coronavirus (Covid-19) Pandemic
The coronavirus (COVID-19) pandemic has had a deep impact on economies across the globe, and businesses have incurred substantial losses in 2020. As numerous countries are still under lockdown in 2021, global expenditure on numerous products has reduced substantially. Organic farm products cost higher than conventionally farmed products, and this is one of the factors that has declined the sales of greenhouse produced products. With the economic conditions in many countries deteriorating due to the pandemic, the overall expenditure on the expensive organic products is declining. For instance, in 2021, the rise in fuel prices has led to the inflation in the Indian market. Such factors have led to the decline of the premium greenhouse products in the global market.
Competitive Section
Key players operating in the global high end greenhouse market include Texas Greenhouse Company Inc., Nexus Corporation, Certhon, Dutch Greenhouse, Conley's Manufacturing and Sales, Netafim, The Toro Company, Nelson Irrigation, LumiGrow, Poly-Tex, Inc., United Greenhouse Systems, Inc., CMF Groupe, China Agrotime, Artigianfer srl, Atlas Manufacturing Inc., Rough Brothers, Inc., Ludy Greenhouse Manufacturing Corporation, Stuppy Greenhouse, The BARRE Company, Asthor Greenhouse Manufacturer, Ammerlaan Construction, Greenhouse Kenya Company, Grekkon Limited, Illuminum Greenhouse, Haygrove Limited, Sunmax Greenhouse, GGS Structures Inc., Rimol Greenhouse Systems, Idroterm Serre Srl, and MSC Invernaderos.
High end greenhouse use advanced technologies to monitor and control the climate inside greenhouse, monitor water and energy outputs, and ensure reliable and accurate management of all resources. Demand for fresh, healthy and safe food, the need to secure food supply chain, and self-sufficiency has become vital today. High end greenhouse can produce constant supply of food year-round, making them an ideal way to meet demand for local food and overcome future challenges such as food security.
The use of hydroponic cultivation systems in greenhouse is a major factor that boosts the plant growth rate. Apart from faster growth rate, hydroponic cultivation methods offer a number of advantages including water conservation, healthier plants, larger yields, and nutrient control. According to the statistics from Green Our Planet, hydroponic cultivation can lead to a 90% more efficient use of water. A growing number of organizations are adopting hydroponic systems to produce healthy food products. For instance, in October 2020, Appleton international Airport in the U.S. installed a hydroponic greenhouse in their facility, to offer healthier food to the consumers. Such factors are expected to drive the growth of the high end greenhouse market during the forecast period.
Demand for high end greenhouse from residential segment has been increasing at a rapid pace in the last few years. This can be attributed to their features of providing safety and security to the growing plants coupled with their less expensive and long-lasting nature. Also, adoption of greenhouse for residential applications like home gardens and small scale farming areas assists in widening the plant growing season throughout the year, it also provides fresh fruits and vegetables throughout the year, and protects the plants from extreme weather conditions.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
* Browse XX market data tables* and XX figures* on "High End Greenhouse Market” - Global forecast to 2027.
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