Impact Analysis of Covid-19
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.
Hydroponic is an advanced technology that involves growing of plants without soil. Hydroponic gardens offer all the nutrients to the plant without involving soil, sunlight, and extra labor. It involves the growth of plants in water. All the essential nutrients are dissolved in the water and supplied to the plant on a regular basis for proper development. Hydroponically grown vegetables are high quality and require very little washing.
The global hydroponic vegetables market is projected to reach around US$ 13,731.5 million by the end of 2027, in terms of revenue, growing at CAGR of 6.6% during the forecast period (2020-2027).
Drivers:
Growing demand for locally or regionally produced vegetables is primarily fueling the market growth of hydroponic vegetables. Rising demand for fresh and organic food products due to increasing awareness regarding the health benefits of organic food products. Moreover, growing demand for the clean label with natural ingredients is also expected to foster the market growth of the hydroponic vegetables over the forecast timeframe.
Rising prevalence of soil-borne disease caused due to microorganisms present in the soil is expected to foster the market growth of hydroponic vegetable. These microorganisms cause damages to the root of the plant and lead to the death of the plant. Moreover, the consumption of contaminated or diseased plants may lead to various health issues and in these cases, hydroponic plants are suitable alternative in order to prevent soil-borne disease. Thus, growing soil-borne disease is expected to augment the market growth of the hydroponic plant.
Figure 1. Global Hydroponic Vegetables Market Share (%) in terms of Value, By Region, in 2019
Europe region dominated the global hydroponic vegetables market in 2019, accounting for 53.8% share in terms of value, followed by North America and Asia Pacific, respectively.
Market Restraints
High energy consumption as compared to traditional farming is expected to restraint the market growth of the hydroponic vegetable. Traditional farming completely depends on direct sunlight and involves a simple irrigation system whereas hydroponic cultivation requires artificial temperature and lightening controls, this is increasing overall energy costs thus hindering the market growth.
Hydroponic Vegetables Market Report Coverage
| Report Coverage |
Details |
| Base Year: |
2019 |
Market Size in 2019: |
US$ 8,253.2 Mn |
| Historical Data for: |
2016 to 2019 |
Forecast Period: |
2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: |
6.6% |
2027 Value Projection: |
US$ 13,731.5 Mn |
| Geographies covered: |
- North America: U.S., Canada
- Latin America: Brazil, Argentina, Mexico, Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC, Israel, and Rest of Middle East
- Africa: South Africa, North Africa, and Africa
|
| Segments covered: |
- By Vegetable Type: Cucumber, Lettuce, Spinach, Peppers, Tomatoes, and Others
- By Distribution Channel: Hypermarket & Supermarket, Grocery Stores, Unorganized Small Stores, Whole Foods & Specialty Store, Bulk Suppliers & Distributors, and Others
- By Farming Type: Indoor and Outdoor
- By Origin: Nature & Organic and Conventional
|
| Companies covered: |
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, and Thanet Earth Ltd.
|
| Growth Drivers: |
- Growing demand for locally or regionally produced vegetables
- Rising prevalence of soil-borne disease caused due to microorganisms present in the soil
|
| Restraints & Challenges: |
- High energy consumption as compared to traditional farming
|
Market Opportunities
The development of the innovative cultivation system is expected to bring new opportunities to the market of hydroponic vegetables. For instance, in September 2019, Verdeat launched its hydroponic garden system for the home controlled by a smartphone app and designed to fit inside the house or apartment. Moreover, it is like a growing number of at-home hydroponic systems. Hence, the launch of innovative hydroponic product is expected to propel the market growth.
Increasing establishment of hydroponic vegetable restaurant around the globe is projected to offer lucrative opportunities to the market of hydroponic vegetables. For instance, in January 2017, LeafIn, which is a hydroponic vegetable restaurant, opened in China. This is the first hydroponic vegetable restaurant in the country. Therefore, the growing introduction of hydroponic vegetable restaurant will favor the market growth over the forecast period.
Figure 2. Global Hydroponic Vegetables Market– Opportunity Analysis
Market Trends
Growing demand for iceberg lettuce especially from service outlets is a major trend and this trend is projected to propel the market growth of hydroponic vegetables. According to the Coherent Market Insights analysis, McDonald's uses a substantial amount of hydroponically-grown iceberg lettuce in burgers. In Puerto Rico alone, McDonald's consumes over 45,000 pounds of iceberg lettuce every month.
Figure 3. Global Hydroponic Vegetables Market Share (%) in terms of Value, By Distribution Channel, in 2019
On the basis of distribution channel in 2019, the hypermarket & supermarket segment has accounted the largest market share of 42.3% in terms of value, followed by grocery stores and whole foods & specialty stores segment respectively.
Global Hydroponic Vegetables Market - Impact of Coronavirus (Covid-19) Pandemic
The current pandemic has disrupted farming and food supply chains and has increased widespread shortage of food and price increases. Hydroponic farming is expected to strengthen the food security during the pandemic. There has been increasing demand for fresh vegetables and fruits. The pandemic has increased awareness regarding healthy eating and overall healthy lifestyle. The crisis has led to need for development of local farming. Singapore announced new measures to accelerate food production by transforming car park rooftops in public housing estates into urban farms. According to Coherent Market Insights, hydroponic vegetables market is expected to grow at a substantial rate between 2020 and 2021.
Competitive Section:
Company Names
- 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.
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