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  • Published On : Oct 2022
  • Code : CMI4004
  • Industry : Food and Beverages
  • Pages : 110
  • Formats :

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.

Global hydroponic vegetables market was valued at US$ 10200 Million in 2021 in terms of revenue, exhibiting a CAGR of 5.8 % during the forecast period (2022 to 2030).

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 period.

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.

The covid-19 crisis seems to have catalyzed the interest in hydroponics. Syed Nadeem, proprietor of Chennai-based Shaaz Agriculture Solutions, confirms this. “There has been a sudden increase in enquiries about hydroponics after the pandemic hit," says Nadeem, adding that many people now want to grow their own vegetables organically. “Anyone passionate about farming or gardening can do it," he says.

Figure 1. Global Hydroponic Vegetables Market Value Share (%), By Region, 2021

Hydroponic Vegetables  | Coherent Market Insights

Europe region dominated the global hydroponic vegetables market, 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.

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Hydroponic Vegetables Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 10200 Mn
Historical Data for: 2017-2020 Estimated Year: 2022
Forecast Period 2022 to 2030 CAGR: 5.8 % Forecast Period: 2022-2030
Geographies covered:
  • Region: North America, Latin America, Europe, Asia Pacific, Middle East & 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 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 2. Global Hydroponic Vegetables Market Value Share (%), By Distribution Channel 2021

Hydroponic Vegetables  | Coherent Market Insights

On the basis of distribution channel, the hypermarket & supermarket segment has accounted the largest market share of 43.30% in terms of value, followed by grocery stores and whole foods & specialty stores segment respectively.

Recent Developments

  • In Sept. 28, 2022, according to the recent FMI report, the hydroponics market size is anticipated to cross a value of US$ 58.1 Billion in 2032, growing at a CAGR of 16.2% approximately between 2022 and 2032. A significant driver of the hydroponics market is the emerging trend for exotic vegetables for use in intercontinental cuisines.
  • In April 04, 2022, Reportlinker.com announces the release of the report "Global Hydroponics Market Size, Share & Industry Trends Analysis Report By Type, By Crops, By Regional Outlook and Forecast. The plant roots are soaked in the chemical solution and monitored on regular intervals to maintain that the proper chemical composition for growth is sustained. As a result, infections caused by soil organisms are eliminated using the hydroponics technology. Furthermore, due of good nutrition management, hydroponically grown plants generate a better yield than equivalent plants cultivated in soil.

Competitive Section

Major players operating in the global hydroponic vegetables market include 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.

The hydroponics market consists of sales of hydroponics solutions by entities (organizations, sole traders, and partnerships) that refer to the method of growing plants in a water-based, nutrient-rich solution. This approach allows roots to absorb nutrients from the water and meet their growth needs. Furthermore, this method can grow plants in liquid, sand, or gravel by adding nutrients. Farmers and growers widely use hydroponics to grow vegetables, herbs, fruits, and flowers hydroponically.

Market Dynamics

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.

Increasing spending on the cultivation of hydroponic vegetables by the government to meet the rising demand around the globe is projected to augment market growth. Growth of urban population and increasing disposable income of the population is boosting demand for fruits, salad, and other convenience food products. All these factors are projected to augment the market growth of the hydroponic vegetables over the forecast timeframe.

Lack of government policy and tax breaks across emerging countries is expected to curb the market growth of the hydroponic vegetable over the forecast period.

Key features of the study:

  • This report provides an in-depth analysis of the global hydroponic vegetables market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2022-2030), considering 2021 as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategies adopted by key players
  • This study also provides impact analysis of Coronavirus (Covid-19) pandemic on hydroponic vegetables market.
  • It profiles key players in the global hydroponic vegetables market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered as a part of this study include 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.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology upgradation, market expansion, and marketing tactics
  • The global hydroponic vegetables market report caters to various stakeholders in this industry including investors, suppliers, hydroponic vegetables manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global hydroponic vegetables market

Detailed Segmentation 

  • Global Hydroponic Vegetables Market, By Vegetable Type:
    • Cucumber
    • Lettuce
    • Spinach
    • Peppers
    • Tomatoes
    • Others
  • Global Hydroponic Vegetables Market, By Distribution Channel:
    • Hypermarket & Supermarket
    • Grocery Stores
    • Unorganized Small Stores
    • Whole Foods & Specialty Stores
    • Bulk Suppliers & Distributors
    • Others
  • Global Hydroponic Vegetables Market, By Farming Type:
    • Indoor
    • Outdoor
  • Global Hydroponic Vegetables Market, By Origin:
    • Natural & Organic
    • Conventional
  • Global Hydroponic Vegetables Market, By Region:
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Italy
      • Spain
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • ASEAN
      • Australia
      • South Korea
      • Rest of Asia Pacific
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Middle East
      • GCC
      • Israel
      • Rest of Middle East
      • Africa
      • Central Africa
      • South Africa
  • Company Profiles
    • AMCO Produce Inc.*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • 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.

Frequently Asked Questions

Global hydroponic vegetables market was valued at around US$ 10200 Million in 2021.
The market is estimated to grow at around 5.8 % CAGR in the forecast period (2022-2030).
Growing demand for iceberg lettuce especially from service outlets is a major trend and this trend is projected to propel the market.
High energy consumption as compared to traditional farming is expected to restraint the market.
Major players operating in the market include 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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