Hydroponic Vegetables Market
The hydroponic vegetable is a process of cultivating plants in the presence of the water without other media such as soil. All the required nutrients are dissolved in the irrigation water and then supplied to the water. This technique eliminates the need for soil and weeding preparation and enable the production of high-quality plants in a small area. Moreover, it also reduces soil pollution caused due to use of chemicals such as pesticides during field cultivation.
Global hydroponic vegetables market is estimated to account for around US$ 8,253.2 million in terms of value in the year 2019 and it predicted to grow at a CAGR of 6.6% during the forecast period (2020-2027).
Drivers:
Increasing population around the globe is leading to food security challenges this is encouraging manufacturers to adopt advanced cultivation method, thereby fueling market growth. Rapid urbanization is another major factor expected to augment the market growth of the hydroponic vegetables. According to the Coherent Market Insights analysis, it has been estimated that over 80% of the world’s population will reside in urban areas by 2050. Moreover, the global population will increase by at least 3 billion people during the interim period, requiring around 109 hectares of additional arable land to feed them.
Market Opportunities
Increasing commercialization of aquaponics across developing regions is estimated to serve major growth opportunities to the market of hydroponic vegetable. Aquaponics involves both aquaculture and hydroponics where wastewater generated from a fish farm is used as a nutrient-rich solution for hydroponic plants as it is a highly rich source of nitrogen due to the presence of excreta. This the process reduces the cost of cultivation, thereby fueling the market growth of hydroponic vegetables.
Market Restraints
High capital investment for establishing an indoor or outdoor hydroponic system for cultivation is a major factor restricting the new entrants in the developing markets. This is expected to hamper the market growth of hydroponic vegetables. According to the Coherent Market Insights analysis, the overall cost of setting up and maintaining a medium-scale greenhouse is currently around US$ 376,500, which is significantly higher than the investment required for a traditional farming set-up.
Key Takeaways
On the basis of region, Europe region dominated the global hydroponic vegetables market in 2019 with a 53.8% of market share in terms of value, followed by North America and Asia Pacific respectively.
On the basis of vegetable type, lettuce segment dominated the global hydroponic vegetables market in 2019 with a 32.6% of market share in terms of value, followed by tomatoes and peppers segment respectively.
Market Trends
Increasing adoption of hydroponics in backyards and lawn is one of the major trends in the market across developing regions. This is mainly for personal consumption and also to establish small stores near the house. Moreover, these vegetables are much cheaper as they are grown in small areas and requires much cheaper LED lights that stimulate plant growth. Thus, growing adoption of hydroponics in backyards and lawns is projected to bolster market growth.
Hydroponic Vegetables Market - Impact of Coronavirus (Covid-19) Pandemic
Widespread lockdowns across the globe has pushed urban population to grow their own fruit and vegetables at their homes. Panic buying has led to a boom in urban farming which has led to a market growth of hydroponic vegetables. According to Coherent Market Insights, hydroponic vegetables market is expected to grow at a substantial rate between 2020 and 2021.
Competitive Section:
Company Names
Few Recent Developments
In May 2019, BrightFarms Inc., a producer of locally grown leafy greens and herbs, has planned to expand into Pennsylvania by constructing a new hydroponic greenhouse. The project is expected to create more than 50 jobs at the selected Snyder County project site.
Segmentation
By Vegetable Type
By Distribution Channel
By Farming Type
By Origin
By Region
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