by The global Hydroponic Vegetables Market is estimated to be valued at US$ 11.57 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hydroponic vegetables are grown using mineral nutrient solutions in water without soil. The key advantage of hydroponic farming is that it uses 95% less water than traditional agriculture while producing higher yields. It is also free from pesticides and contamination.
Market key trends:
Rising consumer preference for organic foods free from pesticides is a key trend boosting the demand for hydroponically grown vegetables. Organic hydroponic farming utilizes natural nutrient solutions and relies on beneficial micro-organisms instead of pesticides. Additionally, lack of sufficient cultivable land and water scarcity are compelling farmers to adopt hydroponic techniques that maximize yield from limited resources. Strict organic certifications for hydroponic produce are also increasing consumer confidence in these vegetables.
Market Key Trends:
Hydroponic vegetables cultivation is becoming increasingly popular due to its ability to produce vegetables without soil. It uses mineral nutrient solutions in an aqueous solvent to feed plants. This soilless method uses 70-95% less water compared to traditional farming techniques. It also allows year-round production and reduces dependence on unpredictable weather conditions and the risk of crop disease. Hydroponic farming is being adopted by many commercial greenhouse vegetable producers to optimize growth control, maximize productivity per acre and ensure consistent supply of pesticide-free produce.
SWOT Analysis
Strengths: Higher yields, requires less space, protects from pest and disease.
Weaknesses: High initial investment, electricity dependency, technical know-how requirement.
Opportunities: Growing consumer preference for organic foods, increasing greenhouse vegetable production.
Threats: Difficulty in scaling operations, dependence on pure mineral nutrients solution.
Key Takeaways
The global hydroponic vegetables market size is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period of 2023 to 2030, due to increasing demand for pesticide-free organic produce.
Regional analysis: North America dominates the global hydroponic vegetables market currently, owing to large number of commercial greenhouses in Canada and the US. Europe is the second largest market driven by technical advancements in Netherlands, Spain and Italy. Asia Pacific is anticipated to be the fastest growing market with China, Japan and India emerging as key producers and consumers of hydroponically grown vegetables.
Key players: Key players operating in the hydroponic vegetables market are 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. These players are focusing on expanding their production facilities and regional presence through mergers and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
