by Hydroponic farming involves growing plants using mineral nutrient solutions in water without soil. It is a soilless growing method that helps boost plant growth and produces nutritious vegetables and crops. Hydroponic farming offers several advantages like higher yields, controlled environment which helps grow plants regardless of weather conditions, and uses 90% less water compared to traditional soil-based agriculture.
The global Hydroponic Vegetables Market is estimated to be valued at US$ 13.5 billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing popularity of organic farming techniques among consumers as well as farmers has been propelling the hydroponic vegetables market growth. Hydroponic farming is considered an organic farming method as it does not use synthetic pesticides and fertilizers. With increasing health consciousness, consumers are preference for organic produce which has been grown without chemicals. The hydroponic way of farming offers a sustainable solution to grow organic vegetables without soil. It helps meet the rising demand for chemical-free vegetables and support organic farming practices.
SWOT Analysis
Strength: Hydroponic vegetables have higher yields and are produced using less water and space compared to traditional agriculture. They can be grown in any environment and production does not depend on seasons.
Weakness: High initial setup and maintenance costs for hydroponic equipment. Requires technical knowledge and skills. Reliance on electricity and nutrients for growing plants.
Opportunity: Growing consumer preference for organic and locally grown vegetables. Increasing population and reduction in availability of cultivable land provides growth opportunities. Government initiatives supporting use of innovative farming techniques.
Threats: Threat from natural and unforeseen environmental factors. Fluctuations in electricity costs and nutrient prices can impact overall production costs.
Key Takeaways
The Global Hydroponic Vegetables Market Size is expected to witness high growth.
Regional analysis comprised North America dominates the global hydroponic vegetables market currently due to large presence of hydroponic cultivators in Canada and the US. Countries in Europe and Asia Pacific regions are also expected to offer lucrative growth opportunities attributed to increasing organic farming.
Key players operating in the hydroponic vegetables market are Village Farms International, Bright Farms Inc., Argus Controls BV, Emirates Hydroponic Farms, Freight Farms, Hydrodynamics International, Eden Farms, Green Sense Farms, American Hydroponics, Hollandia Produce, Terra Tech Corp.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
