Hydroponics Market Forecast by Component, Business Function, Enterprise Size, and Industry Vertical: Global Opportunity Analysis till 2025
Global Hydroponics Market – An Overview:
There has been a notable increase in production of hydroponic vegetables owing to various benefits that these hold over traditionally grown vegetables. Not only do vegetables grown through this cultivation form need less water and fertilizers, but also less land. And, this is leading to growth in the global hydroponic market.
A per a study undertaken by Transparency Market Research, the compound annual growth rate of the global hydroponics market would be about 6.5% from 2017 to 2025. This will aid market worth in reaching a high worth of USD 12 billion – a notable increase from worth of the market in 2016. In 2016, the market worth was USD 6.9 billion.
It is pertinent to note here that there is a growing demand across the world for crops to be cultivated in controlled environment. Safety has been a big concern in the last few years owing to diseases such as E.Coli infection making their way. Consumption of contaminated and diseased fruits and vegetables also lead to other health hazards.
This whole scenario is creating a fertile ground for growth of global hydroponics market which eliminates soil requirement. This is pushing new investment in the market, promising new opportunities and a higher growth curve for the market over the assessment period. It is also important to note here that urbanization is paving way for growth in the market as it leads to preference for hydroponic vegetables.
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The vendor landscape is fragmented but players are entering into strategic alliances to stay ahead of the curve, making the market consolidated. Few of the prominent players that mark the global hydroponics market landscape are AMCO Produce Inc., Soave Enterprises LLC., Village Farms International, Inc., Thanet Earth Ltd., Eden Farms, Hollandia Produce, L.P., Bright Farms Inc., Emirates Hydroponics Farms, Platinum Produce Company and Millennium Pacific Greenhouses Ltd. These are comprehensively profile in the market report, along with company overview, strategic outlook, and financial overview and so on.
The strategies often deployed by market players operating in the stated playfield are varied and fall across the wide spectrum of organic and inorganic. Technological advancement, research and development, marketing initiatives are some of the few strategies that are enthusiastically resorted to.
Others also include mergers and acquisitions, and partnerships and collaborations. Key alliances based on mutual synergies yield notable results as a logical outcome of combination of a number of resources such as manpower, know-how and finances.
These strategic maneuvers are known to positively impact market penetration and market share. Besides, these strategies and maneuvers are also leading to a high level of competition in the global hydroponics market, particularly over the forecast period.
It is significant to note here that in some regions of the world support is pouring in from all sorts of stakeholders, including the government. Research and development in this market is also paving way for higher growth both for the individual players as well as overall market. A notable factor for these players and the government is to create higher awareness regarding this cultivation form and in turn, this will fuel growth over the forecast period stated above.
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Lettuce to Account for a Notable Share of Overall Growth of the Global Hydroponics Market over the Forecast Period
The report on global hydroponics market is divided into segments based on vegetable, distribution channel, origin, and farming. In terms of vegetables, the report covers cucumber, tomatoes, peppers, lettuce, peppers, and spinach. On the other hand, in terms of distribution channel, the report covers bulk suppliers and distributors, whole food and specialty stores, modern trade, unorganized small stores, and grocery stores. Origins can be conventional, natural and organic. Farming is sub-segmented into indoor and outdoor.
As per the report, the lettuce segment is set to account for a sizeable share of the market. In the year 2017, it held 32.9% of the total. In terms of distribution channel, modern trade segment will be a prominent one in terms of contribution to overall market growth. This segment includes hypermarket and supermarket. As far as the category of origin is concerned, over the forecast period, the conventional segment will account for a dominant share in the market.
Europe to Dominate the Regional Landscape of Global Hydroponics Market over the Forecast Period, Owing to Cultivation of a Wide Variety of Vegetables
The regional segments of the global hydroponics market report are Middle East and Africa, Asia Pacific, North America, Latin America, and Europe. The report delineates details on opportunities, threats, strengths, and weaknesses.
It is noted in the report that Europe is set to emerge at the top of the regional charts in the global hydroponics market owing to a number of factors. Notable among these factors is higher awareness regarding benefits if this cultivation type, high reliance on technology, and the fact that a large number of vegetable type is grown in this region. Analysts claim that by the end of the forecast period in 2025, the share of this region would be a massive 41%. It is pertinent to note here that for similar reasons, North American region will also account for a sizeable share of the market.
However, the Asia Pacific (APAC) region would record a significant compound annual growth rate in terms of value. Additionally, Latin America and MEA will also create new growth opportunities in the market. This would keep market players attracted towards these regional market landscapes over the forecast period.
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