HYDROPONIC VEGETABLES MARKET ANALYSIS

The Global Hydroponic Vegetables Market is projected to reach around US$ 18.47 Billions by the end of 2030, in terms of revenue, growing at CAGR of 6.9% during the forecast period (2023-2030).

Global Hydroponic Vegetables Market: Growth Drivers

Growing demand for locally or regionally produced vegetables

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, the growing demand for clean labels with natural ingredients is also expected to foster the market growth of hydroponic vegetables over the forecast period.

Figure 1. Global Hydroponic Vegetables Market Share (%) in terms of Value, By Region, in 2022

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Rising prevalence of soil-borne disease caused due to microorganisms present in the soil.

Rising prevalence of soil-borne disease caused due to microorganisms present in the soil is expected to foster the market growth of hydroponic vegetables. These microorganisms cause damage 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 alternatives 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, the proprietor of Chennai-based Shaaz Agriculture Solutions, confirms this. “There has been a sudden increase in inquiries 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.

Global Hydroponic Vegetables Market: Restraints

High energy consumption as compared to traditional farming

High energy consumption as compared to traditional farming is expected to restrain 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 lighting controls, this is increasing overall energy costs thus hindering market growth.

Market Opportunity-

As a packaging medium, Hydroponic Vegetables Market play an important role in preserving products and protecting them from damage and contamination. Hydroponic Vegetables Market are widely used not only to protect products but also to avoid reactions with packaging solutions and air, including in the pharmaceutical, food, and beverage industries. These factors are expected to boost the growth of the Hydroponic Vegetables Market over the forecast period.

Figure 2. Global Hydroponic Vegetables Market Share (%) in terms of Value, By Distribution Channel, in 2022

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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.

Global Hydroponic Vegetables Market: Recent Developments

In June 2022, In Farm (Germany) entered into a partnership with IKEA to grow high-quality herbs inside the restaurants of three IKEA stores in Germany. It would help the company to strengthen its market position

In January 2022, ScottsMiracle-Gro (USA) announced the acquisition of Luxx Lighting (USA). Hawthorne Gardening Company's industry-leading lighting portfolio. This will help the company expand its product offering 

 In April 2021, Aerofarms announced the start of construction on its second commercial 150,000-square-foot indoor vertical farm in Danville-Pittsylvania County, Virginia. Danville Farms is strategically located near more than 1,000 of his grocery stores in the area and serves approximately 50 million travelers daily. 

Global Hydroponic Vegetables Market: Market Segmentation

Global Hydroponic Vegetables Market Share (%) in terms of Value, By Region, in 2022

Europe region dominated the Global Hydroponic Vegetables Market in 2022, accounting for a 54% share in terms of value, followed by North America and Asia Pacific respectively.

Global Hydroponic Vegetables Market: By Distribution Channel

On the basis of application in 2022, the distribution channel segment has accounted for the largest market share of 43% in terms of value

Global Hydroponic Vegetables Market: Key Companies

Key Companies 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.