Analysis of COVID-19 Crisis-driven Growth Opportunities in Hydroponics Market
The global hydroponics market has been estimated to be competitive in nature. It is expected to experience intense competition over the next few years, notes a new market research study by Transparency Market Research. The report forecasts that the increasing number of market players and emergence of cutthroat competition are expected to improve the growth of global hydroponics market in the next few years to come.
Some of the noted players that are operating in the global hydroponics market are Bright Farms Inc., Village Farms International, Inc., Thanet Earth Ltd., AMCO Produce Inc., and Soave Enterprises LLC. These companies are underscoring the need for innovation and product development thereby generating favorable growth opportunities for global hydroponics market in the forthcoming years. Besides, rising numbers of acquisitions and mergers are further expected to fuel growth of global hydroponics market over the forecast timeframe.
In accordance with the report by Transparency Market Research, the global hydroponics market will clock 6.5% CAGR from 2017 to 2025. The global hydroponics market is estimated to be valued at US$12.1 bn by the end of 2025.
High Yield in this form of Cultivation to Drive Market Growth
Increased produce of hydroponic vegetables has stimulated the growth of global hydroponic vegetable market. As more and more people get to know about the benefits of this type of cultivation over conventional method of cultivation, the global hydroponics market is ought to grow. Hydroponics use less of land, fertilizers, and water and also serve as a simple solution to the issue of climate change.
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Intake of contaminated or diseased plants can lead to diseases such as Salmonella poisoning, E. coli and, others. Rising awareness amongst the consumers is propelling the demand for vegetables and crops that are cultivated in a controlled and safe environment. Such awareness fuels the growth of global hydroponics market.
Hydroponic cultivation produces high yield as compared to the usual rural cultivation system. Therefore, high yield, thus produced, plays a key role in the stimulating growth for global hydroponics market in the next few years to come. Substantial rise in the vibrant, colourful vegetables along with expanding requirement for nutritional food are estimated to drive global hydroponics market.
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On the other hand, the need for high base speculation to generate hydroponics framework is regarded as one of the main factors that would hamper the growth of the global hydroponics market.
Nevertheless, increase in vertical cultivation is expected to increase the production of lettuce every year. It is predicted to create promising growth opportunities for the companies during the forecast period.
Europe to Continue with Market Dominance over the Forecast Period
In terms of geography, the global hydroponics market is divided into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Of these regions, Europe is foreseen to account for the largest market share in the global hydroponics market during the forecast period. It is expected to account for 41% of the total market share by the end of 2025. North America will follow Europe in terms of market share and is anticipated to obtain substantial incremental opportunity in terms of revenue by the end of forecast period. This trend in America and Europe is due to the rising demand for different types of hydroponic vegetables in both the regions.
Following the footsteps of Europe and North America, Asia Pacific is foreseen to register robust CAGR in terms of market value during the forecasted timeframe. Middle East and Africa and Latin America are predicted to follow Asia Pacific closely with regards to CAGR and market value in the forecast period.
The information shared in this review is based on a TMR report titled, “Hydroponics Market (Vegetable – Cucumber, Lettuce, Spinach, Peppers, and Tomatoes; Distribution Channel – Modern Trade (Hypermarket and Supermarket), Grocery Stores, Unorganized Small Stores, Whole Food and Specialty Stores, and Bulk Suppliers and Distributors; Origin – Natural and Organic and Conventional; Farming – Indoor Farming and Outdoor Farming) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”
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