The global hydroponics market is prognosticated to be highly fragmented and competitive in nature. Owing to the presence of various firms all over the world, the market is foreseen to witness intense competition in upcoming years. This rise in number of players and competition among them is contributing in a significant growth of the market in upcoming years. Some of the leading players that are operating in global hydroponics market are Soave Enterprises LLC., AMCO Produce Inc., Village Farms International, Inc., Eden Farms, Hollandia Produce, Millennium Pacific Greenhouses Ltd., Thanet Earth Ltd., L.P., Emirates Hydroponics Farms, Bright Farms Inc., and Platinum Produce Company. These key players are working on development and advancement of new products that are anticipated to provide huge scope of opportunities in future years. Along with this, these organizations are also indulging in mergers and acquisition activities to sustain their position in the market in forthcoming years.
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According to a recent report by Transparency Market Research (TMR), the global hydroponics market is likely to expand at a steady CAGR of 6.50% within the forecast period from 2017 to 2025. The market is anticipated to be valued around worth of US$12.1 bn by the end of forecast period, which was initially of worth US$6.9 bn, back in 2016.
On the basis of vegetable type, the global hydroponic vegetables market is classified into lettuce, cucumber, spinach, tomatoes, peppers, and so on. Among these, in 2017, the lettuce segment was expected to hold more than 32.9% of the overall hydroponics market. On the basis of geography, Europe is estimated to lead the global market for hydroponics. The region is foreseen to account for over 41% of market share in the entire market by the end of forecast period, 2025. This trend is responsible for the surging demand for several types of global hydroponic vegetables market.
Consumption of Green vegetables to Propel Growth in Global Hydroponics Market
The increased cultivation as compared to traditional rural system is among the major factors which are anticipated to augment the growth in global hydroponics market in upcoming years. A substantial increase in the consumption of green vegetable, along with rising awareness regarding healthy eating habits and nutritional foods are some more factors propelling the growth in overall market. However, on the other hand, the need for huge consumer base to develop hydroponics system is among the restricting factors, pulling back the market growth during the forecast period.
Increased Vertical Cultivation to Increase Lettuce Production Every Year
Nevertheless, the growing utilization of vertical cultivation is expected to increase the lettuce production year by year so as to develop significant growth scope for the players all over the hydroponics market in upcoming years.