Hydroponic Vegetables is Estimated to Witness High Growth Owing to Increasing Demand for Organic Foo

Author : naufan cmi | Published On : 23 Jan 2024

Hydroponic farming is a soilless method of growing plants using mineral nutrient solutions in a water solvent. Several types of plants can be grown using hydroponics, including tomatoes, peppers, cucumbers, and leafy greens. Hydroponic farming offers various advantages over traditional soil-based agriculture such as higher yields with optimized growing conditions, minimal space requirements for equivalent yields and no agricultural run-off. With increasing urbanization, hydroponic farming enables agriculture closer to consumers located in cities.

The global hydroponic vegetables market is estimated to be valued at US$ 8.1 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One driver from heading- Increasing demand for organic foods: The demand for organic and chemical-free foods is driving significant growth in the hydroponic vegetables market. Hydroponic farming does not use soil and hence eliminates the use of chemicals, fertilizers and pesticides. It allows farmers to grow vegetables, fruits and other plants in a fully controlled, clean environment. With rising health awareness, consumers are increasingly opting for hydroponically grown organic foods which do not contain any residues and are absolutely chemical-free. As the organic foods market expands globally at a rapid pace, the adoption of hydroponic techniques for organic crop production is surging thereby accelerating the hydroponic vegetables market growth during the forecast period.

SWOT Analysis
Strength: Hydroponic farming allows vegetables to grow year-round without soil using mineral nutrient solutions. This improves yield and reduces dependence on climate and seasons. Hydroponic farms can precisely control light, water, nutrients and temperature to maximize plant growth in smaller spaces. With vertical farming, hydroponic farms take up very little land area compared to traditional farming methods.

Weakness: Hydroponic farming is capital intensive requiring large initial investments in equipment, lighting, water systems and infrastructure. Small farmers may struggle to adopt this technology due to high setup costs. Reliance on technology and external inputs also makes the system vulnerable to equipment or power failures.

Opportunity: There is increasing demand for locally grown fresh produce as consumers seek healthy, sustainable and chemical-free options. Hydroponics allows vegetables to be grown closer to urban consumers reducing transportation costs and carbon footprint. Population growth and limited arable land are driving adoption of innovative indoor farming techniques globally.

Threats: Hydroponic farms depend on continuous supply of resources like nutrients, lighting, water and electricity which could become costly over the long run. Disruptions in resource supply chains can impact production. Bad publicity over perceived "unnatural" farming techniques may reduce consumer acceptance of hydroponically grown vegetables.

Key Takeaways
The Global Hydroponic Vegetables Market Size is expected to witness high growth over the forecast period of 2024 to 2031supported by rising health consciousness.

Asia Pacific dominates consumption and holds over 40% share in the global market. Mounting population pressures on limited farmland are driving uptake of hydroponic farming techniques in densely populated countries like China and India.

Key players operating in the hydroponic vegetables market are Village Farms International, Emerald Harvest, Ameropan, Edenworks, Bright Farms, Urban Crop Solutions, Growpod Solutions, Hydrodynamics International and Triton Foodworks. Leading players are investing in R&D to develop new vegetable varieties suitable for hydroponics and optimize nutrient formulas. Companies are also expanding to international markets through partnerships.

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https://www.rapidwebwire.com/hydroponic-vegetables-market-trends/