Organic Food is fastest growing segment fueling the growth of Hydroponic Vegetables Market

Hydroponic Vegetables Market

The global Hydroponic Vegetables Market is estimated to be valued at US$ 11.57 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Hydroponics uses a nutrient solution water without soil, allowing farmers to grow plants anywhere. Hydroponic vegetable farming is more productive than soil-based farming as it uses 70-95% less water and fertilizers. With growing awareness towards organic and sustainable food, the demand for hydroponic vegetables is rising fast.

 Market Overview:

Hydroponic vegetables are grown using mineral nutrient solutions instead of soil. Lettuce, tomatoes, cucumbers, and peppers are some of the commonly grown hydroponic vegetables. They are free from pollutants, chemicals and have higher yields compared to conventional farming.

Market key trends:

The demand for organic food is increasing globally due to rising health concerns among consumers. Certified organic hydroponic farming uses organic nutrient solutions and growing methods approved by organic certifying agencies. It is a sustainable way to produce chemical-free vegetables and meet the growing demand for organic produce. Countries like the US, Canada, Germany, the UK and Netherlands are witnessing a rise in certified organic hydroponic farms. This is expected to be a key trend in the hydroponic vegetables market over the coming years.

Segment Analysis

The global hydroponic vegetables market is segmented on the basis of type, input material, farm type, distribution channel and geography. By type, the market is classified into lettuce, cucumbers, peppers, tomatoes and others. Among these, the tomatoes segment dominates the market and accounted for the largest market share in 2022. Tomatoes offer rich nutritional value and are therefore preferred for hydroponic cultivation.

Key Takeaways

The global hydroponic vegetables market size is expected to reach USD 11.57 Billion by 2023, exhibiting a CAGR of 6.9% over the forecast period. This high growth can be attributed to increasing demand for pesticide-free vegetables and growing popularity of indoor vertical farming.

Regional analysis

Europe dominates the hydroponic vegetables market with the largest market share owing to rapid growth of hydroponic farming practices in Netherlands, Spain and UK. Asia Pacific exhibits the fastest growth due to large consumer base in China, Japan and India.

Key players

Key players operating in the hydroponic vegetables market 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. Village Farms and Thanet Earth are the largest players in the market dominating the North America and Europe regions respectively.

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https://www.dailyprbulletin.com/hydroponic-vegetables-market-size-share-growth-outlook-2023/