Global Hydroponics Market – An Overview:
There has been a notable increase in production of hydroponic vegetables owing to various benefits that these hold over traditionally grown vegetables. Not only do vegetables grown through this cultivation form need less water and fertilizers, but also less land. And, this is leading to growth in the global hydroponic market.
A per a study undertaken by Transparency Market Research, the compound annual growth rate of the global hydroponics market would be about 6.5% from 2017 to 2025. This will aid market worth in reaching a high worth of USD 12 billion – a notable increase from worth of the market in 2016. In 2016, the market worth was USD 6.9 billion.
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It is pertinent to note here that there is a growing demand across the world for crops to be cultivated in controlled environment. Safety has been a big concern in the last few years owing to diseases such as E.Coli infection making their way. Consumption of contaminated and diseased fruits and vegetables also lead to other health hazards.
This whole scenario is creating a fertile ground for growth of global hydroponics market which eliminates soil requirement. This is pushing new investment in the market, promising new opportunities and a higher growth curve for the market over the assessment period. It is also important to note here that urbanization is paving way for growth in the market as it leads to preference for hydroponic vegetables.
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The vendor landscape is fragmented but players are entering into strategic alliances to stay ahead of the curve, making the market consolidated. Few of the prominent players that mark the global hydroponics market landscape are AMCO Produce Inc., Soave Enterprises LLC., Village Farms International, Inc., Thanet Earth Ltd., Eden Farms, Hollandia Produce, L.P., Bright Farms Inc., Emirates Hydroponics Farms, Platinum Produce Company and Millennium Pacific Greenhouses Ltd. These are comprehensively profile in the market report, along with company overview, strategic outlook, and financial overview and so on.
The strategies often deployed by market players operating in the stated playfield are varied and fall across the wide spectrum of organic and inorganic. Technological advancement, research and development, marketing initiatives are some of the few strategies that are enthusiastically resorted to.
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Others also include mergers and acquisitions, and partnerships and collaborations. Key alliances based on mutual synergies yield notable results as a logical outcome of combination of a number of resources such as manpower, know-how and finances.
These strategic maneuvers are known to positively impact market penetration and market share. Besides, these strategies and maneuvers are also leading to a high level of competition in the global hydroponics market, particularly over the forecast period.
It is significant to note here that in some regions of the world support is pouring in from all sorts of stakeholders, including the government. Research and development in this market is also paving way for higher growth both for the individual players as well as overall market. A notable factor for these players and the government is to create higher awareness regarding this cultivation form and in turn, this will fuel growth over the forecast period stated above.
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