Hydroponic Vegetable Market: Introduction:
The hydroponic vegetable is the vegetable grown over the non-soil nutrient support. Hydroponic vegetables are grown under controlled environment with no outdoor exposure. The whole process of hydroponic agriculture is controlled under a centralize computer system which controls the nutrition balance in the feed water, humidity inside the greenhouse and fertilizer concentration. This makes hydroponic vegetables grown diseases and pollutant free. The yield of the plants are very predictable and hence grantees return to the manufacturers. The hydroponic vegetables are of high quality and can be grown close to the selling point of the vegetable markets. This increases the value of the product and reduces the loss in the distribution channel for the manufacturers.
Guaranteed yield and production of exotic variety in no growing zones makes the hydroponic vegetable market very lucrative for the manufacturer to invest. The hydroponic vegetable is anticipated to grow heavily into the global market because of the food and beverage market trend for the healthy and fresh product. Also, inexpensive production cost and reduction in food miles will drive the hydroponic vegetable market towards growth.
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Hydroponic Vegetable Market: Segments:
The hydroponic vegetable market can be segmented according to its type, origin and distribution channel.
Based on the type, the hydroponic vegetable market can be divided into natural and GMO. The natural vegetables are grown from the natural seeds or plant sources. The GMO vegetables are grown from GMO seeds collected from a facility.
According to the origin, the hydroponic vegetables can be segmented into exotic hydroponic vegetable and non-exotic hydroponic vegetable. The exotic hydroponic vegetables are not locally grown due to its geography and hence has a larger demand and higher return value. The non-exotic hydroponic vegetables are daily consumable vegetables with having a higher quality than locally grown vegetables.
Based on distribution channel the hydroponic vegetables can be segmented according to the hypermarket, supermarkets, retail chains, local vendors and internet market. In this segmentation, retail and internet market are more likely to show greater demand than others because of exclusive segmentation of the hydroponic vegetables.
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Hydroponic Vegetable Market: Region-wise Outlook:
Major market regions like Europe and Northern America have already opted for hydroponic vegetables because of the high demand for natural and fresh farm products by health cautious population. Asia-Pacific and Middle-East and Africa are having a high demand for an exotic hydroponic vegetable market. The global consumption of natural and fresh farm products have increased which is foreseen to affect the hydroponic vegetable market in a positive way. Reduction of the cost price of the exotic vegetable in the local market will boost the present hydroponic vegetable market.
Hydroponic Vegetable Market: Drivers and Restraints:
Reduction in production cost and timely healthy yield are the main USP of the hydroponic vegetable market. The technology used to produce the vegetables are able to produce vegetable all around the year with no effect of the external weather condition. This will allow the manufacturer to supply fresh vegetables all around the year creating a healthy market in the region. Production of exotic varieties of vegetable near the selling point also reduces the food files which helps in bring down the selling price of the product resulting in heavy consumption. Organic vegetables are not produced in hydroponic system hence, the manufacturer will lose the market for it. This can act as a restrain to the hydroponic vegetable market.
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Hydroponic Vegetable Market: Key Players:
The key global players for the hydroponic vegetable market are Growponics Ltd, Freight Farms, AeroFarms, Edenworks, BrightFarms Inc, AmHydro Inc, Hortimex Holland BV, Topterra Holland, Thanet Earth Ltd, HotiNed, Swissradies, Metazet/FormFlex and StarFarm Pakistan (Pvt) Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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