The global hydroponics market is competitive in nature and is estimated to witness a high level of competition in the next few years, stated a new market research study by Transparency Market Research. The rising number of players and the increasing level of competition are anticipated to enhance the growth of the overall market in the next few years. Some of the leading players operating in the hydroponics market across the globe are Thanet Earth Ltd., Soave Enterprises LLC., Bright Farms Inc., Village Farms International, Inc., and AMCO Produce Inc. These players are focusing on innovations and development of new products, which are estimated to generate promising growth opportunities in the next few years. Moreover, the increasing number of mergers and acquisitions are further estimated to enhance the overall growth of the market in the next few years.
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According to the market research report by Transparency Market Research, the global hydroponics market is anticipated to reach a value of US$12.1 bn from US$6.9 bn by the end of 2025. The market is likely to register a promising 6.50% CAGR between 2017 and 2025.
Europe to Continue Dominance in Global Hydroponics Market
The global market for hydroponics has been classified on the basis of geography into the Middle East and Africa, Europe, Latin America, North America, and Asia Pacific. Among these segments, Europe is projected to register a significant growth rate and attain a leading position in the market throughout the forecast period. As per the study, the market is likely to account for a share of around 41% share of the global market throughout the forecast period. Furthermore, North America is expected to witness a healthy growth in the coming few years. The high growth of North America can be attributed to the rising demand for several hydroponic vegetables. Asia Pacific, on the other hand, is estimated to a promising growth rate in the coming years.
The global hydroponics market has been categorized on the basis of vegetable type into lettuce, peppers, cucumber, spinach, tomatoes, and others. Among the mentioned segments, lettuce is estimated to lead the global hydroponics market in the next few years. Furthermore, on the basis of distribution channels, the modern trade segment is likely to lead the global hydroponics market throughout the forecast period.
Vertical Cultivation to Offer New Opportunities for Market Players
The high yield in contrast with the customary rural system is one of the key factors that is estimated to accelerate the growth of the global hydroponics market in the next few years. A significant rise in the use of colorful plate of green vegetables and the growing demand for nutritional foods are some of the other key factors that are likely to enhance the overall growth of the market in the near future. On the flip side, the requirement of high base speculation to create hydroponics framework is considered as one of the key factors, which is estimated to curtail the growth of the global hydroponics market in the next few years.