HYDROPONICS MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 The demand for exotic fruits and vegetables has been constantly growing at a higher rate due to the increased purchasing power of consumers. The cost of these exotic products is high, as most of these products are imported, and thus, several research institutions and universities are focusing on establishing more simplified hydroponics systems to accelerate the production of exotic fruits and vegetables and meet the escalating demand.

Additionally, increasing awareness among consumers of eating fresh vegetables may also fuel the market in the future. The demand for exotic vegetables like red and yellow capsicum and red lettuce in food and retail chains, like Burger King and KFC, is anticipated to boost sales during the forecast period.

Further, with the rapid urbanization, the demand for hydroponically grown vegetables and crops has been increasing from several industries such as hotels, restaurants, fast food chains, railway catering, NGOs, and defense, which encourages the farmers to cultivate through hydroponics systems.

The demand for fresh vegetables and fruits in the region is driving the market demand for hydroponic operations. At present, the hydroponics farms present in the region are family or small business operations that cover approx. 1 acre. Rooftop hydroponic gardens in urban setups like New York are helping the market grow further. The future growth of the hydroponics market in the region depends greatly on the development of hydroponic production systems that are competitive in cost with systems of open-field agriculture.

Hydroponics farming not only helps in protecting the environment, but it also helps in getting a higher yield from the crops compared to open field production. Additionally, rising health awareness among consumers created higher demand, therein resulting in the increasing adoption of hydroponic production techniques.

Increasing pressure on global arable land, increased demand for nutrition, and a shift in the dietary pattern of the global population toward consumption of fresh fruits and vegetables are the factors driving the increase in area under hydroponics. In countries with unfavorable climatic conditions for open land farming, hydroponics provides a sustainable option for the cultivation of fresh produce to supply to markets.

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