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Albany, NY, April 25, 2019 (GLOBE NEWSWIRE) -- The global hydroponics market is witnessing a high degree of competition on account of increasing competition among the top players, states a new market report by Transparency Market Research. Some of the key players in the hydroponics market across the globe are Thanet Earth Ltd., Bright Farms Inc., Soave Enterprises LLC., AMCO Produce Inc., and Village Farms International, Inc.
These players are focusing on expanding their presence in emerging economies with abundant untapped potential. Apart from this, they are ramping up their investments in product innovations to concretize their foothold in the market. In the coming years, the competition within this hydroponics market is expected to heat up further with the entry of several new players. Moreover, the increasing number of mergers and acquisitions, partnerships, ventures are further estimated to offers lucrative opportunities to the market’s growth in the next few years.
According to TMR, the global hydroponics market presented an opportunity worth US$6.9 bn in 2016. Further expanding at a healthy 6.50% CAGR during the period from 2017 to 2025, the hydroponics market is expected to touch a valuation of US$12.1bn by the end of forecast period.
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In terms of geography, Europe surfaced as a dominant regional market for hydroponics and is projected to remain so, thanks to the rising demand from countries like Netherlands, Spain, and France for several hydroponic vegetables. On the basis of the vegetable segments, lettuce is prognosticated to lead the global hydroponics market in the next few years owing to rising consumer inclination.
Farming Irrespective of Climatic Condition to Boost Prospect
The global hydroponics market is expected to rise at a significant pace in the coming years. This is mainly because of the prevailing adversity such as depletion of food & water resource. With the increasing integration of technology with agricultural practices there have been significant improvements in conventional farming practices. However, there has been a constant degradation of natural resources such as land and water in past few years. This has created a need to switch from conventional farming techniques to advanced techniques such as hydroponics. This is because use of the devices does not depend on soil, fertile land, and climatic condition for cultivation.
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The hydroponics market is likely to rise on the back of its advantages over traditional farming such as zero use of pesticides and chemicals. Furthermore, there are various other factors which are anticipated to play a major role in driving the hydroponics market across the globe. One of them is the ability it offers to farmers to grow crops in areas that cannot support crops in soil.
High Costs of Infrastructural Investment to Obstruct Growth
On the flip side, requirement of high base speculation for hydroponics framework is one of the major factors expected to impede the growth of the global hydroponics market in the next few years.
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Nevertheless, decreasing land area across the globe for cultivation and rising population are expand to propel the global hydroponics market and generate promising growth opportunities for the market players in the next few years. Along with this, growing number of health-conscious consumers with increasingly sophisticated tastes are prompting more farmers to consider hydroponics. This is expected to boost the growth of the global hydroponics market.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Hydroponics Market (Vegetable - Cucumber, Lettuce, Spinach, Peppers, and Tomatoes; Distribution Channel - Modern Trade (Hypermarket and Supermarket), Grocery Stores, Unorganized Small Stores, Whole Food and Specialty Stores, and Bulk Suppliers and Distributors; Origin - Natural and Organic and Conventional; Farming - Indoor Farming and Outdoor Farming) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025.”
The global hydroponics market has been segmented as below:
Food & Beverages Market
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