Vietnam Hydroponics Market
Vietnam Hydroponics Market Size Set to Cross USD 90.7 Million by 2029
Published | 17 August 2023
Vietnam hydroponics market is gaining traction because of the limited arable land and increasing demand for high-quality and safe produce.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Vietnam hydroponics market size at USD 50.19 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Vietnam hydroponics market size to grow at a CAGR of 10.37% reaching a value of USD 90.73 million by 2029. Major growth factors for the Vietnam hydroponics market include a focus on getting high output from limited arable land and an increasing demand for high-quality and safe produce.
Vietnam Hydroponics Market – Overview
Hydroponics is a subset of hydroculture. In hydroponics, plants are grown without soil using water-based mineral fertilizer solutions. These plants are typically agricultural or medicinal. Hydroponics aids in increasing agricultural productivity in places with barren soil. In the same amount of land, they generate three to 10 times as much food as traditional agriculture. Additionally, the plants grow in half the time. Herbicides and pesticides are not required since the crops grown in this way are healthier and less vulnerable to pests and illnesses.
Vietnam Hydroponics Market
Vietnam Hydroponics Market – By Equipment
Based on equipment, the Vietnam hydroponics market is segmented into HVAC, LED, grow lights, control systems, irrigation systems, and others. The HVAC segment accounts for the highest market share. The HVAC system may be the most crucial component of a hydroponic farming operation. The use of LED lighting generates a lot of heat to get the correct spectrum of light for plant growth. To provide the right spectrum of light for development, LED lights are used, however, they generate a lot of heat. To remove the heat and guarantee appropriate ventilation to avoid cold spots, HVAC equipment is also used in the same settings.
Impact of COVID-19 on Vietnam Hydroponics Market
The Vietnam hydroponics market growth was hindered during the initial COVID-19 pandemic outbreak. This is mainly due to the restrictions on the supply chain and cross-border trade which directly affected the supply of input materials for the hydroponics system. However, the market is anticipated to gain new growth opportunities in the post-COVID-19 period. Vietnam focused on overcoming the disruptions in the global supply chain and boosting the local production of crops and vegetables through hydroponics systems to meet the rising domestic demand for agricultural produce.
Major players operating in the Vietnam hydroponics market include GreenFarm Vietnam, CityFarm Vietnam, VietGAP Hydroponic Vegetable, Duong Minh hydroponics, Fresh Studio Innovations Vietnam, Urban Farm Vietnam, Agripolis Vietnam, Nông Sản Sạch Sản Việt, Vertical Farm Vietnam, and Greenhouse Vietnam.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Vietnam Hydroponics Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Vietnam Hydroponics Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Vietnam Hydroponics Market, By Type (Aggregate Systems, Liquid Systems); By Equipment (HVAC, LED, Grow Light, Control Systems, Irrigation Systems, Others); By Input (Nutrient, Growth Media); By Farming Method (Indoor, Outdoor); By Crop Type (Lettuce, Sweet Potato, Tomato, Cucumber, Melon, Others), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Publish Date: August 2023
Limited arable land and increasing demand for high-quality and safe produce are expected to boost the growth of Vietnam Hydroponics Market during the forecast period between 2023 and 2029.
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