Vietnam Hydroponics Market to Grow with a CAGR of 4.25% through 2028
Growth in research and development activities is expected to drive the Vietnam
Hydroponics Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Vietnam
Hydroponics Market – By Region, Competition, Forecast and Opportunities,
2018-2028F”, the Vietnam Hydroponics Market stood at USD42.36 million in
2022 and is anticipated to grow with a CAGR of 4.25% in the forecast period,
2023-2028. The initiatives taken by government based on hydroponics has led to
favorable market conditions for the Vietnam Hydroponics Market. Several factors
contribute to the growth of various hydroponics market products. One of the key initiatives taken by the
Vietnamese government is its strategic focus on increasing investments in the
hydroponic sector. Recognizing the immense potential of this innovative farming
technique, the government aims to foster its widespread adoption among local
farmers. By doing so, they not only seek to revolutionize traditional farming
practices but also pave the way for the sustainable growth of the agricultural
industry.
In line with
this vision, the northern province of Quang Ninh has embarked on a
comprehensive plan to bolster high-tech agriculture. Besides emphasizing
hydroponics and aquaculture farming, the province is actively exploring
cutting-edge technologies and modern farming methods. By leveraging these
advancements, they aim to optimize production costs, enhance yield volumes, and
promote environmentally friendly and sustainable farming practices.
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Recent
technological advancements resulting from extensive research and development
(R&D) efforts have paved the way for the creation of highly sophisticated
hydroponic systems. These cutting-edge systems provide growers with
unprecedented control over crucial environmental factors such as light
intensity, humidity levels, and temperature regulation. By optimizing these
variables, hydroponic farmers can achieve remarkable improvements in plant
growth rates, leading to higher yields and enhanced crop quality.
Moreover, one of
the key benefits of these advanced hydroponic systems is the significant
reduction in the risk of disease outbreaks and pest infestations. Due to the
controlled and sterile nature of the hydroponic environment, plants are less
susceptible to common pathogens and pests that can plague traditional
soil-based agriculture. This not only minimizes the need for harmful pesticides
and chemicals but also ensures the overall health and viability of the crops.
As a result, the
integration of state-of-the-art hydroponic systems in farming practices has
revolutionized the industry, offering a sustainable and efficient alternative
to conventional agriculture. With their ability to provide optimal growing
conditions and mitigate potential risks, these advanced systems have opened new
doors for hydroponic farming, empowering farmers to meet the ever-increasing
demand for safe, high-quality, and environmentally friendly produce.
The Vietnam
Hydroponics Market is segmented in type, crop type, regional distribution, and company.
Based on its type, the liquid systems segment held the
largest share in the market. Considering the multitude of advantages that
liquid systems offer, it is anticipated that they will maintain their dominance
in the Vietnam hydroponics market in the foreseeable future. As the demand for
sustainable farming practices continues to rise, driven by the need to feed a
rapidly growing population, the significance of efficient and high-yield
farming methods, such as liquid hydroponics, will become even more prominent.
These innovative systems not only provide optimal growing conditions but also minimize
water usage and maximize crop productivity. With their ability to support
year-round cultivation and mitigate the limitations of traditional soil-based
farming, liquid hydroponics is poised to play a pivotal role in ensuring food
security and promoting sustainable agriculture in Vietnam and beyond.
Based on region, Central segment is expected to grow
during the forecast period.
The central region's dominance in the hydroponics
market can be attributed not only to the presence of key players but also to
the conducive environment for growth and innovation. Many renowned companies
operating in this market have chosen to establish their base in the central
region, leveraging the region's resources and infrastructure. These companies
are not only investing in research and development but also fostering
collaboration with local universities and institutions. This synergy has
resulted in significant advancements in hydroponic technologies and practices,
positioning the central region as a hub of expertise and driving further growth
in the industry.
Major companies operating in Vietnam Hydroponics
Market are:
- Vingroup Corp.
- Rijk Zwaan Vietnam LLC
- Finom Co., Ltd.
- Vietnam Agricultural Greenhouse (VAG)
- Famifarm Hydroponics
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“Growing application of hydroponics in various end
user industries are key drivers of the hydroponics market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of hydroponics with every
passing year are anticipated to register an impressive growth to Vietnam
Hydroponics Market in the forecast period.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Hydroponics Market By Type (Aggregate
Systems, Liquid Systems), By Crop Type (Lettuce, Sweet Potato, Tomato,
Cucumber, Melon, Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Vietnam Hydroponics Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Vietnam Hydroponics Market.
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