The Vietnam Hydroponics Market is expected to grow significantly during the forecast period of 2024-2028, driven by the rising demand for organic produce and the rapid pace of urbanization.
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.
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.
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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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