New York, USA, March 02, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global greenhouse horticulture market is predicted to rise at a tremendous CAGR of 7.8%, thereby garnering a revenue of $64,973.80 million in the 2022-2030 timeframe. This integrated report presents a brief outlook of the current framework of the greenhouse horticulture market including its cardinal features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2030. All the necessary market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: An overall increase in the awareness regarding climate change and importance of greenhouse technology is expected to be the primary growth factor for the greenhouse horticulture market. Also, the growth in the demand for locally grown healthy crops is expected to augment the market growth.
Opportunities: The increasing development and adoption of Internet of Things (IoT)-enabled lighting solutions is predicted to offer numerous growth opportunities to the market. Additionally, the increasing human population and the growing demand for vegetables, fruits, and other agricultural products is expected to take the growth rate of this market even further.
Restraints: Market analysts are however skeptical about the full-paced growth of this market owing to high operating expenses associated with greenhouse crop production, which might prove to be a restraint for the greenhouse horticulture market.
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Impact of Covid-19 on the Market
The novel coronavirus wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles including that of the greenhouse horticulture market. The disruption of agriculture supply chains and lack of skilled workforce due to lockdowns and travel restrictions were the two main factors that brought down the growth rate of the market during the pandemic period.
Segments of the Market
The report has divided the market into certain segments based on crop type, type, and region.
Crop Type: Fruits & Vegetables Sub-segment to be the Most Dominant
By crop type, the fruits & vegetables sub-segment is expected to have the largest market share and reach $36,678.90 million by 2030. Increasing adoption of greenhouse technology to protect fruits and vegetables by maintaining suitable temperature for the plant growth is expected to push the growth of this sub-segment.
Type: Plastic Greenhouse Horticulture Sub-segment to be the Most Lucrative
By type, the plastic greenhouse horticulture sub-segment is expected to have the most dominant market share of the greenhouse horticulture market and register $50,421.20 million by 2030. There are many advantages of plastic greenhouses such as easy handling, effective insulation of crops, better maintenance of ideal temperature, etc. These advantages are expected to help in the growth of this sub-segment.
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Market in the North America Region to be Most Profitable
By regional analysis, the market in North America region is predicted to be the most profitable one and is expected to surpass $19,050.30 million by 2030. High demand for pesticide free products and a growth in demand for controlled environment agriculture (CEA) crops are predicted to be the two main factors to augment the growth of the greenhouse horticulture market in this region.
Prominent Market Players
Some of the prominent players of the greenhouse horticulture market are
- Richel Group
- Europrogress
- Netafim
- Rough Brothers Inc.
- Luiten Greenhouses
- Dalsem
- Certhon
- Sotrafa
- Van der Hoeven Horticultural Projects BV.
- Poly-Tex Inc.
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
For instance, in March 2021, Netafim, a leading precision agriculture solutions provider, announced the acquisition of Gakon, a global leader in greenhouse projects. This acquisition is predicted to increase the foothold of Netafim in the greenhouse horticulture market in the coming few years.
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Finally, the report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Greenhouse Horticulture Market:
- 4 Technological Innovations That Are Shaping the Future of Greenhouse Horticulture
- Greenhouse Horticulture: The Brightest Hope for the Future of Agricultural Growth
- Company Acquisitions and Strategic Partnerships by Market Players such as Netafim and Others to Foster the Growth of the Global Greenhouse Horticulture Market
