Fuji Keizai Co Ltd, a Tokyo-based research firm, conducted a research on the markets for on-site cultivation plants, which include vegetable plants, and products and materials related to them.
The company forecast that the size of the Japanese vegetable plant market, which is about ¥1.3 billion (approx US$16.1 million) in fiscal 2009, will grow to ¥1.6 billion in 2010 and ¥1.8 billion in 2015.
The size of the market for on-site cultivation plants and devices and materials related to on-site cultivation (a total of 12 items) was ¥44.9 billion in 2009; The on-site cultivation plants accounted for ¥6.4 billion, and the devices and materials accounted for ¥38.5 billion.
The market for on-site cultivation plants is expected to grow rapidly. Due to the Japanese government's efforts to promote the use of vegetable plants, Japanese firms' entry into agricultural business and other causes, the size of the market will expand by 20% in 2010 and reach ¥9.6 billion in 2015, according to the estimate made by Fuji Keizai.
The markets for DFT (deep flow technique) type plants, NFT (nutrient film technique) type plants and hydroculture plants, which are used for nutriculture plants in vegetable plants, are expected to grow, according to the firm.
Though the growth rate of the market for devices and materials related to on-site cultivation is low, Fuji Keizai forecast that the size of the market will grow to ¥39.2 billion by 2015 due to Japanese firms' entry into agricultural business, etc.