Vertical Farming Market Size, Comprehensive Analysis, Development Strategy and Future Plans
Posted: Dec 16, 2019
Vertical Farming Market Research Report - Global Forecast till 2024
The global vertical farming market value by 2024 is estimated to be USD 6.5 billion by 2024, reports Market Research Future (MRFR). The market is set to achieve an approx. CAGR of 20% during the forecast period (2019–2024).
Market Boosters and Key Barriers
Vertical farming is touted to be a revolutionary approach that helps in producing food and medicinal plants in vertically stacked layers such as in a used warehouse, skyscraper, or shipping container. This type of farming leads to production of a huge quantity of nutritious and quality fresh food without needing high water usage, favorable weather, high soil fertility, and skilled labor. It also ensures consistency in crop production, in addition to climate control, and protects against external environmental factors like pests, diseases, or predator attacks.
The vertical farming industry is expected to have a lucrative future as the popularity of organic food seems to be on the rise across various regions in the world. In addition, given the vertically stacked structure, these farms don’t require any additional construction activity and land. In addition, it helps bring down the need for machines during conventional farming. Therefore, balanced energy utilization and optimum use of vertical space stimulate market growth for vertical farming.
With that said, the market has its fair share of challenges, in the form of high initial investment required for setting an indoor vertical structure. But, the surge in urban population combined with increased adoption of technology-driven agriculture offers a host of lucrative growth opportunities to players in the vertical farming market.
The worldwide market for vertical farming has been segmented depending on technology, structure, and crop type.
The technology-based segments in the vertical farming market are hydroponics, aquaponics, and aeroponics.
The global vertical farming market, with respect to the structure, is considered for indoor vertical farming and outdoor vertical farming. The indoor vertical farming segment consists of building-based vertical farming and shipping containers vertical farming.
The crop types mentioned in the report are lettuce, tomato, strawberries, leafy vegetables, herbs, and others.
North America, along with Asia Pacific (APAC), Europe, and the rest of the world (RoW) has been identified as the primary region with high concentration of the vertical farming market. Powered by rising population, lack of arable land and changing food patterns, APAC is projected to become the leading vertical farming market in the years ahead. The region is turning into one of the most prominent grounds for vertical farming, with the highest contributions from countries like Japan and Singapore. These countries are plagued with issues like land scarcity, which calls for adoption of vertical farming. Some other profitable markets for vertical farming in the region are India, China, Taiwan, and South Korea.
North America is set to gain massive revenues in the coming years with the introduction of automatic seed planters, greenhouse roof washers, and harvesting robots. The region is noting increasing popularity of automated movement of the plant, which includes unit tasks of seeding, transplanting, harvesting, cleaning, and packaging, which benefits the vertical farming market. The United States can count on considerable investments in facilitation of ecosystems for future foods, which is bound to create demand for vertical farming. With more and more consumers going for "fresh-from-farm-to-table" produce, sale of freshly harvested vegetables in the country is expected to increase in the upcoming years. Also, burgeoning urban populations across Chicago, Milwaukee, and New York give rise to a favorable environment for vertical farming, with surge in activities like revamping derelict buildings, high rises and derailed vacant warehouses.
In Europe, vertical farming is one of the trending activities in the agriculture sector on account of initiatives taken by the European Environment Agency (EEA). The agency emphasizes on building vertical farms to curb issues related to population growth, climate change, in addition to addressing concerns regarding the production of food in a more environmentally-friendly way.
Illumitex, Inc. (US), Sky Greens (Singapore), Koninklijke Philips N.V. (Netherlands), Aerofarms (US), Urban Crop (Belgium), Agrilution (Germany), American Hydroponics (US), Green Sense Farms, LLC (US), Everlight Electronics Co., Ltd. (Taiwan), Vertical Farm Systems (Australia), are few significant companies competing in the worldwide vertical farming market.
Gordon Food Service and Square Roots have together launched the latter’s vertical farms onsite in Michigan. This partnership also helps Square Roots to elevate its Next-Gen Farmer Training Program, which is an all-paid entrepreneurial-meets-agricultural program teaching about the agricultural aspects of indoor vertical farming.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/vertical-farming-market-2779
Global Vertical Farming Market Research Report: by Technology (Aeroponics, Hydroponics, Aquaponics), Structure (Indoor Vertical Farming [Building-Based Vertical Farming and Shipping Containers Vertical Farming] and Outdoor Vertical Farming), Crop Type (Tomato, Lettuce, Leafy Vegetables, Strawberries, Herbs, and Others), and Region (North America, Europe, Asia-Pacific, Rest of the World)– Forecast till 2024
Ehtesham is writer and blogger. He holds a master’s degree in MBA from Pune University, and works as a content writer at Market Research Future. He has avid interest in writing news articles across different verticals. When he is not following update