Prosperity of Industrialization to Drive Asia Pacific Vertical Farming Market During 2019-2024
Posted: Aug 01, 2020
According to the Graphical Research new growth forecast report titled "Asia Pacific Vertical Farming Market analysis based on Product, Technology, Application,Industry Analysis Report, Regional Outlook, End-User Potential, Competitive Market Share & Forecast, 2018 – 2024", estimated to exceed USD 5 billion by 2024. Asia Pacific vertical farming market shall witness maximum gains during the forecast timeframe. Decreasing arable land size coupled with rapid urbanization in most of the countries in Asia Pacific will be a prime factor driving vertical farming market size growth in the coming years. Vertical farming will reduce the dependency on field farming and aid in avoiding the need for new farmland to suffice the increasing food need of the escalating population in Asia Pacific. This would save plenty of natural resources that face threats due to pollution or deforestation. Desertification and deforestation caused by agricultural encroachment over natural biomes will be avoided. The technology allows the produce to be grown near the consumer. This will significantly curtail the fossil fuel usage to refrigerate and transport the farm produce.
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The Chinese government mentioned the importance of controlled environment and green agriculture in its eleventh five-year plan for National Economics and Social Development. Multiple research projects are ongoing such as the National High Science & Technology Project that combines fifteen companies, institutes, and universities on plant factory production technology. The project is supported by the Ministry of Science and Technology of China. The Chinese government is encouraging vertical farming industry by "MYRAID" subsidy for new production capacity. Heilongjiang province offers a subsidy of about USD 8,750 per acre for a new hothouse capacity.
Food security is essential in countries suffering from reducing food self-sufficiency rates. For instance, Japan has experienced a fall in its self-sufficiency ratio from 80% in 1960 to 40% currently. This issue is evolving significantly owing to the factors such as water scarcity, conversion of land for other uses, soil erosion, farmland getting abandoned and rise in the average age of the farmer. The support of the government for indoor agriculture is an initiative to incorporate low-environmental impact through farming in cities in Asia, which will subsequently propel vertical farming market growth during the forecast timeframe.
Segments we Cover:Asia Pacific Vertical Farming Market by Product
Fruits, vegetables & herbs
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Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services.