According to the new research report, the “Vertical Farming Market with COVID-19 Impact Analysis by Growth Mechanism (Hydroponics, Aeroponics, Aquaponics), Structure (Building-based vertical farm and Shipping container-based vertical farm), Crop Type, Offering, & Region – Global Forecast to 2026”, published by MarketsandMarkets™, is expected to grow from USD 3.1 billion in 2021 to USD 9.7 billion by 2026; it is expected to grow at a CAGR of 25.0% during the forecast period.
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The vertical farming market witnessed a decline in 2020 owing to the spread of COVID-19. The market is seeing a decline due to the closure of multiple SMEs, logistic disruptions, lockdowns, and other problems arising due to the Covid-19 pandemic. The pandemic has compelled governments worldwide to shift their focus and spending to the health care sector. The demand from end users also declined significantly during 2020. The market would experience partial recovery by the end of 2021, followed by a growing upward movement in 2022 as markets start recovering. The increasing awareness on hygiene and safety also increases the demand for vertical farming and its products.
Hydroponics growth mechanism Segment to dominate vertical farming market during the forecast period
The hydroponics growth mechanism is used widely by commercial growers. It is easier to set up, costs less than other mechanisms, and has a higher return on investments (ROI). Comparing the investments required to set up a hydroponics and aeroponics facility of the same size, aeroponics requires a higher initial investment. Moreover, the hydroponics mechanism recycles the maximum amount of water with minimal wastage, making it the most water-efficient farming method. Furthermore, the amount of nutrients to be delivered to plants can be controlled effectively, enabling control over the growth process and factors, such as the speed of growth and size of plants. Additionally, in the hydroponics mechanism, in case of a power outage, the plants can survive for a long time since the growing medium continues to supply water and nutrients, unlike aeroponics, where the plants can die in just a few hours due to malfunctioning or failure of mist spraying nozzles.
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Building-based vertical farms Segment to exhibit higher growth during the forecast period
The vertical farming market is primarily dominated by the building-based vertical farms’ segment as leading companies in the market are involved in this type of farming. Building-based vertical farms generate better per sq. ft. revenue than shipping container-based vertical farms, as the former uses lesser capital and incurs lower operating expenses (for the same area). On the contrary, shipping container-based vertical farms are ideal for serving small consumer bases since crops are grown inside containers that require large spaces to set up, making it ineffective and costly to serve a larger consumer base. However, the market for shipping container-based vertical farms is likely to register a higher CAGR as it is a ready-to-use (plug and play model) solution that helps cater to the rising demand for fresh and high-quality produce. Shipping container-based vertical farms are flexible, easy to operate, and portable. Consequently, the increasing demand for fresh produce is expected to create notable growth opportunities for this segment in the next few years.
Asia Pacific to dominate the vertical farming market during the forecast period
In Asia Pacific, the companies involved in vertical farming are investing and expanding their operations in other countries. For instance, in November 2019, Sustenir (Singapore), an agritech company, launched a 30,000 sq. ft. hydroponics vertical farming facility in Tuen Mun, Hong Kong. Hong Kong is a densely populated country with limited availability of land for farming. The produce from conventional farming is not enough to serve the local demand, and hence the country relies highly on imported produce. Similar is the case with Singapore. To decrease the dependency on imported food and reduce food wastage in the transportation process, growing a significant amount of food locally, in limited space, is the solution offered by vertical farming, resulting in the expansion of farms by companies in this region.
The report profiles key players in the vertical farming market and analyzes their market shares. Players profiled in this report are Signify (Netherlands), Osram (Germany), Freight Farms (US), AeroFarms (US), sky Greens (Singapore), Spread (Japan), Plenty (US), Valoya (Finland), Everlight Electronics (Taiwan), Heliospectra AB (Sweden), Green Sense Farms (US), Agrilution (Germany), American Hydroponics (US), Urban Crop solutions (Belgium), Vertical Farm Systems (Australia), bowery Farming (US), Agricool (France), Sananbio (US), Growpod Solutions (US), Infarm (Germany), Altius Farms (US), Intelligent Growth Solutions (Scotland), 4D BIOS INC (US), Future Crops (Netherlands), Bright Farms (US), Swegreen (Sweden), and Vertical Future Ltd (UK).
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