Vertical farming offers a modern, progressive way of complementing traditional farming methods, to help the planet sustain the surging need for food that is placed on it due to the ever-growing population. With farmers as well as other growers laying utmost emphasis on the supply chain’s surety and security of sustainable food, vertical farming is getting recognition as a highly valuable means to drive and diversify efficiency.
The vertical farming market is expected to reach USD 6.5billion by the end of 2024 at a CAGR of 20?tween 2019 to 2024. Vertical farming is a nontraditional method of plant cultivation that enables small land to be utilized for more production, which has several advantages of the easy harvesting process, less water consumption, less time consumption, negligible climate, and many others. With the increasing population increases, the demand for food production impacts the farming industry, but with the vertical farming methods, the need for food decreases, and the market experiences growth. With the traditional farming method, the environment got hampered, and the crops were affected due to natural calamities; all such factors accelerated the growth of the vertical farming market. Vertical farming technology is a new way of farming that provides better quality and quantity of crops within a small area. The growing demand for superfoods and fruits and vegetables propel indoor vertical farming to satisfy the needs. In the covid 19, the demand for high-quality products was not allowed, and only necessities were available vertical farming market faced a lot of losses. Due to the shutdown in various countries, the equipment required for vertical farming was not manufactured due to the disruption of supply chains, which negatively affected the market. The increasing awareness among people about health and shift of focus towards organic, healthy foods drives the vertical farming market towards growth. The cost of investment in the initial period for vertical farming and the lack of knowledge about vertical farming among farmers hinder the market’s growth. Very few crops can be grown with vertical farming, which could restrain the vertical farming market growth.
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The vertical farming market has been segmented into technology, structure, and crop type. The market is divided into aeroponics, hydroponics, and aquaponics based on the segment technology. The vertical farming market based on the segment structure is segregated into indoor and outdoor vertical farming. Indoor vertical farming is further segmented into building-based vertical farming and shipping containers. The market is divided into the segment crop type into the tomato, lettuce, leafy vegetables, strawberries, herbs, and others. Each segment pushes the vertical farming market towards growth, and it is expected to grow in the forecast period. The segment component is expected to hold the largest market share in the coming years.
The vertical farming market has been spread into North America, the Asia Pacific, Europe, and other parts. The Asia Pacific region holds the largest market share due to the increasing population and presence of the key market industry in the region, which drives the growth of the vertical farming market. The continuous lifestyle change and disposable incomes of people of the region like japan, china, India, which demand healthier and organic products, led to increased use of the vertical farming market. The usage of indoor and vertical farming at home in Europe increases the growth significantly in the region. North America is also growing steadily due to the growth in vertical farming in the US.
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