Vertical agriculture is a revolutionary approach used to produce food in vertically stacked layers such as in a skyscraper, used warehouse, or shipping container. It facilitates huge quantity of nutritious and quality fresh food without relying on favorable weather, high water usage, skilled labor, and high soil fertility.
According to a new report published by Allied Market Research, titled, “Vertical Farming Market by Structure, Growth Mechanism, Component, and Region: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the vertical farming industry size was valued at $3.24 billion in 2020, and is projected to reach $24.11 billion by 2030, registering a CAGR of 22.9%. Asia-Pacific is expected to be the leading contributor in the global vertical farming market forecast period, followed by North America and Europe.
The global vertical farming market size is anticipated to witness significant growth during the period of forecast. The significant factors impacting the vertical farming industry growth include rise in popularity of organic food, optimum use of vertical space and balanced energy utilization, ease of crop monitoring and harvesting, and decrease in arable land. However, high initial investments and involvement of nascent technology hamper the market growth. Nonetheless, growing urban population and surge in adoption of technology driven agriculture are expected to provide lucrative growth opportunities to the vertical farming market players.
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The vertical farming market share is segmented on the basis of structure, growth mechanism, component, and region. The structure segment is bifurcated into building-based structure and container-based structure. On the basis of growth mechanism, the market is sub-segmented into hydroponics, aeroponics, and aquaponics. Vertical Hydroponics segment dominated the market share in 2020. On the basis of component, the market is categorized into irrigation component, lighting, sensor, climate control, building material, and others, among which the building materials segment is further categorized into glass greenhouse and plastic greenhouse.
The regional segmentation of the market includes North America, Europe, Asia-Pacific, and LAMEA. North America accounts for the second largest share in the global vertical farming market revenue and is expected to witness significant growth during the forecast period. The market growth is attributed to factors such as alarming rate of water level depletion, presence of drought-stricken states, and increase in environmental concerns. The latest trend in the region is nano-farms. For instance, on October 6, 2018, Living Greens Farm constructed a 60,000 square feet of stacked growing space and is also capable of producing 3 million heads of high-quality lettuce.
Covid-19 Impact Analysis
The COVID-19 has impacted severely impacted on the global electrical and electronics sector, due to which production facility as well as new projects have stalled which in turn have the significant demand in the industries. On the contrary, the pandemic has become a major concern for farmers around the globe, constraining the access of agricultural laborers as well as leading to the issues related to the international supply chains. The aforementioned factors enabled upsurge in vertical farming market trends. The market has experienced lucrative growth during the pandemic due to rise in interest in urban agriculture as it is seen as a way to relieve mental stress as well as this addresses localized food shortages.
Key Findings Of The Study
The key players profiled in the report include 4D Bios Inc., AeroFarms, Agrilution, AMHYDRO (American Hydroponics), Everlight Electronics Co., Ltd., Hort Americas, Illumitex Inc., Koninklijke Philips N.V., Urban Crop Solutions, and Sky Greens. These players have adopted various strategies such as product launch, acquisition, collaboration, and partnership to expand their foothold in the vertical farming industry.
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Key Market Segments
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