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The Global Vertical Farming market is estimated to reach over USD 21.99 billion by 2030, exhibiting a CAGR of 20.9% during the forecast period.
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Vertical farming is vital for lowering agriculture’s environmental impact. It cuts down on the amount of water needed to grow the same or more crops. It also eliminates the usage of pesticides and chemicals in the production of crops and the requirement for transportation. Farms are installed vertically in vertical agriculture. This has permitted more production on tiny plots of land. It is an unconventional crop cultivation method that allows for easy harvesting, minimal climate impact, high yield, minimal pesticide use, smaller area requirements, and lower water use. Vertical farming market participants can expect significant growth prospects as the urban population grows and technology-driven agriculture becomes more popular. Nonetheless, the growing urban population and greater adoption of technology-driven agriculture provide players with lucrative vertical farming market potential. The increased use of environmentally friendly fruit and vegetable cultivation is credited with the market’s rise. The demand for urban agriculture has increased as the world’s population has grown at an unprecedented rate. In addition, the loss of groundwater and changing climatic circumstances have compelled traditional farmers to switch to alternative farming practices. Rising consumer health concerns, as well as considerations, are expected to boost industry demand. Some of the primary variables driving market development include increasing urbanization, rising demand for high-quality food, and autonomous agriculture practices.
Vertical agriculture allows consumers to grow crops in a warehouse or multi-story structure. However, the market expansion is hampered by high initial investments and the use of developing technology.
List of Prominent Players in the Vertical Farming Market:
AeroFarms
AppHarvest
Vertical Harvest
CropOne
Plenty Unlimited Inc.
AmHydro.
Kalera
Heliospectra AB
Hort Americas
Signify Holding (Koninklijke Philips N.V)
OSRAM GmbH.
Valoya
EVERLIGHT ELECTRONICS CO., LTD.
Sky Greens
Inform
Square Mile Farms
Smallholder
SPREAD Co., Ltd.
Agricool
Unfold Inc.
Freight Farms
V-Farm
Bridge Greenhouses Ltd.
Jones Food Co.
LettUs Grow Ltd.
GrowUp Farms Limited
80 Acres Farms
808 Factory
AgroUrbana
BoomGrow
Bowery Farming
CubicFarm Systems Corp.
Gardin
Grow Group IFS
IGS Limited
Sweetgreen
Innovation Agti-Tech Group
Vertical Field
Vertical Future
YesHealth Group
Other Prominent Players”
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Market Dynamics:
Drivers-
The increased acceptance of environmentally friendly fruit and vegetable cultivation is responsible for the market’s rise. The demand for urban agriculture has surged as the world population has grown at an unprecedented rate. In addition, the loss of groundwater and changing climatic circumstances have compelled traditional growers to switch to alternative farming practices. The above-mentioned causes and rising consumer concerns about health are expected to boost industry demand. Market growth is boosted by augmented demand for high-quality food, independent agriculture methods, and urbanization. Consumers can now cultivate vegetables in a warehouse or a multi-story building thanks to the employment of vertical gardening techniques.
Challenges:
Besides, technical solutions such as cameras, sensors, automated systems, artificial intelligence, hydroponic, aquaponic, and aeroponic systems are frequently used in vertical farming. A competent and qualified crew is required to operate these advanced systems; however, a lack of skilled workforce, technical know-how, and a limited crop range is limiting the market’s growth. However, the market expansion is hampered by high initial investments and the use of developing technology.
Regional Trends:
Asia Pacific Vertical Farming market is likely to have a significant market share in terms of revenue and is projected to develop at a rapid CAGR in the near future due to increased demand for organic food in the region and throughout the world.
A shift in customer tastes, rising pollution, food scandals, and disgust are driving the expansion of organic food and indoor farming in the region. North America is the world’s second-largest revenue contributor to the vertical farming industry, and it is expected to proliferate during the projected period. Factors such as the alarming pace of water depletion, the prevalence of drought-stricken states, and an increase in environmental concerns are all contributing to market expansion.
Recent Developments:
Segmentation of Vertical Farming Market-
By Products
By Mechanism
By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
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