The Global Vertical Farming Market is expected to foresee significant growth. Asia Pacific to lead the growth!
- Himanshu Patni
- February 17, 2023
- NEWS, TELECOM & IT
- Vertical Farming Market, Vertical Farming Market Growth, Vertical Farming Market Share, Vertical Farming Market Size, Vertical Farming Market Trends
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The vertical farming market is expected to register a CAGR of approx. 25% over the period of 2022-2028. Vertical Farming—also referred to as Indoor farming or urban farming is the process of growing food in vertical layers, typically in structures like shipping containers, skyscrapers, and used warehouses. Organic food is thought to be more wholesome, safe, and environmentally beneficial. The global demand for the vertical farming market is expected to rise due to increasing challenges of land availability for food production coupled with changing food requirements of the young population and inclination towards a healthy lifestyle. The change in agriculture practice from traditional to the integration of robotic and artificial intelligence practices is anticipated to fuel the vertical farming market growth. For instance, the heat emitted from high-pressure sodium lights can damage the product, hence, using advanced LED technology which runs at lower temperatures can be a solution to the excessive heat emitted. Increment in the usage of advanced technology is therefore pushing the market growth. Additionally, lesser supplies of soil and water have led companies to produce through vertical farming. For instance, aerofarms, produces high-quality food in the soil-less medium using 95% less water than traditional farming and 40 % less water than consumed with the help of hydroponics technique. Less availability of essential supplies in traditional agriculture practices has been expected to compensate with non-traditional agriculture practices such as vertical farming, increasing productivity and also the market growth in forthcoming years mainly.
For a detailed analysis of the Global Vertical Farming Market browse through – https://univdatos.com/report/vertical-farming-market/
Based on method, the market is segmented into hydroponics, aeroponics and aquaponics. The hydroponics segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe. Increased demand for organic food coupled with rising urbanisation supports the market share even more on a global scale. For instance, urbanization is expected to result in an annual loss of 1.6 to 3.3 million hectares of prime agricultural land between 2000 and 2030 as per the United Nations Convention to Combat Desertification (UNCCD) which is to drive the demand further for alternative farming practices such as hydroponics.
Based on structure, the market is divided into shipping container-based and building-based. The shipping container segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe. This growth is attributed to the ability of the structure regardless of location, to aid with the growth of crops. Additionally, as there is more competition, shipping container costs fall as a result of the comparatively low cost of purchasing secondhand containers.
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For a better understanding of the market adoption of the vertical farming industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), Rest of World. Asia Pacific constitutes a major market for the vertical farming industry owing to the primary factor projected to drive the demand is growing awareness of the significance of alternative farming due to the decreasing quantity of fertile agricultural land and the growing population in this region. Furthermore, the Asia Pacific region has been expecting an upsurge rise in demand for organic foods. For instance, people in this region consume over 75% of all vegetables across the globe.
Some of the major players operating in the market AeroFarms; 4D Bios Inc; Plenty Unlimited Inc; Freight Farms, Inc; Urban Crop Solutions; Sky Greens; Green Sense Farms Holdings Inc; AmHydro; Planet Farms Holdings S.P.A; and Koninklijke Philips N.V.
Global Vertical Farming Market Segmentation
Market Insight, by Method
· Hydroponics
· Aeroponics
· Aquaponics
Market Insight, by Structure
· Shipping container based
· Building-based
Market Insight, by Component
· Lighting
· Irrigation
· Climate control
· Building Material
· Others
Market Insight, by Region
· North America
o US
o Canada
o Rest of North America
· Europe
o Germany
o United Kingdom
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Australia
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· AeroFarms
· 4D Bios Inc
· Plenty Unlimited Inc.
· Freight Farms, Inc.
· Urban Crop Solutions
· Sky Greens
· Green Sense Farms Holdings, Inc.
· AmHydro
· Planet Farms Holdings S.P.A.
· Koninklijke Philips N.V.