Vertical Farming Market Key Drivers, Top Players, Trends and Forecast 2024

Market Analysis

The vertical farming market will touch USD 6.5 billion at a 20% CAGR between 2019- 2024 states the recent Market Research Future (MRFR) analysis. Vertical farming, simply, put is a method to cultivate different forms of produce in unused spaces of warehouses, shipping containers, skyscrapers, and others in vertically arranged layers.

Various factors are propelling the global Vertical Farming Market growth. As per the current MRFR report, such factors include the increasing use of IoT, rising automation in agriculture, increasing use of predictive analytics and big data to maximize yields, growing population, migration to urban areas from rural areas, changing lifestyle, and growing per capita income. Additional factors adding market growth include rising health consciousness, a growing focus for reliable production of crops by farmers, demand for eco-friendly production of fresh vegetables and fruits, favorable initiatives by the government to promote organic food cultivation with organic pesticides, imbalance in food demand & supply, and shortage of farming land.

On the contrary, high energy consumption due to light and air conditioning, limitations on the different crops grown, lack of technical acumen, higher initial investments in urban regions, and the impact of the on-going COVID-19 pandemic are factors that may deter the global vertical farming market growth in the region over the forecast period.

Key Players

Prominent contenders profiled in the global vertical farming market report include Vertical Farm Systems (Australia), American Hydroponics (US), Agrilution (Germany), Green Sense Farms, LLC (US), Everlight Electronics Co., Ltd. (Taiwan), Koninklijke Philips N.V. (Netherlands), Sky Greens (Singapore), Illumitex, Inc. (US), Urban Crop (Belgium), and Aerofarms (US).

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Segmentation

The global vertical farming market is segmented on the basis of technology, structure, crop type, and region. 

On the basis of technology, the global market is segmented further into aeroponics, hydroponics, and aquaponics.

The global vertical farming market is segmented further on the basis of the structure as well, into indoor vertical farming and outdoor vertical farming. Again, the indoor vertical farming market is again segmented into building-based vertical farming and shipping containers vertical farming. 

In terms of crop type, the market is segmented further into a tomato, lettuce, leafy vegetables, strawberries, herbs, and others.

From a regional perspective, the global vertical farming market is segmented into four key regions, including North America, Europe, Asia-Pacific, and the rest of the world.

Regional Analysis

Based on the region, the global vertical farming market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, North America will spearhead the market over the forecast period. Increasing population, adoption of latest technological solutions, employment generation, decreasing arable land, the popularity of organic foods, adoption of advanced farming, adoption of advanced farming techniques, developing advanced technologies, and the launch of new products are adding to the global vertical farming market growth in the region.

In the APAC region, the global vertical farming market is predicted to grow at a fast pace over the forecast period. The presence of emerging countries like Japan and China, growing urbanization, increasing investments for developing vertical farming systems, growing population, growing popularity of organic foods, depletion of groundwater levels, climate changes, and inclination towards eco-friendly production of vegetables and fruits are adding to the global vertical farming market growth in the region.

In Europe, the global vertical farming market is predicted to have healthy growth over the forecast. Various initiatives undertaken by the EEA, population growth, climatic challenges, address challenges to produce food through eco-friendly ways, geographical opportunities for vertical farming, and rising adoption of nanotechnology and AI for farming are adding to the global vertical farming market growth in the region.

In the RoW, the global vertical farming market is predicted to have sound growth over the forecast period.

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Sneha Joined: October 6th, 2020