Global Vertical Farming Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
“Global Vertical Farming Market Trends, Opportunities, Global Insights and Growth, and Industry Forecast till 2028” – a recently produced report by MarketResearch.biz research experts. The global vertical farming market has been categorized based on growth mechanism, structure, offering, and region/ country.
Overview of Vertical Farming
Vertical farming or vertical agriculture is a method of growing crops or plants in a vertical orientation or integrated into structures such as skyscrapers, shipping containers, or used warehouses. It ensures stability in crop production and consists of the modern ideas of indoor farming techniques.
Driving and Limiting Elements: Vertical Farming Market
The target market is expected to be driven by major factors such as diminishing agricultural lands and increasing awareness regarding significance of alternative farming processes. In addition, growing demand for fresh and organic vegetarian food from the food industry and households, and safe production processes are factors anticipated to fuel vertical farming market growth. Vertical farming provides scenic beauty to the structure, absorbs pollutants around and gives cooling effect, and produces high-quality fruits and vegetables. Moreover, increasing popularity regarding vertical farming due to its features such as limited space requirement, and ease of crop harvesting and monitoring among other features, coupled with increasing number of high rise buildings and towers, and increasing awareness about eco-friendly construction practices are some of the key factors estimated to propel the target market growth. Also, favorable government initiatives such as providing rebates and subsidies to encourage farmers to adopt vertical farming approach is a factor that is anticipated to support global market growth. Furthermore, shifting preference towards modern techniques for safety, convenience, high-quality production, along with increasing investments for R&D activities by government and private players are factors that are estimated to augment the target market growth.
However, high initial set up costs and requirement of high capital investments, and limitations on the variety of crops that can be grown are factor that could hamper market growth.
Recent trend observed in the market is that individuals are opting for organic food products and non-GMO foods which is a factor that is expected to promote localized and organic farming concepts.
Segment Analysis: Vertical Farming Market
By Growth Mechanism:
Amid the segments based on growth mechanism, the hydroponics segment is projected to record the largest share in terms of value in the market. Hydroponics farming is a method of growing plants without soil by replacing the mineral solution in a water solvent.
Amid the structure segments, the shipping container segment is anticipated to hold dominant share in the market over the 10-year forecast period. This growth is attributed to its key feature such as the ability to grow crops easily irrespective of the geographic locations.
Among the component segments, the climate control segment is estimated to register substantial CAGR over the next 10-year period.
Region Analysis: Vertical Farming Market
The market in the Asia Pacific is anticipated to record major share in terms of value in the global vertical farming market. This is attributed to increasing importance of alternative farming techniques and acceptance of nanotechnology and robotics to improve food and crop life in countries such as China and India. In addition, government initiatives and investments for technological advancements in this field, rising requirement of high-quality agricultural production, along with increasing water stress in the region is anticipated to support market growth. Urban farm movement is the increasing consumer demand for chemical-free (pesticide- and herbicide-free) foods, this factor along with growing requirement to reduce carbon footprint from traditional agricultural practices are some factors that are anticipated to propel market growth in the region. Furthermore, depletion of water resources and changing climatic conditions have urged to adopt alternative farming methods. The North America and Europe markets are anticipated to record considerable market shares in the global market.
Global Vertical Farming Market Segmentation:
- Segmentation by Growth Mechanism:
- Segmentation by Structure:
- Building-Based Vertical Farms
- Shipping Container Vertical Farms
- Segmentation by Component:
- Hydroponic Component / Irrigation Component
- Climate Control
- Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- Koninklijke Philips N.V.
- Sky Greens
- Illumitex, Inc.
- Everlight Electronics Co., Ltd.
- Green Sense Farms, LLC
- American Hydroponics
- Urban Crops Solutions
- Vertical Farm Systems
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