Global Vertical Farming Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
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Overview of Vertical Farming
The Vertical Farming Market was valued at $42.4 billion in 2021 & is projected to reach $84.9 billion by 2028. It is expected to grow at an 8.3% CAGR between 2021 and 2028.
Vertical farming or vertical agriculture is a method of growing crops or plants in a vertical orientation or integrating them 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.
The target market is expected to be driven by major factors such as diminishing agricultural lands and increasing awareness regarding the 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 a cooling effect, and produces high-quality fruits and vegetables.
Moreover, the increasing popularity of vertical farming due to its features such as limited space requirement, and ease of crop harvesting and monitoring among other features, coupled with an 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 a vertical farming approach are anticipated to support global market growth.
Furthermore, shifting preference toward modern techniques for safety, convenience, and high-quality production, along with increasing investments in R&D activities by government and private players, are estimated to augment the target market growth.
However, high initial setup costs and requirement of high capital investments, and limitations on the variety of crops that can be grown are factors that could hamper the market growth.
A 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 with a water solvent.
Amid the structure segments, the shipping container segment is anticipated to hold a 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 a substantial CAGR over the next 10-year period.
Region Analysis: Vertical Farming Market
The market in the Asia Pacific is anticipated to record a major share in terms of value in the global vertical farming market. This is attributed to the increasing importance of alternative farming techniques and the 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, the rising requirement for high-quality agricultural production, along with increasing water stress in the region is anticipated to support market growth.
The urban farm movement is the increasing consumer demand for chemical-free (pesticide- and herbicide-free) foods, this factor along with the growing requirement to reduce the carbon footprint from traditional agricultural practices are some factors that are anticipated to propel the market growth in the region.
Furthermore, depletion of water resources and changing climatic conditions have urged to the adoption of 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
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- 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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