Vertical Farming Market: Market Research by Knowledge Sourcing Intelligence
The vertical farming market is projected to witness a decent CAGR during the forecast period. Vertical farming is the urban agricultural practice of growing food crops in vertically stacked layers, vertically inclined surfaces, or integrated into other structures. The rising global population, urbanization and increased demand for organic products are some of the key factors driving the market growth. The close proximity to the point of end consumption and reduced dependence on water and other natural resources is further expected to boost market growth. Furthermore, various government initiatives are being taken to promote the adoption of vertical farming practices globally. However, the high initial cost and the limited range of products that can be manufactured using vertical farming method are the major challenges that the market is expected to face during the forecast period.
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| Global Vertical Farming Market Forecast |
Global Vertical Farming Market by Geography:
The Asia Pacific vertical farming market is projected to grow at a CAGR of X.XX%, rising from US$ X.XX billion in 2017 to US$ X.XX billion in 2023. Growing demand for pesticide-free food products owing to the rising health concerns and increasing population is facilitating investment in the research and development of modern agriculture methods. Vertical farming is practiced in a closed environment, which makes it easier to monitor pests and diseases. Mounting demand for food to feed the public will boost the demand for vertical farming in the region as it is feasible to produce fruits and vegetables around the year by providing the plant with suitable temperature, nutrition, and light among other factors. For example, researchers at the Mebiol Research and Development Center developed a polymer film which facilitates the growth of fruits and vegetables without soil.
Reduction in arable land and water scarcity in many regions are leading to drought-like situations. This leads to a lack of sustainable production and puts inflationary pressure on the prices of food products. Vertical farming enables an increase in production by utilizing the resources efficiently and at a constant rate. Companies are realizing the market potential of vertical farming and making an investment in the region to acquire a market share, which will augment the demand for vertical farming solutions. In January 2018, Plenty Inc., a Silicon-valley agriculture startup is planning to build a total of 300 vertical farms across China.
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| Global Vertical Farming Market by Geography |
Global Vertical Farming Market by Growth Mechanism:
By growth mechanism, the vertical market is segmented into aeroponics, hydroponics, and aquaponics. These are the modern agriculture systems that utilize nutrient-rich water than soil for plant nourishment. Moreover, it does not require fertile land to effective which is further fueling its adoption. The use of hydroponics is increasing because of growing investment and its ability to increase crop yields without releasing nutrition pollution into the environment. Similarly, less water, fertilizer, and pesticide usage in aeroponics growth mechanism are increasingly gaining popularity which is driving its adoption while relatively low maintenance of aquaponics system is fueling its growth. The market research provides a detailed analysis of the global vertical farming market on the basis of the various segment like- by geography, by growth mechanism, etc.
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global vertical farming market trends
The growing organic market due to the higher demand for organically produced products will further increase the adoption of vertical farming methods.
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