Vertical Farming is a process of farming in which the crops are grown in vertically stacked layers, it includes soilless farming techniques like hydroponics, aquaponics, and aeroponics. The structures that are generally chosen for vertical farming systems are houses, buildings, shipping containers, abandoned mine shafts, and others. The increase in adoption of organic food due to increase in the use of pesticides in traditional farming, rising use of Internet of Things (IoT) sensors for producing crops, the effectiveness of vertical farming in maintaining reliability and stability of crops in adverse conditions, less use of water, low dependence on agricultural labors and lesser need for agrochemicals are the factors expected to fuel the demand. For instance, in 2019, according to the Organic Trade Association, sales of the U.S. organic industry increased by around 5%. However, few numbers varieties and the high initial investment will impede the growth of the market over the forecast period of 2020-2027. Also, increasing use of big data, predictive analytics, and rising automation in agriculture are likely to increase the market growth during the forecast period.
Global Vertical Farming Market is valued at approximately USD 4.10 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 22 % over the forecast period 2020-2027 and is estimated to reach USD 20.12 billion by 2027.
The regional analysis of the global Vertical Farming market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. Europe is the leading/significant region across the world in terms of market share owing to the expansion of commercial and small-scale vertical farms. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rising demand for organic food would create lucrative growth prospects for the Vertical Farming market across the Asia-Pacific region.
Major market players included in this report are 4D Bios Inc., AeroFarms, Freight Farms, Green Sense Farms, LLC, BrightFarms Inc., Everlight Electronics Co., Ltd., Agrilution Systems GmbH, Signify, Osram, and Sky Greens
The detailed segments and sub-segment of the market are explained below:
By Structure: Shipping Container, Building-based
By Offering: Lighting, Hydroponic Components, Climate Control, Sensors
By Growing Mechanism: Hydroponics, Aeroponics, Aquaponics
By Fruits, Vegetables, & Herbs: Tomato, Lettuce, Bell & Chili Peppers, Strawberry, Cucumber, Leafy Greens, Herbs, Others
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