The Global Vertical Farming Market Will Be Driven by Demand for Organic Foods

Triton's research report suggests that the vertical farming market is anticipated to progress with a CAGR of 23.10% during the forecast period 2022-2028.

A recent study by Triton Market Research titled Global Vertical Farming Market includes the Global Analysis and Forecasts by Structure Type (Building-based, Shipping Container-based), Crop Type (Lettuce and Leafy Vegetables, Cucumber, Pepper, Microgreens, Tomato, Berries, Other Crop Types), Offering (Climate Control, Sensors, Hydroponic Components, Lighting), Technique (Hydroponics, Aeroponics, Aquaponics), and Regional Outlook (North America, Europe, Middle East and Africa, Latin America, Asia-Pacific).
Vertical farming is a method that uses roughly 80% less water compared to traditional farming techniques. This method can be building-based or shipping container-based.

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Triton's report estimates the global vertical farming market to register revenue growth at a CAGR of 23.10% during the forecast period 2022-2028.

Organic food products are perceived as more healthy, nutritious, and eco-friendly. These factors thus have influenced consumers to opt for organic foods. This trend is backed by the purchasing behavior of consumers, which is essential for policymakers, producers, and suppliers to develop strategies. Moreover, the growing prevalence of heart diseases has fueled the consumption of organic foods. Therefore, increasing consumer concerns about health will likely elevate the demand for vertical farming to produce organic products, thereby driving the studied market on a growth path.

However, vertical farming requires warehouses for cultivation, which is more expensive in urban areas than in farmland. Besides, the high cost of installing LEDs, active heat systems, and maintenance restricts the studied market's growth globally.

The vertical farming market is segmented into structure type, crop type, offering, and technique. Based on structure type, it is bifurcated into building-based and shipping container-based. The crop type section includes lettuce and leafy vegetables, cucumber, pepper, microgreens, tomato, berries, and other crop types. The offering segment is branched into climate control, sensors, hydroponic components, and lighting. Lastly, the technique section is trifurcated into hydroponics, aeroponics, and aquaponics.

The Asia-Pacific captures the largest share of the vertical farming market. This growth is mainly on account of the rising demand for food due to the high population base. In Japan, the rise in automation of vertical farming is expected to drive the market. For instance, Spread Co Ltd said to establish a fully automated vertical farm in Kyoto, Japan. Other than this, Singapore's market is set to witness considerable growth due to a surge in food consumption. Therefore, such trends accelerate the expansion of the vertical farming market.

The notable companies in the vertical farming market are V-Farm, Swegreen, Gronska Stadsodling AB, Growup Farms Ltd, IGS Limited, Freight Farms, American Hydroponics, Agrilution, AeroFarms, Urban Crop Solutions, Jones Food Company, Everlight Electronics Co Ltd, Sky Greens, Signify Holdings (Philips), and Vertical Farm Systems.

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Question & Answer: Vertical Farming Market

Question 1: What factors are driving the vertical farming market on a growth path?
Answer: Organic food products are perceived as more healthy, nutritious, and eco-friendly. These factors thus have influenced consumers to opt for organic foods. This trend is backed by the purchasing behavior of consumers, which is essential for policymakers, producers, and suppliers to develop strategies. Moreover, the growing prevalence of heart diseases has fueled the consumption of organic foods. Therefore, increasing consumer concerns about health will likely elevate the demand for vertical farming to produce organic products, thereby driving the studied market on a growth path.

Question 2: What factors restrict the vertical farming market's growth globally?
Answer: Vertical farming requires warehouses for cultivation, which is more expensive in urban areas than in farmland. Besides, the high cost of installing LEDs, active heat systems, and maintenance restricts the studied market's growth globally.

Question 3: Which region captures the largest share of the vertical farming market?
Answer: The Asia-Pacific captures the largest share of the vertical farming market. This growth is mainly on account of the rising demand for food due to the high population base. In Japan, the rise in automation of vertical farming is expected to drive the market. For instance, Spread Co Ltd said to establish a fully automated vertical farm in Kyoto, Japan. Other than this, Singapore's market is set to witness considerable growth due to a surge in food consumption. Therefore, such trends accelerate the expansion of the vertical farming market.

Question 4: Which are the notable companies in the vertical farming market?
Answer: The notable companies in the vertical farming market are V-Farm, Swegreen, Gronska Stadsodling AB, Growup Farms Ltd, IGS Limited, Freight Farms, American Hydroponics, Agrilution, AeroFarms, Urban Crop Solutions, Jones Food Company, Everlight Electronics Co Ltd, Sky Greens, Signify Holdings (Philips), and Vertical Farm Systems.

Related Report:

Global Micro Irrigation Systems Market-
https://www.tritonmarketresearch.com/reports/micro-irrigation-systems-market#report-overview

According to Triton Market Research, the global micro irrigation systems market is likely to advance with a CAGR of 16.68% during the forecast period 2021-2028.

Micro irrigation systems are low-medium pressure systems that allocate water using spray, sprinkles, drip, mist, and jet.

Growing farmers' interest, concerns pertaining to freshwater conservation, and increasing population are driving the micro irrigation systems market.

However, the high cost of these systems and concerns about over-irrigation are anticipated to impede their adoption. Nevertheless, government initiatives and rising demand from nursery and commercial gardens may create lucrative opportunities during the forecast period.

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This release was published on openPR.