Vertical Farming Market Is Gaining Traction As Many Pharmaceutical Companies Are Adopting This Type of Farming to Produce a Variety of Medicinal Plants

Global vertical farming market size is projected to cross $6.3 billion by 2023, growing at a CAGR of 24.2% during 2017-2023. The market is growing mainly due to the increasing adoption of organic foods, rising urban population and growing focus towards environment friendly production of fresh fruits and vegetables. In terms of growth mechanism, the global vertical farming market is categorized into hydroponics, aeroponics and aquaponics. The hydroponics accounted for the largest revenue share, while aquaponics is expected to exhibit fastest growth across the market, during the forecast period. The market for hydroponics growth mechanism stood at $516.2 million in 2016 and is expected to reach $2,372.8 million by 2023, witnessing a CAGR of 24.5% during forecast period. While, the aeroponics growth mechanism accounted for $461.0 million market in 2016, which is expected to reach $1,968.7 million by 2023.

With increasing population, the migration from rural to urban is also growing. Rising awareness towards organic food, changing lifestyle along with increasing per capita income and rising health consciousness among consumers is driving the adoption of organic food across the globe and thereby driving the growth of the vertical farming market. Rapidly increasing city population has made farm land inadequate for cultivation, so there is a need for alternate farming techniques which drives the demand of vertical farming globally. Also, the increasing government emphasis on smart cities’ is also causing an exodus of population from rural to urban areas.

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In Europe, vertical farming market is expected to grow at a CAGR 24.4% during the forecast period. By 2023, the market for vertical farming in European region is expected to reach $1.6 billion on account of growing disposable income and rising health consciousness among consumers. The U.K. accounted for the largest revenue share in the European market in 2016 and is also projected to lead the market during the forecast period on account of growing per capita GDP across the region and growing consumer demand for local food produced through vertical farming. Netherlands was the second largest revenue generating country in the European vertical farming industry in 2016. The country accounted for 25.7% share in the region in 2016 and is expected to further increase to 26.4% by 2023, on account of increasing urbanization and rising demand for fresh fruits, and vegetables without pesticides.

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Some of the major players in the vertical farming market are Koninklijke Philips N.V., AeroFarms LLC, Sky Greens Pte. Ltd, Illumitex Inc, Everlight Electronics Co. Ltd, Hort Americas, Agrilution GmbH, American Hydroponics Systems Inc., Urban Crop Solutions Inc., and Vertical Farm Systems.

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