Vertical Farming Market Size, Share, Development, Growth and Key Leaders: Agrilution, Aerofarms, Koninklijke Philips, Everlight Electronics, Illumitex, Hort Americas

Market Highlights:

Market Research Future (MRFR) reports that the global vertical farming market is presumed to reach approximately USD 6 billion by the end of 2022. The market is set to surge ahead at 21% CAGR during the forecast period (2016-2022). Vertical farming involves growing produce in vertically stacked layers using soil, hydroponic or aeroponic growing methods. Vertical farms strive to produce food in challenging environments. This type of farming uses controlled environment agriculture (CEA) technology, producing food through skyscraper, shipping container, and vertically stacked layers. It is also known as indoor farming or urban farming, which is witnessing widespread adoption across the globe. Moreover, it offers various benefits such as low water requirement, low transportation cost, and reduced washing and processing of produce making it ideal for larger adoption across the globe.

Although, Vertical Farming is a viable form of agricultural practice that supports effective and efficient harvest with only 5% of water usage for five times more the yield, with up to 350 times more greens than conventional farms of similar size, is yet not cost effective. Vertical Farming requires an initial capital investment of $200 to 500 million.

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Major Key Players

• Agrilution (Germany),
• Aerofarms (U.S.),
• Indoor Harvest Corporation (U.S.),
• Koninklijke Philips N.V. (Netherlands),
• Everlight Electronics co.(Taiwan),
• Illumitex, Inc. (U.S.),
• Sky Greens (Singapore),
• Hort Americas (U.S.),
• Urban Crop Solutions (Belgium)
are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Vertical Farming Market.

According to MRFR, The Global Vertical Farming Market is expected to reach approximately USD 6 billion by the end of 2022 with 21% CAGR during forecast period 2016-2022

Industry Updates:

Mar 2018 The Gulf Cooperation Council has recently inaugurated its very first vertical farm in the United Arab Emirate. The method is said to use less than 90 per cent less water than conventional farming which can prove to be a major game changer for the region which is water-scarce. Badia Farms which is the company behind the initiative can grow produce while massively reducing the carbon footprint with their indoor farm which is hydroponic. The lettuces, microgreens and herbs can grow with no particular requirement for soil, sunlight or pesticides required. The produce can grow in the coconut husks instead, which makes the produce even safer since many potential food-borne diseases stem from dirt. The very first commercial vertical farm in the Gulf Cooperation Council (GCC) area is helmed by Badia Farms which will include other location in the Saudi Arabia, UAE, Oman, Kuwait, Bahrain and Qatar.

Regional Analysis

Vertical Farming Global Market is expected to be dominated by North America with the largest market share due to increasing population, employment generation and adoption of new technological solutions in this regions, and therefore accounting for a huge economy by 2022. Vertical Farming Market in Asia-Pacific market is expected to grow at a considerable rate of CAGR. The Asia Pacific region includes Chin, India and Japan is expected to boost this region majorly due to urbanization, less of fertile land and more investments for developing vertical farming systems. Furthermore, the emergence of China as the major manufacturing hub is increasing the scope of Vertical Farming solutions in the region.

Industry Segments

Market Research Future has segmented the market of vertical farming into component, type, crop type and region for the purpose of the study.
By Component: Software, Hardware, Services
By Type: Aquaponic, Aeroponic and Hydroponic. The hydroponic type accounts for the prime market share in the vertical farming market globally.
By Crop Type: Strawberries, Spinach, Cucumbers, Broccoli, Peppers, Lettuce, Tomatoes and Others
By Region: North-America, Europe, Asia-Pacific and RoW

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Intended Audience
• Manufacturers
• Distributors
• Research firms
• Consultancy firms
• Software Developers
• Semiconductor Manufacturers
• End-user sectors
• Technology Investors

LIST OF TABLES

TABLE 1 VERTICAL FARMING MARKET, BY COMPONENT
TABLE 2 VERTICAL FARMING MARKET, BY TYPE
TABLE 3 VERTICAL FARMING MARKET, BY CROP TYPE
TABLE 4 VERTICAL FARMING MARKET, BY GEOGRAPHY
TABLE 5 NORTH AMERICA VERTICAL FARMING MARKET, BY COMPONENT
TABLE 6 NORTH AMERICA VERTICAL FARMING MARKET, BY TYPE
TABLE 7 NORTH AMERICA VERTICAL FARMING MARKET, BY CROP TYPE
TABLE 8 U.S VERTICAL FARMING MARKET, BY COMPONENT
TABLE 9 U.S. VERTICAL FARMING MARKET, BY TYPE

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LIST OF FIGURES

FIGURE 1 RESEARCH METHODOLOGY
FIGURE 2 VERTICAL FARMING MARKET, BY COMPONENT (%)
FIGURE 3 VERTICAL FARMING MARKET, BY TYPE (%)
FIGURE 4 VERTICAL FARMING MARKET, BY CROP TYPE (%)
FIGURE 5 VERTICAL FARMING MARKET, BY REGIONS (%)
FIGURE 6 NORTH AMERICA VERTICAL FARMING MARKET, BY COMPONENT (%)
FIGURE 7 NORTH AMERICA VERTICAL FARMING MARKET, BY TYPE (%)

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