Vertical Farming Market Revenue, Opportunity, Segment and Key Trends 2018-2024: American Hydroponics, General Hydroponics, Plantagon International, Urban Crop Solutions, Mirai, Illumitex, Inc., Everlight Electronics

Vertical Farming Market size will surpass USD 13 billion by 2024. Increasing population rate along with upsurge in food demand will significantly drive the vertical farming market by 2024. Vertical farming is an advanced method and offers numerous benefits over traditional technique such as low dependency on the soil fertility, manpower and less usage of agrochemicals, water, etc.

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Based on product, the vertical farming market is segmented into aquatic species, equipment, fruits, vegetables & herbs. Equipment segment includes atmosphere controllers, led grow lights, irrigation systems & pipes. This segment will show a 33% CAGR from 2018 to 2024 as these will help to monitor the farm atmosphere, help crop growth and control the amount of nutrients in solutions.

Hydroponics on the other hand, is one of the most commonly used technologies in vertical farming. Hydroponics holds the largest proportion of vertical farming market share, primarily owing to the fact that the technology is inexpensive to install and is endowed with easy operability. As per estimates, vertical farming market size from hydroponics is anticipated to register a CAGR of 26% over 2018-2024.

Based on technology, the vertical farming market is categorized into hydroponics, aeroponic and aquaponics. Hydroponics segment will show a CAGR of around 26% over the forecast timeframe. Aquaponics is also a popular segment as it involves rearing of fishes and using the waste water from the fish tanks to irrigate the crops for harvesting. Adoption of this technology is limited in industry due to higher maintenance and operational costs of vertical farms using this technology. However, higher profit margins associated with this technology will increase its demand during the forecast years.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & analysis:

1. American Hydroponics
2. General Hydroponics
3. Plantagon International
4. Urban Crop Solutions
5. Mirai, Illumitex, Inc.
6. Everlight Electronics

Vertical Farming Market By Product:

• Equipment
o Lighting systems
o Pumps & irrigation systems
o Tanks
o Sensors
o Pipes
o Environment & climate controllers
o Meters & solutions
o Others
• Fruits, vegetables & herbs
o Tomato
o Lettuce
o Bell & chili peppers
o Strawberry
o Cucumber
o Leafy greens (excluding lettuce)
o Herbs
o Others
• Aquatic species
o Tilapia
o Bass
o Trout
o Salmon
o Crab
o Others

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Powered by the changing food patterns across the APAC, in addition to the declining food self-sufficiency, the governments across the Asia Pacific economies have been undertaking several initiatives to promote vertical farming. Countries such as South Korea, India, China, and Taiwan are expected to be the potential revenue pockets for APAC vertical farming industry in the future.

On application basis there are two types of vertical farming market, namely indoor and outdoor vertical farms. Indoor farms show the growth rate of 28% over the forecast time spell. Indoor farming is extensively practiced controlled environment agriculture (CEA), warehouses and parking. This method plays an important role in satisfying the rising food demand due to increasing population and scarce land under cultivation. Indoor vertical farming helps consume lesser water and gives out more harvest than the traditional farming practiced otherwise. Irrespective of sudden climatic changes, indoor farming helps produce feed in higher quantity without crop damage.

Asia Pacific shows the highest growth rate of about 30% in vertical farming market from 2018 to 2024. The product market has been popular in southeast Asia for the regional difficulties such as land scarcity and high food imports. According to a report by the United Nations, Department of Economic and Social Affairs, the number of cities with 500,000 inhabitants or more is expected to grow by 30% in Asia by 2030. Rising urbanization and the population feeding requirements in countries like India, South Korea, Taiwan and others will propel the Asia-Pacific vertical farming market over the forecast period.

The key players in the vertical farming market are American Hydroponics, Sky Greens, General Hydroponics, Green Spirits Farms, Plantagon International, Urban Crop Solutions, Mirai, Spread, etc. Most of the vertical farming companies are doing contracts with such as Illumitex, Inc., Everlight Electronics., Koninklijke Philips for the lightning systems.

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