Vertical Farming Market By Product, Application, Region and Key Vendors: Mirai, Spread, Illumitex, Inc., Everlight Electronics., Koninklijke Philips, American Hydroponics, Sky Greens, General Hydroponics, Green Spirits Farms

Global Vertical Farming Market is set to grow from its current market value of more than $2 billion to over $13 billion by 2024; according to a new research report by Global Market Insights, Inc. 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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The transformation in agriculture will reach a different level with the concept of vertical farming. The rising global population and the gap created between the demand and supply of food will drive the prospects of the industry. The scarcity of food in developing nations has created a need to develop more sustainable techniques of food production. In the global scenario, where natural resources are being exhausted, this new method of farming will be a boom for agriculture industry. Sustainable agriculture is one of the key reasons to propel the product market.

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

• American Hydroponics
• Sky Greens
• General Hydroponics
• Green Spirits Farms
• Plantagon International
• Urban Crop Solutions
• Mirai
• Spread
• Illumitex, Inc.
• Everlight Electronics.
• Koninklijke Philips

The arable land is getting depleted which will be the driving force for the growth of vertical farming industry. The burden of population has given rise to more commercial and residential buildings resulting into scarcity of farming area. This will positively impact the growth of the product market. Several advancements in technology have ramped up the market dynamics. With increase in greenhouse gas emissions, unpredictable climate changes have been observed, which has resulted into hampered crop production. This new technique of farming will revolutionize the agribusiness sector irrespective of the climate uncertainties.

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Asia Pacific is expected to emerge as one of the most popular regional grounds for vertical farming market, primarily aided by countries such as Singapore and Japan where land scarcity has become an issue of national concern plaguing the country. Other countries such as China, India, South Korea, and Taiwan are also touted to become highly lucrative revenue pockets for APAC vertical farming market. Indeed, APAC accounted for 30% of the overall vertical farming market share in 2017.

Powered by changing food patterns, rising population, and lack of arable land, APAC is expected to become the largest vertical farming market in the years to come. for vertical farming in coming years. Japan and Singapore are the major markets for vertical farming and it is expected to rise in future due to rising land scarcity.

Europe vertical farming market shows a decent growth rate close to 24% owing to the presence of large number of venture capitalist and R&D centers in the region. Asia Pacific region shows the robust growth rate of about 30% and will become largest market for vertical farming in coming years. Japan and Singapore are the major markets for vertical farming and it is expected to rise in future due to rising land scarcity.

Vertical farming industry has been establishing its footprint at the top-notch as well as the grass root level. The number of vertical farms have been increasing exponentially across the globe, subject to the numerous advantages of this farming technique, such as disease restriction, water conservation, reduction in the usage of pesticides and herbicides, and elimination of post harvesting processing. Recently, AeroFarms, an indoor agriculture firm, established a facility in upstate New York in 2015. The facility measures almost 70,000 square feet, and is touted to be the world’s largest indoor vertical farm. This farm uses the aeroponics technology to grow kale, bok choy, mustard greens, arugula, red romaine, watercress, and many other salad greens, without sunlight or soil.

Browse key industry insights spread across 270 pages with 217 market data tables & 34 figures & charts from the report, Vertical Farming Market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/vertical-farming-market

The factors which can impede the growth of the market are high investments involved in the technology and lighting. Since, artificial lighting is required to cultivate crops, the consumption of electricity is considerably increased which could inhibit the growth of the product market. The product market has been segmented on the basis of product such as fruits & vegetables, equipment, aquatic species, technology and application. In leafy greens segment, lettuce has bagged the largest market share and is expected to grow at a robust rate. Indoor means of growing crops such as shipping containers and warehouses are estimated to account for more than 70% market share in 2024. Based on technology, hydroponics is expected to reign the product market in 2024. In equipment, lighting LEDs lead with the largest market share and are anticipated to grow rapidly by 2024.

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.
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.

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.

The companies are banking on innovative technologies to compete in the global market. There are many large scale and small scale firms present in the industry. Some of the major companies involved are Indoor Harvest Corporation, AeroFarms, Green Sense Farms, Urban Crop Solutions, Sky Greens, Illumitex, American Hydroponics, Koninklijke Philips NV, Everlight Electronics Co.Ltd., Agrilution GmbH, Moflo Aeroponics, Freight Farms, SPREAD Co., Ltd, Bright Farms Inc., Gills N Claws Pte Ltd., GrowUp Urban Farms, General Hydroponics, Ecobains Gardens, etc.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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