Vertical Farming Market Is Expected to Reach $6.4 Billion, By Leading Industry Players AeroFarm, FarmedHere, Illumitex, Inc., Koninklijke Philips N.V., Sky Green, Everlight Electronics, Green Sense Farms, American Hydroponics, Hort Americas, and Agrilutio

Allied Market Research recently published a report, titled, "Vertical Farming Market by Component (Irrigation Component, Lighting, Sensor, Climate Control, Building Material, and Others) and by Growth Mechanism (Hydroponics, Aeroponics, and Aquaponics): Global Opportunity Analysis and Industry Forecast, 2017-2025". The report provides in-depth study of the key winning strategies, industry dynamics, market size & estimations, top investment pockets, and competitive landscape. According to the report, the global vertical farming market was pegged at $1.78 billion in 2017 and is estimated to reach $10.25 billion by 2025, registering a CAGR of 24.4% during 2017-2025.

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Increase in consumption of organic food and limited availability of arable land for traditional agriculture drive the growth of the global vertical farming market. However, high initial investment and nascent stage of technologies that are used in vertical farming hamper the market growth. On the contrary, increase in urban population and growing awareness of vertical farming are expected to create lucrative opportunities for the market players in future.

Among components, the lighting segment held the largest share in 2017, contributing about 25.4% of the total revenue, owing to the benefits offered by LED lights over the traditional lighting system, especially cost. However, the climate control segment is expected to register the fastest CAGR of 27.2% during the forecast period, owing to improved food security, disease-free environment, and reduced food wastage. The report also analyzes several components including irrigation component, sensor, building material, and others.

The aeroponics segment is expected to register the fastest CAGR of 24.9% during the forecast period, owing to its environment-friendly nature and high crop yield. However, the hydroponics segment held the largest share in 2017, contributing about 41% of the total revenue, owing to its capability to produce more nutritious eatables using less space. In addition, the aquaponics segment would grow at a steady rate during the study period.

Asia-Pacific region is expected to dominate the global vertical farming market. In 2017, the region garnered more than one-third of the market share, owing to rise in urban population, limited availability of cultivable land, and supportive government initiatives. However, Europe would portray the fastest growth, registering a CAGR of 25.7% during the forecast period, owing to rise in temperature and frequent occurrence of extreme weather events. The other region analyzed in the report include Latin America, Middle East and Africa (LAMEA).

The report analyzes the leading companies of the global vertical farming market, including AeroFarm, Illumitex, Inc., Sky Green, Green Sense Farms, Hort Americas, FarmedHere, Koninklijke Philips N.V., Everlight Electronics, American Hydroponics, and Agrilution. These players have adopted several marketing strategies such as partnerships, mergers & acquisitions, collaboration, and new product launch to maintain their leading position in the market.

Analyst Review:

Growth in population has fueled the demand for both more food and more land to grow food; however, availability of arable land is limited and expensive. Vertical farming is an innovative way to grow crop in cities without the need of soil, with minimum water usage and almost no need of pesticides. Crops grown through vertical farming are organic, environmentally safe, and healthy to consume.

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Presently, nearly 54% of the world’s population resides in urban areas, and is expected to reach 66% by 2050. The future cities are expected to produce their own food due to increase in global population and limited area of arable land. Vertical farming permits farmers to harvest fresh organic crops in ever-growing cities with additional advantages such as high yield, pesticides, and low water requirement. Presently, food supplies from traditional farming is used by the urban population. These farmers use pesticides to achieve higher yield and use preservatives to extend shelf life of foods. Rise in demand for fresh, home-grown organic food has fueled the growth of the vertical farming market.

According to United Nations Population Division (2009), the global population is expected to increase from about 6.9 billion in 2010 to 9.2 billion in 2050. Presently, the growth rate of global population is nearly 80 million per annum. This is a major concern, as habitable area of Earth is limited to nearly 13 billion hectares. In 2008, the total arable area in the world was near about 4.88 billion hectares. The growth of the vertical farming market is driven by food security, adverse effects of farming on the ecosystem & climate, fitness & nutrition, and others. Moreover, shift from traditional agricultural techniques to vertical farming to cater to the increasing demand–supply gap boosts the market growth.

Hydroponics accounts for the majority of market share in the growth mechanism segment, owing to its capability to produce more nutritious eatables in less space consumption. Moreover, this growth mechanism uses 10 times less water than conventional agriculture. Aeroponics is anticipated to grow with a fast-paced rate in the forthcoming years.

North America is the second highest revenue contributor to the global vertical farming market, after Asia-Pacific. The market growth is attributed to factors such as alarming rate of water level depletion, presence of drought-stricken states, and increase in environmental concerns.

LIST OF TABLES

TABLE 1. GLOBAL VERTICAL FARMING MARKET, BY COMPONENT, 2015-2025 ($MILLION)
TABLE 2. VERTICAL FARMING MARKET FOR IRRIGATION COMPONENT, BY GEOGRAPHY, 2015-2025 ($MILLION)
TABLE 3. VERTICAL FARMING MARKET FOR LIGHTING, BY GEOGRAPHY, 2015-2025 ($MILLION)
TABLE 4. VERTICAL FARMING MARKET FOR SENSOR, BY GEOGRAPHY, 2015-2025 ($MILLION)
TABLE 5. VERTICAL FARMING MARKET FOR CLIMATE CONTROL, BY GEOGRAPHY, 2015-2025 ($MILLION)
TABLE 6. VERTICAL FARMING MARKET FOR BUILDING MATERIAL, BY GEOGRAPHY, 2015-2025 ($MILLION)
TABLE 7. VARIOUS GLASSES AND THEIR SPECIFICATIONS
TABLE 8. VERTICAL FARMING MARKET FOR GLASS GREENHOUSE, BY GEOGRAPHY, 2015-2025 ($MILLION)
TABLE 9. VERTICAL FARMING MARKET FOR PLASTIC GREENHOUSE, BY GEOGRAPHY, 2015-2025 ($MILLION)
TABLE 10. VERTICAL FARMING MARKET FOR OTHERS, BY GEOGRAPHY, 2015-2025 ($MILLION)
TABLE 11. GLOBAL VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2015-2025 ($MILLION)
TABLE 12. VERTICAL FARMING MARKET FOR HYDROPONICS, BY GEOGRAPHY, 2015-2025 ($MILLION)
TABLE 13. VERTICAL FARMING MARKET FOR AEROPONICS, BY GEOGRAPHY, 2015-2025 ($MILLION)
TABLE 14. VERTICAL FARMING MARKET FOR AQUAPONICS, BY GEOGRAPHY, 2015-2025 ($MILLION)
TABLE 15. VERTICAL FARMING MARKET, BY GEOGRAPHY, 2015-2025 ($MILLION)
TABLE 16. NORTH AMERICA VERTICAL FARMING MARKET, BY COMPONENT, 2015-2025 ($MILLION)
TABLE 17. NORTH AMERICA VERTICAL FARMING MARKET, BY BUILDING MATERIAL, 2015-2025 ($MILLION)
TABLE 18. NORTH AMERICA VERTICAL FARMING MARKET, BY GROWING MECHANISM, 2015-2025 ($MILLION)
TABLE 19. NORTH AMERICA VERTICAL FARMING MARKET, BY COUNTRY, 2015- 2025 ($MILLION)
TABLE 20. EUROPE VERTICAL FARMING MARKET, BY COMPONENT, 2015-2025 ($MILLION)
TABLE 21. EUROPE VERTICAL FARMING MARKET, BY BUILDING MATERIAL, 2015-2025 ($MILLION)
TABLE 22. EUROPE VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2015-2025 ($MILLION)
TABLE 23. EUROPE VERTICAL FARMING MARKET, BY COUNTRY, 2015-2025 ($MILLION)
TABLE 24. ASIA-PACIFIC VERTICAL FARMING MARKET, BY COMPONENT, 2015-2025 ($MILLION)
TABLE 25. ASIA-PACIFIC VERTICAL FARMING MARKET, BY BUILDING MATERIAL, 2015-2025 ($MILLION)
TABLE 26. ASIA-PACIFIC VERTICAL FARMING MARKET, BY BUILDING MATERIAL, 2015-2025 ($MILLION)
TABLE 27. ASIA-PACIFIC VERTICAL FARMING MARKET, BY COUNTRY, 2017-2025 ($MILLION)
TABLE 28. ASIA-PACIFIC VERTICAL FARMING MARKET, BY COUNTRY, 2015-2025 ($MILLION)
TABLE 29. LAMEA VERTICAL FARMING MARKET, BY COMPONENT, 2015-2025 ($MILLION)
TABLE 30. LAMEA VERTICAL FARMING MARKET, BY BUILDING MATERIAL, 2015-2025 ($MILLION)
TABLE 31. LAMEA VERTICAL FARMING MARKET, BY GROWTH MECHANISM, 2015-2025 ($MILLION)
TABLE 32. LAMEA VERTICAL FARMING MARKET, BY COUNTRY, 2015-2025 ($MILLION)
TABLE 33. AEROFARMS: COMPANY SNAPSHOT
TABLE 34. AGRILUTION : COMPANY SNAPSHOT
TABLE 35. AMERICAN HYDROPONICS: COMPANY SNAPSHOT
TABLE 36. EVERLIGHT ELECTRONICS CO., LTD.: COMPANY SNAPSHOT
TABLE 37. FARMEDHERE : COMPANY SNAPSHOT
TABLE 38. GREEN SENSE FARMS : COMPANY SNAPSHOT
TABLE 39. HORT AMERICAS : COMPANY SNAPSHOT
TABLE 40. ILLUMITEX INC : COMPANY SNAPSHOT
TABLE 41. KONINKLIJE PHILIPS N.V. : COMPANY SNAPSHOT
TABLE 42. SKY GREENS: COMPANY SNAPSHOT

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