Vertical Farming Crops Market Estimated to Expand at a Robust CAGR of 20.0% over 2020-2027

The vertical farming crops market was valued at US$ 239.90 million in 2019 and is projected to reach US$ 1,021.33 million by 2027; it is expected to grow at a CAGR of 20.0% from 2019 to 2027.

Vertical farming is mainly the production of plants grown in vertical layers, stacked horizontal, or other three-dimensional configurations. Most of the commercial vertical farms produce crops indoors, including inside buildings, relying on light-emitting diodes (LEDs) as the sole light source. While some other vertical farms exist inside greenhouses, the variability in light intensity caused due to shading from crops and the structures above makes producing a uniform crop difficult.

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Top Key Players:- AeroFarms; Agricool; Bowery Farming Inc.; CropOne; Infarm; Plantlab; Plenty Unlimited Inc.; Gotham Greens; MIRAI Co., Ltd.; and BrightFarms

The growth of the global population, combined with a looming water crisis, is moving the Earth toward a global food crisis. Feeding the anticipated population of 2050 (9.7 billion) needs an additional 109 million arable hectares, a landmass larger than Brazil. Given that 80% of arable land is already in use, absent significant changes to traditional agriculture practices, the world faces a significant food shortage. Water scarcity, which is likely to be made worse by climate change, is another threat to the global food system.

Vertical farming can be a part of the solution as it uses less water and allows farmers to control the climate needed for the crops. For instance, a group of researchers from Columbia University, who commercialized the idea of vertical farming in the US, has projected that a 30-story building covering one city block could have the efficiency of a 2,400-acre traditional farm because of the year-round growing season and the ability to use vertical space to pile vegetables. Because a controlled environment reduces evaporation and allows easier water recapture, vertical farming is projected to use 70–95% less water than traditional agriculture.

The report includes the segmentation of the global vertical farming crops market as follows:

By Crop Type

• Tomato
• Leafy Greens
• Herbs

By End Use

• Food Service
• Food Retail

By Farming Technique

• Hydroponics
• Aeroponics
• Aquaponics

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Impact of COVID-19 Pandemic on Vertical Farming Crops Market

The COVID-19 pandemic began in Wuhan (China) in December 2019. As of March 2021, the US, Brazil, India, Russia, South Africa, Mexico, and the UK are among the worst-affected countries in terms of confirmed cases and reported deaths. The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The overall market breakdown due to COVID-19 is also affecting the growth of the vertical farming crops market due to shutting down of factories, obstacles in supply chain, and downturn in world economy.

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This release was published on openPR.