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Vertical Farming Market Growing at the Fastest Rate in APAC Region

11-21-2022 09:31 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets

Vertical Farming Market Growing at the Fastest Rate in APAC

The APAC vertical farming market size is estimated to grow from USD 1.2 billion in 2021 to USD 4.1 billion by 2026, growing at a CAGR of 28.4%.

Asia Pacific (APAC) is expected to be the fastest-growing market for vertical farming during the forecast period. Asia Pacific is the base of numerous small and large vertical farms operating in different countries of the region. Countries in Asia Pacific are densely populated, and the number is increasing exponentially. This creates a demand for a substitute for conventional farming as it lacks the capacity to serve the growing population. Vertical farming reduces the dependency on field farming and aids in avoiding the need for new farmland due to the increasing demand for food. Countries such as China, Singapore, Hong Kong, South Korea, and Japan are technologically equipped, complementing the growth opportunities for the vertical farming market. The growth of the vertical farming market in this region can also be attributed to the increasing awareness about alternative farming methods and limited agricultural fertile land.

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"Aeroponics-based vertical farming to offer lucrative growth opportunities in APAC by 2026 due to high productivity and low timeframe associated with it"

Based on the growth mechanism, the vertical farming market has been segmented into hydroponics, aeroponics, and aquaponics. Aeroponics facilitates faster plant growth, enabling the cultivation of more plants or seeds in lesser time than under normal conditions. The system can also be controlled externally through computers or timers for releasing the moist air at regular intervals and does not require frequent use of pesticides, weeding, and other maintenance processes compared with conventional farming. In aeroponics growth mechanisms, nutrients added in water are sprayed to reach the plant roots. The nutrient-rich mist reaches all parts of the plant roots easily. The key advantages of this technology include the production of higher quality food in a controlled environment, reduced labor costs through automation, optimization of higher-density crops, and reduced risk of diseases and pest infestation compared with traditional farming methods.

Vertical farming services market in APAC to witness significant growth during the forecast period

The services segment of vertical farming market in APAC is expected to register significant growth during the forecast period due to the increasing adoption of robotics and automation to minimize labor costs, boost production efficiency, and reduce overhead costs associated with various operations in vertical farming. Services include consulting, managed services, professional services, maintenance and support services, training and online resources, and supplies. System integrators play an important role in the integration of software and hardware equipment. They offer ready-to-operate vertical farms to farmers, grocery stores, restaurants, or retails. Some of the system integrators include Freight Farms (US), GrowPod Solutions (US), Agrilution (Germany), and Swegreen (Sweden). Hardware providers, such as Signify (Netherlands), offer professional services that include offering customized lighting solutions based on the requirement of the farm. Companies, such as Green Sense Farms (US), offer farm design and build services along with farm management and research services.

China is expected to lead the vertical farming market in APAC owing to the surging urban population and declining agricultural land

The concept of vertical farming in China is growing rapidly due to the increasing urban population and decreasing agricultural land. The country is investing a significant amount in developing vertical farming systems to feed its urban population. It aims to become a world leader in the industrial-scale applications of these systems. Vertical farming has enabled China to produce vegetables and fruits in a controlled environment. Companies such as Panasonic have already invested and built vertical farms in Dalian and Suzhou that are currently operational; the company's aim is to raise the production by three times to a monthly production of 9 tons. Similarly, few of the known vertical farming companies, such as Crop One, are targeting the market in China. Sananbio is another key player in the vertical farming ecosystem in China. It has a plant factory research institute and a plant factory industrialization base, with a total investment of about USD 1 billion. Moreover, companies in China are looking forward to making strategic partnerships to enhance their expertise in vertical farming. For instance, Yufeng based in Shanxi, China, which operates one of the largest vertical farms in the country, has agreed to collaborate on a pilot project of 700m2 with Mary Agrotech's proprietary automation technology, including its proprietary vertical farming hardware and AI-driven automation software.

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Some of the key players operating in vertical farming market in APAC includes Signify (Netherlands), Osram (Germany), AeroFarms (US), Sky Greens (Singapore), Spread (Japan), Panasonic (Japan), Kalera (US), VertiVegies Pte Ltd (Singapore), and Everlight Electronics (Taiwan).

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

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