Vertical Farming Crops Market Surging to $1.3 Billion by 2027 Driven by Urbanization and Tech Advancements

According to a new report published by Allied Market Research, titled, "Vertical Farming Crops Market by Crop Type, End User, and Farming Technique: Opportunity Analysis and Industry Forecast, 2021-2027," the global vertical farming crops market was valued at $212.4 million in 2019, and is projected to reach $1.3 billion by 2027, registering a CAGR of 26.2% from 2021 to 2027. The market is expected to exhibit an incremental revenue opportunity of $1.11 billion from 2020 to 2027. The market growth is propelled by rise in demand for local, fresh and pesticide-free plants, year-round demand of crops especially by the food service sector and ease of monitoring and harvesting crops.

𝐀𝐜𝐜𝐞𝐬𝐬 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲: https://www.alliedmarketresearch.com/request-sample/7563

Urbanization Fueling Demand:

With nearly 45% of the global population residing in urban areas, expected to soar to 66% by 2050, traditional agricultural methods face mounting pressure. In response to diminishing arable land and the prevalent use of pesticides and preservatives in conventional farming, the demand for fresh, locally cultivated produce is on the rise. Vertical farming, facilitated by IoT technologies, emerges as a solution, ensuring year-round crop availability and reduced environmental dependencies.

Pandemic's Impact:

The COVID-19 pandemic wrought significant economic repercussions, altering consumer spending behaviors and disrupting supply chains. While the initial fallout led to a downturn in demand for vertical farming produce due to its comparatively higher prices, a post-pandemic resurgence is anticipated as consumers prioritize health-conscious purchases. Established players in the vertical farming sector are poised to capitalize on this anticipated surge post-lockdown.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞: https://www.alliedmarketresearch.com/purchase-enquiry/7563

Segment Analysis:

Crop Type: Leafy greens dominate the market, but other crops, such as peppers, cucumbers, and strawberries, are gaining traction, driven by demand from high-end restaurants and specialty markets.

End User: While direct retail commands the largest market share, the food service segment is expected to grow rapidly, fueled by increased demand for year-round crops and specialty produce.

Farming Technique: Hydroponics currently leads the market due to its ease of setup and lower costs. However, aeroponics is poised for significant growth, offering faster crop growth and disease resistance without the need for a growing medium.

Regional Insights:

North America leads the market, with key players like AeroFarms and Plenty driving growth. However, Asia-Pacific is poised for substantial expansion, supported by government initiatives promoting urban farming and sustainable food production.

𝐁𝐮𝐲 𝐍𝐨𝐰 𝐭𝐡𝐞 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/1c3712e6eabfd177409b484dd3f9fc8e

Key findings of the study

• By crop type, the leafy green segment was the highest contributor to the vertical farming crops market, with $107.4 million in 2019, and is estimated to reach $714.8 million by 2027, at a CAGR of 26.6% during the forecast period.

• By end user, the direct retail segment was the highest contributor to the market, with $141 million in 2019; however, the food service segment is anticipated to grow at a higher CAGR during the forecast period.

• By farming technique, the hydroponics segment was the highest contributor to the vertical farming crops market in 2019, and is estimated to reach $536.6 million by 2027, at a CAGR of 25.3% during the forecast period.

• In 2019, North America was the most prominent market accounting for $74.6 million in 2019; however, Asia-Pacific is expected to grow at a significant CAGR during the forecast period.

• The key players operating in the vertical farming crops market analysis include AeroFarms, PlantLab, Spread Co., Bowery Farming, InFarm, Plenty, Gotham Greens, AgriCool, CropOne, and Green Spirits Farm. 

𝐆𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝: https://www.alliedmarketresearch.com/request-for-customization/7563

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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