Vertical Farming Market to grow at 27% CAGR from 2017 to 2024

The global vertical farming market is expected to surge substantially with the current demographic trends pointing toward human population surpassing 9 billion by 2050 and 70% of this population residing in the urban centers. Recent FAO estimates indicates that in order to feed the larger, urbanized, and richer population, the global food production must increase by 70%. With the increasing food demand and limited resources, the vertical farming industry has witnessed a massive demand in the recent years. The practice of growing food and medicine in vertically stacked layers and other such vertical structures is termed as vertical farming. This technique is set to yield more crops per m2 with less water consumption when compared to traditional farming and is therefore widely used to produce fresh, high quality, and nutritious food. The declining arable land, water conservation, climatic variation, and soaring population have provided a significant impetus to the global vertical farming industry trends. As per Global Market Insights, Inc., Vertical farming market size is anticipated to record a remarkable CAGR of 27% over the period of 2017- 2024 and is expected to witness a market valuation of more than USD 13 billion by 2024, having collected over USD 2 billion in 2016.

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Research activities across the globe have directed various companies to undertake small scale farming of fruits, herbs, vegetables, spices, and aquatic species as well. Tomatoes, leafy vegetables, strawberries, lettuce, and cucumber are the most popularly grown plants across various regions. Lettuce contributed to 30% of the overall vegetables, fruits, and herbs market in 2015 and is expected to drive the product landscape over the coming years. In terms of technology, crop production through the hydroponics technology has witnessed significant demand over the recent years having accounted for more than 50% of overall vertical farming industry share in 2016. Aquaponics vertical farming is also gaining a substantial prominence, owing to rising demand for edible fish such as Tilapia, which dominates the aquatic species segment. Reportedly, some of the European countries are leading in raising aquatic species including crabs and fish through vertical farming.

Japan vertical farming market is expected to witness lucrative growth prospects, as majority of the vertical farms are presently located in Japan. The regional market held more than 25% of the total Asia Pacific vertical farming industry share in 2015. Other countries including China, India, and South Korea are also exhibiting huge potential for vertical farming market to expand. Seasonal changes have boosted the indoor vertical farming technique in controlled environments, freight containers, warehouses, and even parking lots. Many companies are also developing aggressive business models to make such sectors profitable. Over the forthcoming years, the industry is poised to witness various partnerships and mergers with LED lighting companies to optimize the plant growth and quality.

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Prominent vertical farming industry players include Urban Crop Solutions, Spread co Ltd,Sky Greens, American Hydroponics, Aerofarms, Mirai Co.Ltd., and Plantagon International AB.

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