The Vertical Farming market is expected to grow from USD 3.1 billion in 2021 to USD 9.7 billion by 2026; it is expected to grow at a CAGR of 25.0% during the forecast period. The major driving factors for the growth of the vertical farming market include high yield associated with vertical farming over conventional farming, year-round crop production irrespective of weather condition, advancements in light-emitting diode (LED) technology and requirement of minimum resources.
Hydroponics growth mechanism Segment to dominate vertical farming market during forecast period The hydroponics growth mechanism is used widely by commercial growers.It is easier to set up, costs less than other mechanisms, and has a higher return on investments (ROI).
Comparing the investments required to set up a hydroponics and aeroponics facility of the same size, aeroponics requires a higher initial investment.Moreover, the hydroponics mechanism recycles the maximum amount of water with minimal wastage, making it the most water-efficient farming method.
Furthermore, the amount of nutrients to be delivered to plants can be controlled effectively, enabling control over the growth process and factors, such as the speed of growth and size of plants. Additionally, in the hydroponics mechanism, in case of a power outage, the plants can survive for a long time since the growing medium continues to supply water and nutrients, unlike aeroponics, where the plants can die in just a few hours due to malfunctioning or failure of mist spraying nozzles.
Lettuce to be most commonly grown crop across different vertical farms Lettuce is extensively cultivated in vertical farming.It is quick and easy to grow, has a steady demand throughout the year, and is available in several varieties, allowing farmers to switch products without changing to a whole new crop.
Additionally, the demand for nutritive and organic vegetables has also increased significantly in the last few years due to the growing health consciousness among consumers.Consumers are increasingly focusing on healthy aging and are adopting several measures to prevent diet-related diseases.
Furthermore, organic food products not only satisfy hunger but are also considered essential sources of nutrients. They prevent nutrition-related diseases and improve physical and mental well-being.
Increase in number of vertical farms and partnerships among companies help boost vertical farming in US The US is expected to be the leading country-level market in North America as market leaders or key players of vertical farming are headquartered in the country.Furthermore, the country is a potential market for farming, owing to the continuous demand for agricultural products.
The growth of the vertical farming market in the country is significantly driven by the need for sustainable agricultural operations that reduce the adverse impacts on the environment.Also, contrary to the complicated supply chain involved in conventional agriculture that impacts the harvesting, processing, and transportation activities in the market, urban indoor vertical farming reduces farm to consumer transport, hence providing a solution to the inefficient supply chain.
Producing fresh greens and vegetables close to urban areas could help meet growing food demands in an environmentally responsible and sustainable way by reducing the number of entities involved in distribution chains, providing higher-nutrient produce, and drastically reducing water usage and runoff.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the vertical farming market. Following is the breakup of the profiles of primary participants for the report. • By Company Type: Tier 1 – 40 %, Tier 2 – 45%, and Tier 3 – 15% • By Designation: C-Level Executives – 40%, Directors – 30%, and Others – 30% • By Region: North America – 20%, Europe – 30%, APAC – 35%, and RoW – 15% The report profiles key players in the vertical farming market and analyzes their market shares. Players profiled in this report are Signify (Netherlands), Osram (Germany), Freight Farms (US), AeroFarms (US), sky Greens (Singapore), Spread (Japan), Plenty (US), Valoya (Finland), Everlight Electronics (Taiwan), Heliospectra AB (Sweden), Green Sense Farms (US), Agrilution (Germany), American Hydroponics (US), Urban Crop solutions (Belgium), Vertical Farm Systems (Australia), bowery Farming (US), Agricool (France), Sananbio (US), Growpod Solutions (US), Infarm (Germany), Altius Farms (US), Intelligent Growth Solutions (Scotland), 4D BIOS INC (US), Future Crops (Netherlands), Bright Farms (US), Swegreen (Sweden), and Vertical Future Ltd (UK).
Research Coverage This report segments the vertical farming market based on structure, growth mechanisms, offerings, crop types, and regions. It also describes major drivers, restraints, challenges, and opportunities about this market, as well as includes market share analysis, value chain analysis, porter’s five forces analysis, trade analysis, ecosystem, technological trends, pricing analysis, key patents, standards and frameworks, and case studies/use cases.
Reasons to Buy This Report
The report will help leaders/new entrants in the vertical farming market in the following ways: 1. The report segments the vertical farming market comprehensively and provides the closest market size estimation for all subsegments across regions. 2. The report will help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities about the vertical farming market. 3. The report will help stakeholders understand their competitors better and gain insights to improve their position in the vertical farming market. The competitive landscape section describes the competitor ecosystem.
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Gross Domestic Product
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