Newark, Jan. 17, 2023 (GLOBE NEWSWIRE) -- The Vertical Farming market was estimated at around USD 4.3 billion in 2021, growing at a CAGR of nearly 23% during 2022-2030. The market is projected to reach approximately USD 33 billion by 2030.
Growing crops in layers that are piled vertically is known as vertical farming. In order to maximize plant development, controlled-environment agriculture and soilless farming methods including hydroponics, aquaponics, and aeroponics are widely used. Vertical farming systems are frequently housed in structures like buildings, shipping containers, tunnels, and defunct mine shafts. As of 2020, there will be about 30 hectares (74 acres) of operational vertical farms worldwide. The main advantage of employing vertical farming technology is increased crop output with a reduced requirement for land area per unit of crop. Because crops do not share the same plots of land when growing, there is an improved ability to cultivate a greater variety of crops at once. Additionally, crops produced indoors are less susceptible to weather disruptions and suffer less crop losses as a result of extreme or unforeseen weather events. Due to its limited land use, vertical farming causes less harm to native plants and animals, further protecting the local fauna and flora.
Over the projected period, increased use of Internet of Things (IoT) sensors for growing crops is likely to boost market demand. To carry out the necessary operations, the cloud is used to store and analyse the sensor data. The industry is also projected to be driven by the increasing automation in agriculture and the use of big data and predictive analytics to maximize yields. Even in unfavorable climatic conditions, vertical farming is successful in providing crop output consistency and predictability. Over the conventional farming method, it offers a number of advantages, including decreased water consumption, a reduced demand for agrochemicals, and a reduced reliance on agricultural labour. To maximize natural sunlight, vertical farming makes use of metal reflectors and artificial lighting.
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Growth Factors
To reduce the environmental impact of agriculture, vertical farming is essential. The amount of water required to cultivate the same or more crops is reduced. Additionally, it decreases the need for transportation and does away with the use of pesticides and herbicides in agricultural operations. The entire process of vertical farming is done in an organic way. It offers natural alternatives, such as the use of fish in the aquaponics growth system of vertical farming to produce nutrient-rich waste for plants, and significantly lowers the usage of pesticides. Additionally, since vertical farming is carried out in a controlled environment, no pesticides are required because the crops are resistant to all types of dangerous insects. By avoiding pest control techniques like burning fields, grass, or waste, vertical farming assures that its consumers receive safe and high-quality products. According to projections, this will give vertical farming market participants new opportunities.
Segmental Overview
With a market share of over 50% in 2021, the shipping container segment led the market and is predicted to continue to do so throughout the forecast period. This development is ascribed to the building's capacity to support agricultural growth regardless of location. One of the main advantages of container-based farming is that one doesn't need a huge plot of land or a special facility to start growing and that container farms are simple to carry. Additionally, when competition rises, shipping container prices fall as a result of the comparatively low cost of purchasing secondhand containers, which enables new businesses to enter the market. However, some downsides of such systems include low comparative production and conflict between light, heat, and layout are some of the drawbacks.
Growing consumer knowledge of the negative effects of pesticides is anticipated to increase demand for hydroponics. Due to effective nutrition management, plants cultivated hydroponically yield more than equivalent plants grown in soil. In order to maintain the proper chemical composition for growth, plant roots are routinely tested while submerged in the chemical solution.
Over the course of the projection period, the aquaponics category is expected to significantly increase its market share. Hydroponics and aquaculture are combined in aquaponics, which eliminates the need for damaging chemicals in cultivation. Aquaponics is used to cultivate a variety of plants, including lettuce, chives, peppers, kale, mint, cucumbers, and peas. The aquaponics systems' water contains fish waste, which turns it into nutrient-rich water and speeds up crop production.
Regional Overview
The world market for vertical farming has been separated into four areas, and each one has made a substantial contribution in terms of its capabilities and population demands. The Asia Pacific area, however, has been responsible for the largest market share for vertical farming among the four countries, since important factors promoting the industry's expansion are created in this region, and the populace appears to be particularly interested in new product advancements. China, Japan, Korea, and India are anticipated to account for a large portion of the vertical farming market's revenue. The data on vertical farming show that these countries' populations and disposable incomes have been growing, which has caused changes in lifestyle.
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Report Scope
Base Year 2021
Forecast period 2022-2030
Report Coverage Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends
Regional scope North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Market Size(unit) USD Billion
Vertical Farming Market CAGR 6.9%
Segments Covered By Structure
By Growth Mechanism
List of the prominent players in the Global Vertical Farming market:
• Aerofarms
• Urban Crop
• Illumitex, Inc.
• Sky Greens
• Koninklijke Philips N.V.
• Everlight Electronics Co., Ltd.
• Green Sense Farms, LLC
• Agrilution
• American Hydroponics
• Vertical Farm Systems
The global Vertical Farming market is segmented as follows:
By Structure
• Shipping Container
• Building Based
By Growth Mechanism
• Hydroponics
• Aeroponics
• Aquaponics
By Region/Geography
• North America
o The U.S.
o Canada
o Mexico
• Europe
o France
o The UK
o Spain
o Germany
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Australia
o South Korea
o Rest of Asia Pacific
• The Middle East & Africa
o Saudi Arabia
o UAE
o South Africa
o Egypt
o Kuwait
o Rest of the Middle East & Africa
• Latin America
o Brazil
o Argentina
o Rest of Latin America
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About the report:
The market is analyzed based on value (USD million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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