Dubai, UAE, Feb. 16, 2023 (GLOBE NEWSWIRE) -- According to Extrapolate, the global Vertical Farming Market was valued at USD 3.1 billion in 2021. The market is anticipated to reach USD 11.2 billion by 2028, recording a remarkable CAGR of 25.2% during the forecast period. The rapid adoption of technological advancements is driving vertical farming to increase crop productivity without expanding land use.
The primary reasons fueling the vertical farming market's growth include advancements in LED technology, the capacity to support year-round crop production regardless of weather conditions, and the minimal requirement of resources like land, water, and manpower to conduct farming. For instance, vertical farming is equivalent to nine hectares of traditional outdoor farming and could save 200 tons of water per day.
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According to the market forecast for vertical farming, the increased demand for organic food, the efficient use of vertical space and energy, the convenience of crop monitoring and harvesting, and decreasing area available for agricultural purposes are the main reasons driving the market's expansion. Furthermore, the growing urban population and rising acceptance of technology-driven agriculture provide the market's participants with lucrative potential for vertical farming.
Competitive Landscape of the Global Vertical Farming Market
The global vertical farming industry is highly competitive, with prominent players such as Signify, Aerofarms, BrightFarms, and FrieghtFarms, among others. To increase their market share, major players in the industry employ tactics such as joint ventures, corporate growth, the creation of new products, and agreements. The players are increasingly relying on R&D to improve and innovate their products. To make the necessary transformations for surviving in this fiercely competitive market, they are also making use of a better database of consumers, products, and operations.
For instance, the Signify company increased its R&D investment in 2020 compared to the previous year, giving it a competitive advantage in the market. Innovations and partnerships enable Signify to meet the needs of various clients globally and gain a competitive edge over its rivals. To increase its reach, it has implemented company expansion plans that include both collaborations and contracts in various parts of the world.
- AeroFarms
- Signify
- BrightFarms
- Illumitex Inc
- Heliospectra AB
- Freight Farm
- SPREAD Co., Ltd
- OSRAM GmbH
- Urban Crop Solutions
- Cargill, Incorporated
- Plenty Unlimited Inc.
- Valoya
- BOWERY FARMING INC
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Global Vertical Farming Market Segmentation:
By Component
- Irrigation
- Lighting
- Sensor
- Climate Control
- Others
Lighting Segment Captured Over 40% Revenue Share of the Global Vertical Farming Market
Based on the components, the global vertical farming market is bifurcated into irrigation, lighting, sensors, and climate control. The lighting segment dominated the global vertical farming market share and captured more than 40.0% in 2021. The significant market share of the lighting segment can be attributed to vertical farms' reliance on artificial lighting as the amount of light that is required for crop growth is provided by artificial lights. The need for hydroponic components is predicted to increase as farmers adopt more hydroponic technology to reduce the weight burden and infrastructure required to support the machinery.
Additionally, lightning technology confers various advantages to vertical farming, such as consistent growth of the plant, minimized heat stress on the root area, and uniform lighting for optimum growth. The adoption of LED lighting technology enables higher productivity with less power consumption by acting as a substitute for the sun's light source. Sensors allow for thorough monitoring of crop conditions and the surrounding environment. Crop growth is observed using a variety of sensors, including nutrition sensors, humidity sensors, and light sensors. Monitoring also allows for the notification of changes and alerts of climatic conditions.
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By Type
- Hydroponics
- Aeroponics
- Aquaponics
Hydroponics Segment to Generate More than 50% of Revenue of Global Vertical Farming Market
Based on type, the global vertical farming market is segmented into hydroponics, aquaponics, and aeroponics. The hydroponics segment is anticipated to hold its dominance in the projection period. It held the highest revenue share of over 50% in 2021. This growth is attributed to factors such as an increasing growth mechanism owing to ease of operations and low installation costs.
Additionally, the hydroponics method also favors farmers by eliminating the risk of disease-causing soil microorganisms. Growing consumer knowledge of the negative effects of pesticides is anticipated to increase demand for hydroponics. Due to effective nutrition management, plants grown hydroponically yield more than equivalent soil-grown plants.
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North America to Dominate Global Vertical Farming Market
North America is anticipated to dominate the global vertical farming market owing to increased consumption of organic food, accounting for more than 75% of organic food consumption globally. A shift in consumer tastes, followed by an upsurge in pollution, food scandals, and an increase in aversion, are driving the growth of indoor farming and organic food in the area. The demand for organic and residual-free agricultural products has increased to a great extent in the last 5 years.
For instance, the Canadian vertical agriculture businesses GoodLeaf Farms and TruLeaf Sustainable Agriculture received a USD 65 million investment from McCain Foods Limited in February 2021. The investment intends to stimulate innovation in the agri-food industry in Canada. GoodLeaf uses the funds to construct a chain of farms across Canada. However, the challenges of vertical farming restricting the market growth include a lack of technical knowledge, unskilled staff, a constrained crop range, and high starting costs.
A rising number of partnerships with companies and the presence of vertical farms are anticipated to bolster growth in the region further. For instance, Living Greens Farm, on October 6, 2018, built 60,000 square feet of stacked growing area. This facility is equipped to produce 3 million heads of superior lettuce annually.
Furthermore, Europe is projected to witness the highest growth over the forecast period owing to the rapidly expanding popularity of genetically modified crop technology. Additionally, the growing use of nanotechnology and robotics in agriculture increases regional market demand. Nanotechnology is used to enhance disease and pest management and food packaging. The European Environment Agency has undertaken several initiatives to construct vertical farms to address the problems of ongoing population growth, climate change, and unsustainable food production. The market demand for vertical farming has increased as a result in the area has increased as a result.
Major Points from Table of Content:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Global Vertical Farming Market
Chapter 5. Global Vertical Farming Market Overview, By Structure, 2015 - 2028 (USD Million)
Chapter 6. Global Vertical Farming Market Overview, By Type, 2015 - 2028 (USD Million)
Chapter 7. Global Vertical Farming Market Overview, By Component, 2015 - 2028(USD Million)
Chapter 8. Global Vertical Farming Market Overview, By Geography, 2015 - 2028(USD Million)
Chapter 9. North America Vertical Farming Market Overview, By Countries, 2015 - 2028 (USD Million)
Chapter 10. Europe Vertical Farming Market Overview, By Countries, 2015 - 2028 (USD Million)
Chapter 11. Asia Pacific Vertical Farming Market Overview, By Countries, 2015 - 2028 (USD Million)
Chapter 12. Middle East & Africa Vertical Farming Market Overview, By Countries, 2015 - 2028 (USD Million)
Chapter 13. South America Vertical Farming Market Overview, By Countries, 2015 - 2028 (USD Million)
Chapter 14. Competitive Landscape
...TOC Continued
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