Vertical Farming Market revenue to hit $19 Bn by 2027; Global Market Insights Inc.

Some of the major vertical farming market players are Sky Greens, Green Spirit Farm, Aerofarms, Plantagon International., Mirai, General Hydroponics, Urban Crop Solutions, American Hydroponics, and Spread.

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Selbyville, Delaware, May 06, 2021 (GLOBE NEWSWIRE) --

Global Market Insights Inc. has recently added a new report on the vertical farming market which estimates the market valuation for vertical farming will cross US$ 19 billion by 2027. Rising environmental and climate concerns across the world will propel vertical farming industry demand.

Tilapia is the most commonly grown aquatic species in vertical farms and will witness around 23% CAGR owing to its large size, and better taste. It mostly prefers a water temperature below 80-degrees Fahrenheit and can be reared in fresh, brackish, or even salty water. This fish species is increasingly preferred for aquaponics as Tilapia wastewater contains many important nutrients that are needed for crop cultivation. These factors will drive the segment growth during the forecast timeframe.

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Aeroponics vertical farming technology helps in growing plants in an air/mist environment without soil and minimal water. It is gaining recognition as it requires 90% less water as compared hydroponic system. This technology also requires lesser space compared to conventional farming techniques and does not require pest control activities as there is no soil use, thus cutting down on labor costs and making it economical.

Several other benefits associated with this technology include the capability to control moisture for better plant growth, easy crop harvest compared to traditional farming, reduction in labor cost through automation, and high-quality produce. These factors will help the aeroponics vertical farming market to gain a considerable industry over the forecast spell.

Outdoor vertical farming holds over 25% share in the industry. It is carried out in high-rise buildings, skyscrapers, barren lands, deserts, and other building structures such as restaurants, retails, etc. Plants can be grown on stacked shelves or stacked floors in a skyscraper using LED lighting and can fulfill the rising crop demand throughout the year. These farming techniques do not require fertilizers and pesticides, which may affect crop growth in the near term. Nevertheless, extensive research to improve vertical farming yield in skyscrapers in combination with artificial lights and sunlight will positively influence product penetration in the segment over the forecast period.

Europe vertical farming market will witness over 20% CAGR by 2027 owing to the presence of substantial vertical farmers and equipment manufacturers across the region. For instance, the fruit and vegetable supplier, Staay Food Group in association with Rijk Zwaan B.V. and electronics giant, Philips has been involved in erecting a 900-square meter vertical farm in the Netherlands.

Some major findings of vertical farming market report include:

  • Scarcity of land for farming and soaring population levels are leading to an imbalance in food demand and supply, positively influencing market growth
  • Conservation and recycling of natural resources to stabilize crop production irrespective of climatic changes will positively influence product demand in the industry
  • Major players comprise Sky Greens, Green Spirit Farm, Aerofarms, Plantagon International., Mirai Co., Ltd., General Hydroponics, Urban Crop Solutions, American Hydroponics, and Spread Co.
  • Key strategies implemented by vertical farming market participants to strengthen their competitive edge, include product innovation, joint ventures, partnerships, and mergers & acquisitions

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Partial chapters of report table of contents (TOC):

Chapter 2   Executive Summary

2.1    Global vertical farming industry 360° synopsis, 2017 – 2027

2.1.1    Business trends

2.1.2    Product trends

2.1.3    Technology trends

2.1.4    Application trends

2.1.5    Region trends

Chapter 3   Vertical Farming Industry Insights

3.1    Industry segmentation

3.2    Industry landscape, 2017 – 2027

3.3    Industry ecosystem analysis

3.3.1    Vendor matrix

3.3.2    Distributor channel analysis

3.3.3    COVID-19 based value chain disruption analysis

3.4    Industry impact forces

3.4.1    Growth drivers

3.4.1.1    Soaring population levels leading to imbalance in food demand and supply

3.4.1.2    Scarcity of farming land: A major natural resource

3.4.1.3    Stabilized crop production irrespective of climatic changes

3.4.1.4    Conservation and recycling of natural resources

3.4.2    Industry pitfalls & challenges

3.4.2.1    Higher initial investments

3.4.2.2    Lack of technical acumen

3.4.2.3    Limitations on the variety of crops grown

3.4.2.4    High energy consumption (light, air conditioning)

3.5    Growth potential analysis

3.6    Technology & innovation landscape

3.6.1    Automation in vertical farming

3.7    Vertical farming to clean the water from nitrate

3.8    Regulatory trends

3.8.1    U.S.

3.8.2    Asia Pacific

3.8.3    Europe

3.9    Porter’s analysis

3.9.1    Supplier power

3.9.2    Buyer power

3.9.3    Threat of new entrants

3.9.4    Threat of substitutes

3.10    Competitive landscape analysis, 2020

3.10.1    Top player’s analysis

3.10.2    Strategy dashboard

3.11    PESTEL analysis

3.12    Cost structure analysis

About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology. 

 

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