PUNE, India, Nov. 15, 2017 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a provider of market research services to organizations globally, projects the vertical farming market to grow at a noteworthy CAGR of around 25% during the period from 2016 to 2023. Some of the major factors behind these projections include the need for alternative farming techniques to enhance crop production, need to meet the demand for food of rapidly growing population, and decrease in arable land due to rapid industrialization. The recently published report by Acumen Research and Consulting, titled “Vertical Farming Market (Growing Mechanism: Hydroponics, Aeroponics, Aquaponics; Growing Platform: Shipping Containers, Buildings; Crop Type: Greens, Fruits and Flowers, Vine Crops, Strawberry, Herbs, Tomatoes, Cannabis, Others; Hardware Components: Lighting Devices, Hydroponic Components, Climate Control, Sensing Devices) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2012-2023”, estimates the global vertical farming market to grow at a significant rate and reach the market size of over $6 billion by 2023. Vertical farming is a modern farming technique that has minimal impact of climatic conditions on the crops and yields more crops per square meter area as compared to greenhouses or traditional farming.
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Asia-Pacific is the largest market for vertical farming supported by growth from Singapore and Japan
The report focuses on the regional markets including North America, Europe, Asia-Pacific, and Rest of the World. Among these markets, Asia-Pacific was the largest market for vertical farming and is expected to maintain its leading position throughout the forecast period. Some of the recent vertical farming projects in Singapore and growing acceptance of this farming technique in Japan are predominantly expected to spur the market growth in this region.
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Hydroponics to lead the global vertical farming market
The global vertical farming market is segmented based on growing mechanism, growing platform, crop type, hardware components, and geography. Based on growing mechanism, the market is segmented into hydroponics, aeroponics, and aquaponics. Hydroponics was the largest segment and accounted for more than 50% share in 2015. Hydroponics require subsequently lesser water for growing crops and is less vulnerable to diseases and bugs. Also, the pumice used in hydroponics makes growing environment more cost effective and efficient and is best alternative for soil.
Based on the growing platform, the market is segmented into shipping containers and buildings. As against the traditional technique of growing crops on open fields or greenhouses, growing them in dark warehouses or shipping containers is much affordable as it helps in water conservation and reduces harvesting time. This is achieved with the help of UV lights and crops can be grown round the year in controlled environment. Growing indoors helps in gaining fine control over the nutrient content supplied to the crops, thus enhancing the overall quality. Shipping container segment dominated the market in 2014 and accounted for the revenue of more than 65% of the total market value.
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On the basis of crop type, the global vertical farming market is segmented into greens, fruits and flowers, vine crops, strawberry, herbs, tomatoes, cannabis, and others. Leafy greens segmented accounted for the revenue of around $273 million in 2014 and is expected to maintain its leading position throughout the forecast period.
Some of the key players profiled in the report include AeroFarms, Infinite Harvest Inc., Brigth Farms, Vertical Harvest Jackson, Gotham Greens Holdings LLC, Metro Farms, Home Town Farms, Garden Fresh, Lufa Farms, and others.
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