Vertical Farming Market to Garner Growth 25.2% by 2027

The vertical farming market is expected to garner growth at a CAGR of 25.2% from 2021 to 2030 and to reach US$ 31.6 billion by 2030, according to Precedence Research

OTTAWA, March 04, 2021 (GLOBE NEWSWIRE) -- The global vertical farming market size was valued US$ 3.3 billion in 2020. The application of vertical farming to cities has recently increased. Vertical farming is a vertical cultivation of vegetables by means of modern agricultural technologies, which incorporates building and farming architecture in a high-rise building within the towns. This technology needs to be jointly embodied in both agricultural technology and architectural technology, but little has been reported on vertical farming technology. The explanation is that plant growth is directly influenced by the control of the climate and water.

There is a need to maintain farming tasks in order to pave the way for adding to food needs because of the restricted access to land for agriculture. Several aspects affect the food industry and processing, such as: population growth and correspondingly increasing needs, reduction of natural supplies due to growing cities, earth erosion, various types of pollution, the emergence of biofuels, restrictions imposed by growing cities on food production techniques affected by customers and rule providers which requires better quality, less use of chemicals and many useful environmental attempts 'from farm to fork'. Where architectural design is concerned, environmental obsessions have recently been combined with a growing fascination with wellbeing. It has also contributed to greater interest in the provision of nutritious food and its inclusion in the project for sustainable growth.

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Growth Factors

In the vertical farming industry, the implementation of harvesting robots, greenhouse roof washers and automated seed planters has been instrumental in reducing operational costs and increasing revenue. The automated movement of plants is becoming increasingly common. It includes the seeding, transplanting, harvesting, packaging, and cleaning unit tasks which, in turn, boost the demand for vertical farming. The primary factor that will have a positive effect on the vertical farming market in the coming years is the rapidly increasing global population and the demand for higher agricultural yields on limited arable land. For example, according to the Food & Agricultural Organization (FAO), by 2050, urban regions worldwide are expected to hold about 70 percent of the global population, which will place pressure on agricultural productivity to increase in the coming years. This method has numerous advantages over traditional farming, such as less reliance on soil fertility, low water usage, and regulated weather conditions through agrochemicals, which during the forecast spell will turn the entire agro-business. In addition, its capacity to produce fruits, vegetables and herbs of high quality throughout the year would further increase product development in the near term.

Report Highlights

  • The level of competition is high because of the involvement of a limited number of players in the vertical farming industry. The market is also rising at a remarkable rate, which intensifies the rivalry among the players in the market.
  • Asia-Pacific, North America and Europe are highly inclined to implement urban farming strategies, with main competitors concentrating primarily on expanding their product offerings in the vertical farming industry in these areas.

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Regional Snapshots

With the progressive solutions and implementation, the vertical farming industry in Europe has the highest demand, accounting for over one-third of the world's total share. This is due to the presence in the area of vast R&D centers and venture capitalists. For aeroponics, hydroponics and aquaponics, Asia Pacific posted the highest Y-o-Y growth in recent years and could surpass other continents in the near future. Due to the increasing land scarcity in the region, Singapore, South Korea and Japan are constantly investing in these technologies. In the coming years, Australia, ASEAN countries, India and China will see a major upheaval in vertical farming. Further the North American countries are focusing on the conservation of the natural resources specially United States and Canada which has become the fuelling factor for the growth of the vertical farming industry in North America.

Key Players & Strategies

Commercial growers are investing heavily in LEDs and other creative lighting items to reduce their risk exposure by carefully tracking and investing in new technologies. Companies in the sector are now partnering with other companies to extend their global reach. For example, in Shenzhen, Beijing, Shanghai, and Chengdu in China, Green Sense Farms, an American-based agri-business, partnered with 'Star Global Agriculture' to create a network of about 20 farms. Many businesses sell their goods, primarily by partnership with food businesses or direct sales to restaurants, grocery stores and supermarkets. Some of the major players operating in global vertical farming market are Urban Crop Solutions, Agrilution, Green Sense Farms Holdings, Illumitex Inc., AeroFarms, HELIOSPECTRA AB, EVERLIGHT ELECTRONICS CO., LTD., MOFLO aeroponics, Sky Greens, Gills N Claws Pte Ltd, Signify Holding, Bowery Farming, Inc., Triton Foodworks, Infarm, SPREAD Co., Ltd., AmHydro, CubicFarm Systems Inc., Inc., ZipGrow Inc., Altius Farms, among others.

Major Market Segments Covered:

By Component

  • Hydroponic Components
  • Lighting
  • Climate Control
  • Sensor

By Fruits, Vegetables & Herbs

  • Bell & Chili peppers
  • Strawberry
  • Tomato
  • Lettuce
  • Cucumber
  • Herbs
  • Leafy Greens (excluding lettuce)
  • Others

By Structure

  • Shipping Container
  • Building-based

By Geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

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