Global Vertical Farming Market to Garner $12.77 Billion by 2026, at 24.6% CAGR

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Nov 04, 2019, 09:30 ET

PORTLAND, Oregon, Nov. 4, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Vertical Farming Market by Component (Irrigation Component, Lighting, Sensor, Climate Control, Building Material, and Others), Structure (Building Based Vertical Farms and Container Based Vertical Farms) and Growth Mechanism (Hydroponics, Aeroponics, and Aquaponics): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global vertical farming market generated $2.23 billion in 2018, and is estimated to generate $12.77 billion by 2026, growing at a CAGR of 24.6% from 2019 to 2026.

Optimum vertical land usage and ease in harvesting raise vertical farming adoption

Optimum usage of vertical space & energy utilization, ease in monitoring and harvesting of crops, and limited availability of arable land for carrying out traditional agriculture drive the growth of the global vertical farming market. However, high investments and technologies in development phase restrain the market growth. On the other hand, rise in urban population and surge in prominence of organic foods create new opportunities in the industry.

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On the basis of structure, the building based vertical farms segment held the largest market share in the global vertical farming market in 2018, contributing for nearly three-fifths of the total market share, and is estimated to maintain its dominance during the forecast period. This is attributed to surge in urban population, shortage of arable land, and increase in the adoption of techniques of novel food production. However, the shipping container based vertical farms segment is estimated to register the highest growth rate with a CAGR of 28.1% from 2019 to 2026, owing to reduced costs and time taken for construction in comparison to conventional agriculture.

Based on growth mechanism, the hydroponics and aquaponics segment together constituted nearly three-fourths of the total share of the global vertical farming market in 2018, and is estimated to maintain its lead position during the forecast period. On the other hand, the aeroponics segment is projected to grow at the largest CAGR of 25.6% from 2019 to 2026, owing to lowered waste generation, reduction in labor cost, and less water requirement to produce fruits and vegetables.

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Based on regions, Asia-Pacific and North America together accounted for the dominant share in 2018, accounting for nearly three-fourths of the total market share of the global vertical farming market, and will continue its lead during the forecast period. However, Europe is expected to grow at the highest growth rate, with a CAGR of 26.0% from 2019 to 2026, due to rise in the concerns related to availability of water in various regions, which presents vertical farming as a viable solution for its consumption of 90% less water as compared to traditional farming.

Key Market Player:

4D Bios Inc.
Agrilution
AeroFarms
Everlight Electronics Co., Ltd.
AMHYDRO (American Hydroponics)
Illumitex Inc.
Hort Americas
Urban Crop Solutions,
Koninklijke Philips N.V.
Sky Greens.

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