The North American vertical farming market was valued at USD 959.1 million in 2018
NEW YORK, June 24, 2019 /PRNewswire/ --
Market Overview
The global vertical farming market was valued at USD 1922.1 million in 2018 and is projected to register a CAGR of 8.4% during the forecast period (2019-2024). North America is projected to be the fastest growing market, registering a CAGR of 10.3%. The region is also the largest market with revenue of USD 959.1 million. North America and Europe together hold more than 60% share in the market. Investors in the Asia-Pacific and in South America are still exploring the possibilities of investments in vertical farming systems and the increasing knowledge of vertical farming methods and their advantages in these areas, along with increasing worries about food safety owing to the increasing population in the region, are expected to increase the popularity of vertical farming systems in these regions over the forecast period.
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Scope of the Report
Vertical farming is the practice of growing produce in vertically stacked layers. The practice can use soil, hydroponic or aeroponic growing methods. Vertical farms attempt to produce food in challenging environments, like where arable land is rare or unavailable. The method helps mountainside towns, deserts and cities grow different types of fruits and vegetables by using skyscraper-like designs. Vertical farming typically uses a mix of natural light and artificial light. As vertical farming uses little space, it is a popular and preferred method for roof-top and other urban forms of agriculture. This report analyzes the vertical farming market from the perspective of revenues earned by companies engaged in vertical farming systems.
Key Market Trends
Rapid Pace of Development of Precision Farming Technologies
The introduction of harvesting robots, automatic seed planters, and greenhouse roof washers have been instrumental in reducing operating costs and increasing revenues, in the vertical farming market. The automating movement of the plants is gaining popularity. It includes unit tasks of transplanting, seeding, packaging, harvesting, and cleaning, which, in turn, boosts the vertical farming market. The use of hydroponics allows the long-term cultivation of a wide range of crops, grown in vertical farming. Recent developments in the field of hydroponics, to cater to casual indoor growers, simplifying technology, and economics are increasing this segment's growth in the global vertical farming market.
North America - Largest Market for Vertical Farming
The North American vertical farming market was valued at USD 959.1 million in 2018. North America dominated the global vertical farming market, accounting for around 50% of the share in the global market. Furthermore, the US market dominated the North American region, accounting for 65.4% of North America's share in 2018. Growing concerns toward food security and nutrition are expected to open a number of novel opportunities for the industry to prosper. The United States is anticipated to invest a significant share in facilitating the ecosystem for future foods. As more of the consumer insights develop toward "fresh-from-farm-to-table", the availability of freshly harvested vegetables across retail outlets is expected to increase in the country (which is also the pioneer in adopting this concept). The onset of urban population dwelling across cities, such as New York, Chicago, and Milwaukee, has propelled the environment for vertical farming with activities, such as revamping derailed vacant warehouses, derelict buildings, and high rises, which has, in turn, led to an increase in the production of fresh grown foods altogether.
Competitive Landscape
The market is highly fragmented, with the top six companies holds just 2% of the market share, while the rest of the market is shared among numerous players. Many commercial growers are adopting technologies which involve high capital expenditure, such as advanced hydroponic systems and electronic traceability systems. Additionally, growers are heavily investing in LEDs and other innovative lighting products,in order to reduce their exposure to associated risks by carefully monitoring and investing in new technologies. The development of customized lighting systems for research testing, comprising top-lighting, inter-lighting, and tissue culture, is accelerating the growth of the global market segment of the lighting devices. Partnerships and collaborations will enable growers to provide year-round supplies, thereby strengthening their position in the market. The new players that are entering the indoor vertical farming market can fetch profits by choosing the most profitable crops and by using the correct facility systems.
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