CHICAGO, Feb. 7, 2019 /PRNewswire/ -- According to Arizton's recent research report, the US vertical farming market is projected to reach $3 billion by 2024, growing at a CAGR of more than 24% during 2018–2024.
Key Highlights Offered in the Report:
US vertical farming promises huge potential and growth in the next five years. Expected to 4x during 2018-2024.
Hydroponic, aeroponic, aquaponic the three growth systems will witness 3x in revenue by 2024.
The growing popularity of vertical rooftop gardens will increase the adoption of outdoor farming practices.
Over 90% fine-dining and more than 70% casual and fast-casual dinning restaurants are looking for locally sourced produce, thereby creating lucrative opportunities for vertical farming vendors to cater to the demand.
The lighting devices segment dominated the total market share in 2018.
The integration of data and analytics, sensors, and app-based technology will double the yield the US market.
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Size & Forecast by Revenue | 2018–2024
Market Segmentation - Detailed analysis of growth systems, environment, and technology in the US market.
Competitive Landscape –Profile 4 key vendors and 19 other prominent players
The recent trend of the farm-to-table movement that promotes localized, organic farming concepts will contribute to the development of US vertical farming market. The desire to eat local and the availability of hyper fresh year-around produce are leading to popularization of the farm-to-table movement in the US market.
Key drivers and trends contributing to the growth of the US market are:
Need for a Sustainable Agricultural Operation
Inclination to further automation + big data + AI
Kitchen gardens fuel the concept of on-site farming
US Vertical Farming Market- Segmentation
This market research report includes a detailed segmentation of the market by growth systems, environment, and technology.
The Indoor farms segment dominated the market share in 2017.
Aeroponics is the fastest growing segment in the market, growing at a CAGR of around 27% by 2023.
Major Vendors in the US Vertical Farming Market are:
Green Spirit Farms
Other prominent vendors in the US vertical farming market include Acre In A Box, Altius Farms, Crop One Holdings, American Hydroponics (AMHYDRO), Dream Harvest Farming Company, Edenworks, Farm.One, Freight Farms, Green Girl Produce, Green Living Technologies International, GreenTechAgro, LA Urban Farms, Living Greens Farm, Moonflower Farms, Plant Chicago, Square Roots, Urban Crop Solutions, Urban Organics, and Oasis Biotech.
Explore our Smart Tech vertical to know more about the industry.
Arizton – Advisory and Intelligence is a premium and innovative-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.