Vertical Farming Market To Reach USD 62460 Million by 2029 Witnessing a CAGR of 40.3% | Valuates Reports
BANGALORE, India, April 5, 2023 /PRNewswire/ -- Vertical Farming Market is segmented by type (Hydroponics, Aeroponics, Others), by application (Vegetable Cultivation, Fruit Planting, Others) : Global Opportunity Analysis and Industry Forecast, 2021-2028.
The global Vertical Farming market was valued at USD 5698 million in 2022 and is anticipated to reach USD 62460 million by 2029, witnessing a CAGR of 40.3% during the forecast period 2023-2029.
Major factors driving the growth of the Vertical Farming Market
The rise in popularity of organic food, the best use of vertical space and balanced energy use, the simplicity of crop monitoring and harvesting, and the decline in arable land are the key drivers influencing the vertical farming market growth.
The rise in technology-driven agricultural adoption and the expanding urban population are predicted to offer profitable growth possibilities to the vertical farming market.
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TRENDS INFLUENCING THE GROWTH OF THE VERTICAL FARMING MARKET
Agriculture needs to alter as a result of rising food demand, shrinking arable land, and unpredictably changing weather patterns. In order to overcome these obstacles, several parties have developed creative techniques, such as indoor farming. In order to provide dependable harvests sustainably, the agriculture sector must change to use less water and pesticides while preserving crops from climate change. It is no secret that many areas of the world lack reliable access to wholesome, fresh foods for residents. It's possible that fresh vegetables aren't always readily available, even in certain agricultural regions. No matter the weather or the time of year, vertical farming is a great way to supply these communities with nutritious food. This factor is expected to drive the growth of the Vertical Farming market.
The majority of traditional farming methods are already less sustainable than hydroponic vertical farms. They consume a lot less water than a regular farm would, don't need soil, and generate a lot less waste. Furthermore, they don't use pesticides or artificial fertilizers that might pollute our groundwater. But for many, the system has a serious problem. Many vertical farms employ trays placed on shelves, so they are unable to utilize natural sunlight for growing. Instead, they produce the lighting conditions required for photosynthesis using a huge number of LEDs. Thankfully, there is a superior choice. This factor is expected to drive the growth of the Vertical Farming market.
The risks of foodborne illness and contamination are greatly reduced by the vertical farming market farming approach. Compared to the product that needs to be tracked through every stage of a complicated supply chain, businesses can better monitor quality standards when they know where their produce comes from. Food contamination, spoilage, and wastage will be reduced by growing goods close to their final destinations, which means less time for produce to sit and decay on trucks. This factor is expected to drive the growth of the Vertical Farming market.
Urban areas that are underserved are experiencing food deserts, where it is difficult or expensive to buy fresh food. Vertical farms can be established anywhere, giving adjacent companies easy access to fresh vegetables all year long. For more dependable, reasonably priced local food, this means less reliance on supply chains that are disrupted. The locational flexibility of vertical farms is significantly greater. Vertical farms can produce year-round harvests anywhere since indoor spaces have excellent weather and temperature control. This factor is expected to drive the growth of the Vertical Farming market.
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VERTICAL FARMING MARKET SHARE ANALYSIS:
North America and Europe are expected to hold the largest Vertical Farming market share. The alarming rate of water level depletion, the existence of states suffering from drought, and the rise in environmental concerns are some of the reasons for the market's expansion. Nanofarms are the most recent fashion.
Hydroponics is expected to hold the largest Vertical Farming market share. Because of its inexpensive installation costs and simplicity of use, hydroponics is a widely used growth method. It is a technique for growing plants that substitutes a mineral solution around the plant roots for dirt. Moreover, the hydroponics technique eliminates the possibility of disease-causing soil organisms.
Vegetable Cultivation is expected to hold the largest Vertical Farming market share. The growth of this market is being driven by the increased vertical farming of commonly produced crops. Companies interested in their cultivation make the most money from crops cultivated in vertical farming. Also, because vertical farming doesn't disrupt the land, it enhances biodiversity. As a result, cultivating a variety of crops vertically is very popular.
Key Companies:
- AeroFarms
- Gotham Greens
- Plenty (Bright Farms)
- Lufa Farms
- Beijing IEDA Protected Horticulture
- Green Sense Farms
- Garden Fresh Farms
- Mirai
- Sky Vegetables
- TruLeaf
- Urban Crops
- Sky Greens
- GreenLand
- Scatil
- Jingpeng
- Metropolis Farms
- Plantagon
- Spread
- Sanan Sino Science
- Nongzhong Wulian
- Vertical Harvest
- Infinite Harvest
- FarmedHere
- Metro Farms
- Green Spirit Farms
- Indoor Harvest
- Sundrop Farms
- Alegria Fresh
- Farmbox
- Greener Roots Farm
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SIMILAR REPORTS:
- Vertical Farming and Plant Factory market was valued at USD 360.3 million in 2020 and it is expected to reach USD 1679.7 million by the end of 2027, growing at a CAGR of 24.6% during 2021-2027.
- Agricultural Robots market size is estimated to be worth USD 5820.3 million in 2022 and is forecast to a readjusted size of USD 16120 million by 2028 with a CAGR of 18.5% during the review period.
- The global Artificial Intelligence (AI) in Agriculture market size is projected to reach USD 1439.4 million by 2027, from USD 482.6 million in 2020, at a CAGR of 16.4% during 2021-2027.
- The global Drip Irrigation Pipe market was valued at USD 1180 million in 2020 and it is expected to reach USD 1849.2 million by the end of 2027, growing at a CAGR of 6.7% during 2021-2027.
- Due to the COVID-19 pandemic, the global Biostimulants market size is estimated to be worth USD 147.2 Million in 2022 and is forecast to a readjusted size of USD 203 Million by 2028 with a CAGR of 5.5% during the review period.
- The global Herbicide market size is expected to reach an overall market revenue of USD 7,998.9 million by 2025, by growing at a CAGR of 4.8% during the forecast period.
- The global Dairy Herd Management market size is projected to reach USD 3243.5 Million by 2028, from USD 2423.4 Million in 2021, at a CAGR of 3.8% during 2022-2028.
- The global Crop Protection Chemicals market size is projected to reach USD 64520 Million by 2027, from USD 52630 Million in 2020, at a CAGR of 2.9% during 2021-2027.
- The global Urea market size is projected to reach USD 67290 Million by 2027, from USD 43870 Million in 2020, at a CAGR of 2.0% during 2021-2027.
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