Vertical Farming Market Value to Hit $20 Billion by 2026: Global Market Insights, Inc.

SELBYVILLE, Delaware, Oct. 29, 2019 /PRNewswire/ -- World Vertical Farming Market revenue is expected to cross USD 20 billion by 2026; according to a new research report by Global Market Insights, Inc. Vertical farming is an innovative method that not only eliminates agricultural runoffs, but also creates new employment opportunities in the urban areas. Escalating global population and its concerns for food security in limited arable land will positively drive the vertical farming industry size by 2026. Food security primarily relies on availability, accessibility, and affordability of food, which can easily be achieved by means of vertical farming. With technological advancements, vertical farming in supermarket and retail centers will positively augment growth in the industry, which will not only reduce the transportation time and cost, but will also minimize the chances of spoilage. For instance, in 2019, Ocado, a British online grocery retailer, has invested over USD 20 million to grow leafy greens and herbs next to its distribution centers through indoor farming.

Many emerging economies are constantly investing towards green infrastructure to minimize environment issues, which will further accelerate vertical farming utilization rate in the coming years. Association of Southeast Asian Nations (ASEAN) together with Asian Development Bank (ADB) have introduced "ASEAN Catalytic Green Finance Facility" through which more than USD 1 billion is invested in the development of green infrastructure. This will positively give a boost to vertical farming in various commercial spaces.

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Segmentation on the basis of product is into fruits, vegetables & herbs aquatic species, equipment. Here, equipment segment illustrates a significant growth more than 33% from 2019 to 2026, which is due to extensive use of several farming equipment such as atmosphere controllers, lighting systems, irrigation pumps & pipes. This equipment provide assistance to the farm atmosphere and help crops to grow under control conditions.

On the basis of technology, the vertical farming market is classified into aeroponic, hydroponics, and aquaponics. Aquaponics technology generated a revenue of USD 534.5 million in 2018 and is likely to expand with a significant rate in the near term. Owing to growing popularity of the segment as it involves raising fishes in water through aquaculture in addition to this the wastewater from this process can also be used to irrigate crops. However, high operational and maintenance costs may restrain the use of aquaponics technology in vertical farms. Nevertheless, high profit margins associated with aquaponics will further propel its demand over the forecast spell.

Vertical Farming Market Trends, By Technology

1.1.  Global market technology insights

1.2.  Hydroponics
1.2.1. Market estimates and forecast, 2016 - 2026

1.2.2. Market estimates and forecast, by region, 2016 - 2026

1.3.  Aeroponics
1.3.1. Market estimates and forecast, 2016 – 2026
1.3.2. Market estimates and forecast, by region, 2016 - 2026

1.4.  Aquaponics
1.4.1. Market estimates and forecast, 2016 – 2026
1.4.2. Market estimates and forecast, by region, 2016 - 2026

Browse key industry insights spread across 280 pages with 217 market data tables & 34 figures & charts from the report, "Vertical Farming Market Size By Product (Equipment [Lighting Systems, Pumps & Irrigation Systems, Tanks, Sensors, Pipes, Climate Controllers, Meters & Solutions], Fruits, Vegetables & Herbs [Tomato, Lettuce, Bell & Chili Peppers, Strawberry, Cucumber, Leafy Greens], Aquatic Species [Tilapia, Bass, Trout, Salmon, Crab]), By Technology (Hydroponics, Aeroponics, Aquaponics), By Application (Indoor, Outdoor), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019–2026" in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/vertical-farming-market

Vertical farming on application basis are of two types i.e., outdoor and indoor vertical farms. Indoor farms illustrate a growth of more than 28% from 2019 to 2026. This can be attributed to growing application in unused warehouses, parking areas, ship containers, etc. where controlled environment agriculture can be practiced. Indoor farming plays an important role to meet the rising food demand of growing population and scarce land for cultivation. Additionally, this process utilizes less water to yield more harvest in comparison to traditional farming practices. Furthermore, indoor farming produces high quantity feed irrespective of any climatic changes, which also increase its usage over outdoor farming.

Vertical Farming Market Growth, By Application

1.1.  Global market application insights

1.2.  Indoor
1.2.1. Market estimates and forecast, 2016 – 2026
1.2.2. Market estimates and forecast, by region, 2016 - 2026

1.3.  Outdoor
1.3.1. Market estimates and forecast, 2016 – 2026
1.3.2. Market estimates and forecast, by region, 2016 - 2026

Asia Pacific vertical farming market demonstrates the highest growth rate of more than 30% from 2019 to 2026. This is due to its growing popularity in Southeast Asian nations, where many countries are facing land scarcity and imports large quantity food products from other countries. As per United Nations, Department of Economic and Social Affairs, various cities in Asia with more than 500,000 inhabitants is likely to grow by 30% by 2030. Additionally, growing urbanization and feeding requirements in countries like South Korea, India, Taiwan and others will further boost the regional market size by 2026.

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https://www.gminsights.com/industry-analysis/microirrigation-systems-market 

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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