(Food-Beverage-News.Com, November 21, 2017 ) According to the report Vertical Farming Market, published by Market Data Forecast, the Global market was valued at USD 3.11 billion in 2017 and is projected to be growing at a CAGR of 24.5%, to clench a market worth of USD 9.31 billion by 2022.
Vertical Farming is a farming technique wherein all environmental factors are controlled using a combination of indoor-farming techniques and Controlled-Environment-Agriculture (CEA). In the Vertical Farming process, foods and medicines are produced in vertically stacked layers, vertically inclined surfaces and/or in integrated structures like warehouses, shipping containers, skyscrapers, etc.
Vertical Farming Market: Drivers & Restraints Increasing consumer demand for organic foods, foods free from pesticides and genetically modified organisms (GMOs) is the major driving force of the market. The utility of artificial lighting to enhance the yield, health and growth rate of plants coupled with lower dependency on weather for production is driving the market from the producer side. The above factors accompanied by the growth in the use of technology such as the Internet of Things (IoT) in Vertical Farming, rapidly expanding populace and increase in the annual production of crops are predicted to exponentially boost market growth, which is reflected in the CAGR of more than 24%. However, high costs of lighting equipment and continuous maintenance requirement are the constraints faced by the Vertical Farming market.
Vertical Farming Market: Segmentation By Growth Mechanism • Hydroponics • Aeroponics • Aquaponics By Structure • Building Based • Shipping Container By Offering • Hardware • Software • Service By Crop Type: • Introduction By Geography • North America o United States o Canada • Europe o U.K o Spain o Germany o Italy o France • Asia-Pacific o China o India o Japan o Australia o South Korea • Latin America o Brazil o Argentina o Mexico o Rest of Latin America • Middle East & Africa o Middle-East o Africa
Vertical Farming Market: Overview The hydroponics segment accounted for the largest share of the vertical farming market as this is a widely adopted growth mechanism because of the less complexity in implementation. The aeroponics growth mechanism is expected to grow at the highest CAGR due to advantages such as it facilitates faster plant growth, wherein the number of plants could be grown in lesser time than under normal conditions. Factors such as rising investment in research and development of robotics and automation in vertical farming are expected to boost the demand for consulting, integration, and support services.
North America accounted for the largest share of the global Vertical Farming market followed by Europe due to the easier availability of technology coupled with infrastructure facilities. Asia-Pacific is the fastest growing market because of the need to provide for the rapidly swelling population, with limited land availability. The market faces good growth in the Middle-East and Africa regions as an alternative to land farming techniques which are tough to implement in these regions.
Vertical Farming Market: Key Players Some of the major companies dominating the global vertical farming market are Koninklijke Philips N.V., Illumitex Inc., Aerofarms, and Sky Greens.
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