Vertical Farming Market Is Estimated To Witness High Growth Owing To Increasing Adoption of Indoor Farming Techniques
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Vertical Farming Market |
The
global Vertical Farming Market is estimated to be valued at US$ 11,548.1
million in 2021 and is expected to exhibit a CAGR of 10.30% over the forecast
period 2022-2030
A) Market Overview:
Vertical farming is a method of cultivating plants in vertically stacked
layers, typically in a controlled environment such as a building or warehouse.
This modern agricultural technique utilizes indoor farming technologies,
including hydroponics or aeroponics, to grow crops without soil and with
minimal water requirement.
Vertical farming offers several advantages over traditional farming methods. It
allows year-round cultivation, independent of seasonal changes and adverse
weather conditions. It also enables the efficient utilization of available
space, making it an ideal solution for urban areas where land availability is
limited. Moreover, vertical farming reduces the need for chemical pesticides
and fertilizers, resulting in healthier and more sustainable produce.
B) Market Key Trends:
One key trend in the Vertical
Farming Market is the increasing adoption of indoor farming techniques.
With the growing concerns regarding food security and the environmental impact
of conventional agriculture, there is a rising demand for more sustainable and
efficient farming methods. Vertical farming addresses these challenges by
providing a controlled environment for crop cultivation, which allows for
higher yields and better resource utilization. For example, Aerofarms, a
leading vertical farming company, has developed an indoor vertical farm in
Newark, New Jersey, where they are able to grow leafy greens without soil or
sunlight using their patented aeroponic technology.
C) PEST Analysis:
Political: Governments around the world are increasingly recognizing the
potential of vertical farming to address food security challenges and reduce
dependence on imports. They are implementing favorable policies and providing
incentives to promote the adoption of vertical farming techniques.
Economic: Vertical farming can significantly reduce transportation costs and
carbon emissions associated with long-distance transportation of produce. It
also provides new opportunities for job creation and economic growth in urban
areas.
Social: Vertical farming enables the production of fresh and healthy food in
urban areas, reducing the need for long-distance transportation and the
associated carbon footprint. It also provides opportunities for community
engagement and education about sustainable agriculture.
Technological: Technological advancements in indoor farming technologies, such
as LED lighting systems, automation, and AI-based monitoring systems, have
improved the efficiency and productivity of vertical farming operations.
D) Key Takeaways:
- The global vertical farming market is expected to witness high growth,
exhibiting a CAGR of 10.30% over the forecast period, due to increasing
adoption of indoor farming techniques.
- North America is expected to be the fastest-growing and dominating region in
the vertical farming market, driven by the presence of major players and
favorable government initiatives.
- Key players operating in the global vertical farming market include Signify
Holding (PHILIPS), Aerofarms, Sky Greens, IGS limited, Everlight Electronics
Co., Ltd., Freight Farms, Agrilution, American Hydroponics, Urban Crops
Solutions, Vertical Farm System, Gronska stadsodling ab, V-Farm, GrowUp Farms
Ltd, Vertical Future Ltd, SweGreen, Jones Food Company, InFarm, Agricool,
Future Crops, GrowY, and Intelligent Growth Solutions Limited.
In conclusion, the global vertical farming market is poised for significant
growth in the coming years. With increasing concerns over food security and
environmental sustainability, vertical farming offers a viable solution for
producing fresh and healthy crops in urban areas. The adoption of indoor
farming techniques and technological advancements will further drive the market
expansion.
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