The global vertical farming market size is predicted to reach US$ 31.6 billion by 2030 from US$ 3.3 billion in 2020, with a CAGR of 25.2% from 2021 to 2030.
Vital factors accountable for market growth are:
Key market Insights:
Vertical farming by 2050 is considered to be a new method for feeding huge global populations. Building a farm that is close to the people it serves by supplying cheaper, organic, disease-free crops and preserving limited natural resources. The more sustainable and innovative method of agriculture than conventional agriculture and greenhouse farming is known to be vertical farming. It takes very little water and saves a large amount of soil and space. In difficult conditions, such as villages, mountain towns and deserts, this farming method is useful. The growth of the global vertical farming market is driven by rising customer health awareness, along with increasing urbanization and increasing per capita income. Indoor farming methods are also used by companies involved in the manufacture of pharmaceutical goods for cultivation and crop production in a green climate. Many pharmaceutical companies are introducing indoor farming techniques that are commonly used in producing biopharmaceutical products for the production of various crops.
Significant Market Trends:
Hydroponic Components Segment Stated Major Market Stake in 2020
The prime market share in the global vertical farming market was recorded in 2020 by Hydroponic Components segment. Over the projected period, the climate control segment is predictable to register a high CAGR. To drive demand for hydroponic components, increasing adoption of hydroponic components by farmers to minimize the weight load and infrastructure needed to support the equipment is anticipated. Vertical farming automation aims to minimize time to market, reduce costs for distribution, production and the environment, and standardize high quality.
Bell & Chili peppersis Predicted Grow at Rapid Pace During Years to Come
Using this method, strawberries, lettuce, leafy greens, and tomatoes are among the most cultivated vegetables. Of all products, due to its adaptability to grow in small spaces with limited need for additional care, lettuce shows significant growth. Validating the economic viability of that crop, which ensures that the company is making a large amount of money from its cultivation, is one of the important factors behind growing any crop in vertical farming. Similarly, one of the criteria is the time taken for crops to grow completely because some vegetables such as lettuce and mint grow quickly, while herbs and some fruiting crops take longer to grow, but can have higher margins than many other plants.
Shipping Container is Anticipated to Rule the Vertical farming Market Revenue
In terms of revenue, the shipping container conquered the sector in 2018 and is projected to remain leading during the forecast era. This growth is accredited to the structure's capability to assistance grow crops irrespective of the geographical site. Over the forecast period, factors such as budding technological advances and penetration of precision farming are expected to drive the shipping container segment. In Japan, China, and other Asian countries, the building based segment is extensively accepted and is the fastest-growing segment by revenue due to its growing acceptance in the region.
North America is projected to be the Largest Market for Vertical farming
The report study deals with the main market trends for vertical farming products across North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa, among other geographical regions. In 2018, Asia Pacific dominated the sector and is anticipated to continue leading in future. Rising awareness about the significance of alternative farming, due to less fertility of land its availability is the key factor expected to spur the demand. North America is probable to be the major market. Rising urban population and commercialization of inside farming are expected to motivation the demand.
Topmost Players contending in the Market:
Many commercial growers are implementing technologies, such as advanced hydroponic systems and electronic traceability systems that require high capital expenditure. The vertical farming idea has laid its hands on the thriving cannabis industry over the past few years, where entrepreneurs are providing alternative ways to gain more money. The growth of the global market is motivated by rising customer health awareness, along with increasing urbanization and increasing per capita income. Indoor farming methods are also used by companies involved in the manufacture of pharmaceutical goods for cultivation and crop production in a green climate. Many pharmaceutical companies are introducing indoor farming techniques that are commonly used in producing biopharmaceutical products for the production of various crops.
Leading competitors contending in global Vertical farming market are as follows:
Recent Market Developments:
Major Market Segments Covered:
By Component
By Fruits, Vegetables & Herbs
By Structure
By Geography
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