- Report ID: BMRC 1386 | Number of pages: 200 | Publish Date: Jan 2021
Status: Published | Category: Agriculture | Delivery Timeline:
"Vertical Farming Market is valued at USD 2832.66 Million in 2020 and expected to reach USD 9685.66 Million by 2027 with the CAGR of 19.20% over the forecast period."
Vertical Farming Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027– Increasing inclination towards the eco-friendly farming is driving the growth of Global vertical farming market.
Vertical farming is nothing but the practice of producing foods on vertically inclined surface. The vertical farming produces the food on communally integrated into different structures like a skyscraper, shipping container or repurposed warehouse. In this kind of farming modern idea uses indoor farming techniques like, controlled environment agriculture. The artificial control of temperature, light, humidity, and gases makes producing foods and medicine indoor possible. The key area of vertical farming is maximizing crops output in a limited space. The modern concept of vertical farming was proposed in 1999 by Dickson Despommier, professor of Public and Environmental Health at Columbia University In 2009, the world's first pilot production system was installed at Paignton Zoo Environmental Park in the United Kingdom.
Global Vertical farming market report is segmented on the basis of structure, component, growth mechanism and region & country level. Based upon structure, the vertical farming market is segmented into building-based vertical farms and container-based vertical farms. Based upon component, market is divided into irrigation component, lighting, sensor, climate control, building material, glass greenhouse, plastic greenhouse and others. Based upon growth mechanism, the market is divided into hydroponics, aeroponics and aquaponics.
The regions covered in this Vertical Farming market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Vertical Farming sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Global Vertical farming report covers prominent player’s Koninklijke Philips N.V., Everlight Electronics, Illumitex, Sky Farms , AeroFarms LLC , Green Sense Farms , American Hydroponics, Agrilution, Urban Crops, and Vertical Farm Systems and others.
AeroFarms to Build World’s Largest Indoor Vertical Farm In Abu Dhabi
Aril 9th, 2020; AeroFarms will build the largest-ever indoor vertical farm in Abu Dhabi. The Newark-based sustainable indoor agriculture company said it will construct a 90,000-square-foot facility dedicated to the R&D and commercialization of local crops as part of a $100 million AgTech investment by the Abu Dhabi Investment Office.
Rising Demand for High-Quality Food, without Pesticides or Herbicides is Driving the Global Vertical Farming Market Growth.
Increasing population, urbanization and increasing popularity of organic food are driving the growth of global vertical farming market. Ideal use of vertical space and balanced energy utilization to increase the productivity are also supplementing the market growth. Increased year-round crop production, less use of water in cultivation, not affected by unfavorable weather conditions, increased production of organic crops and human and environmentally friendly are some of the major advantages of vertical farming fueling the market growth. However, limitations on the variety of crops grown, no established economics, difficulties with pollination, labor costs can be even higher due to their concentration in urban centers where wages are higher and dependency on technology may hinder the growth of global vertical farming market. In spite of that, growing concerns toward the food security and nutrition can open a number of novel opportunities for the further growth of the global vertical farming market.
North America is expected to Dominate the Global Vertical Farming Market
North America is expected to dominate the global vertical farming market owing to the increasing demand of organic food in this region. Growing urban population and commercialization of indoor farming are also anticipated to drive the demand of vertical farming in this region. The implementation of vertical farming will reprocess inputs and uses resources sparingly, thereby maximizing sustainability in the vertical farming market in US. According to organic trade association The U.S. organic market in 2018 broke through the $50 billion mark for the first time, with sales hitting a record $52.5 billion, up 6.3 percent from 2017. Asia pacific region is expected to witness a significant growth in the global vertical farming market due to the increasing population and fertile agricultural land is decreasing, which creates an opportunity for urban farming.
Key Benefits for Global Vertical Farming Market Report-
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Vertical Farming Market Size: By Structure: ( Building-based Vertical Farms, Container-based Vertical Farms), By Component: ( Irrigation Component , Lighting , Sensor , Climate Control, Building Material , Glass Greenhouse, Plastic Greenhouse ), By Growth Mechanism: ( Hydroponics, Aeroponics, Aquaponics) Forecast 2021 to 2027