The global vertical farming market size was valued at US$ 3.3 Billion in 2020 and is projected to reach US$ 31.6 Billion by 2030, rising at a market growth (CAGR) of 25.2% during the forecast period. Precedence Research’s latest report on the global vertical farming market provides an analysis for the period of 2017 to 2030, wherein, 2020 is the base year, 2017 and before is historical data, and 2021 to 2030 is the forecast period.
Precedence Research provides an in-depth analysis of market size, share analysis, Industry growth, market valuation, market dynamics which includes drivers, restraints, opportunities, trends, challenges, market segmentation, competitive landscape, regional and country breakdowns, and strategies for vertical farming market. The study reviews the global industry by-products or services offered, downstream fields, end using customers, historic data figures regarding revenue and sales, market context, and more.
The report comprises a detailed value chain analysis, which provides a comprehensive view of this market. The Porter’s Five Forces model for the global market has also been included to help understand the competitive landscape. The study covers market attractiveness analysis, wherein resin types are benchmarked based on their market value, growth rate, and general attractiveness.
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The application of vertical farming to cities has recently increased. Vertical farming is a vertical cultivation of vegetables by means of modern agricultural technologies, which incorporates building and farming architecture in a high-rise building within the towns. This technology needs to be jointly embodied in both agricultural technology and architectural technology, but little has been reported on vertical farming technology. The explanation is that plant growth is directly influenced by the control of the climate and water.
There is a need to maintain farming tasks in order to pave the way for adding to food needs because of the restricted access to land for agriculture. Several aspects affect the food industry and processing, such as: population growth and correspondingly increasing needs, reduction of natural supplies due to growing cities, earth erosion, various types of pollution, the emergence of biofuels, restrictions imposed by growing cities on food production techniques affected by customers and rule providers which requires better quality, less use of chemicals and many useful environmental attempts ‘from farm to fork’. Where architectural design is concerned, environmental obsessions have recently been combined with a growing fascination with wellbeing. It has also contributed to greater interest in the provision of nutritious food and its inclusion in the project for sustainable growth.
In the vertical farming industry, the implementation of harvesting robots, greenhouse roof washers and automated seed planters has been instrumental in reducing operational costs and increasing revenue. The automated movement of plants is becoming increasingly common. It includes the seeding, transplanting, harvesting, packaging, and cleaning unit tasks which, in turn, boost the demand for vertical farming. The primary factor that will have a positive effect on the vertical farming market in the coming years is the rapidly increasing global population and the demand for higher agricultural yields on limited arable land. For example, according to the Food & Agricultural Organization (FAO), by 2050, urban regions worldwide are expected to hold about 70 percent of the global population, which will place pressure on agricultural productivity to increase in the coming years. This method has numerous advantages over traditional farming, such as less reliance on soil fertility, low water usage, and regulated weather conditions through agrochemicals, which during the forecast spell will turn the entire agro-business. In addition, its capacity to produce fruits, vegetables and herbs of high quality throughout the year would further increase product development in the near term.
- The level of competition is high because of the involvement of a limited number of players in the vertical farming industry. The market is also rising at a remarkable rate, which intensifies the rivalry among the players in the market.
- Asia-Pacific, North America and Europe are highly inclined to implement urban farming strategies, with main competitors concentrating primarily on expanding their product offerings in the vertical farming industry in these areas.
Key Players of the global vertical farming market are:
- 4D Bios Inc
- Illumitex Inc
- Urban Crop Solutions
- Koninklijke Philips N.V.
- AMHYDRO (American Hydroponics)
- Everlight Electronics Co., Ltd
- Hort Americas
Segments Covered in the Report:
- Hydroponic Components
- Climate Control
By Fruits, Vegetables & Herbs
- Bell & Chili peppers
- Leafy Greens (excluding lettuce)
- Shipping Container
- North America (United States, Canada)
- Europe (Germany, France, UK, Italy, Russia, and Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia, Korea, and Rest of Asia Pacific)
- Latin America (Brazil and the Rest of Latin America)
- The Middle East and Africa (GCC, North Africa, South Africa, and Rest of the Middle East & Africa)
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