NEW YORK, Nov. 26, 2018 (GLOBE NEWSWIRE) -- The global vertical farming market is expected to witness a CAGR of 24.9% and is projected to reach USD 6,009.8 million by 2023. Factors propelling the growth of the vertical farming market include increasing demand for pesticide-free food, rising global population and increasing demand for year round food production worldwide along with less dependence on climatic conditions are further improving the demand for vertical farming. Further, advancement in irrigation techniques, advanced plant breeding, and development of synthetic nitrogen fertilizers would increase the growth of the global vertical farming market in the upcoming years.
The report segments vertical farming market by Growing Channel (Hydroponics, Aeroponics and Aquaponics), by Growing platform (Shipping Container and Building), by Crop Type (Greens, Vine Crops, Strawberry, Fruits and flowers, Herbs, Tomatoes, Cannabis and Others), by Hardware Component (Lighting Devices, Hydroponic Components, Climate Control, Sensing Devices and Others), and by Region (North America, Europe, Asia-Pacific and RoW). The report studies the global vertical farming market during the forecast period (2017-2023).
Vertical farming is a cutting edge arrangement of controlled-condition farming. The necessity of vertical farming is increase in yield generation, security from harsh climate related issues, and protection of assets, natural harvests, vitality creation, and so forth with essential innovative necessity of simulated lighting. Vertical farming traditionally is focused on growing leafy greens, as the demand for spinach, kale, lettuces, and herbs generally have been the easiest crops to grow in such systems. This approach is changing rapidly as farmers look for higher margin niches, especially ones where indoor farms have a natural advantage such as being able to protect delicate crops or growing off-season.
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Key findings of the Vertical Farming Market –
- The vertical farming market is expected to reach USD 6,009.8 million by 2023
- The hydroponics market has a potential to grow and is projected to witness the highest growth as it provides benefits such as rapid crop growth, higher yield, faster harvest, and low nutrient wastage
- Based on growing platform, the shipping container held the largest market share of the vertical farming market in 2016
- Based on crop type, the green crop yielded the most and held largest share of the global vertical farming market
- Lighting as a hardware device, in terms of value, is expected to grow at the highest rate between 2017 and 2023
- Geographically, Asia-Pacific held the major market share in 2016; and is expected to continue being the largest market growing at a significant rate during 2017 – 2023 in terms of revenue.
- The key players operating in the vertical farming market include Aero Farm LLC, Vertical farm systems PTY Ltd., Terrasphere System LLC, Fast Company Inc., Spread Co., Sharp Corporation Fujitsu Ltd., Panasonic Ltd., Toshiba Ltd., Mirai Co. Ltd., Farmed Here, LLC, Sky Greens Co. Ltd., Plant Co. Ltd., Alterrus Systems Inc., Domes International Inc., Golden Agri Resources Ltd., New Quantum Holdings Pte Ltd., Farmart Centre Pte Ltd., Green Spirit Farms LLC. and Freight Farms Inc.
Vertical Farming- innovative agriculture
The world is set to reach 9.1 billion people in 2050, around the globe. Innovation is in demand which is one of the driving factors for the vertical farming. This would result in fulfilling the demand with less impact on land and water resources. Vertical farming is now being implemented around the world. Vertical farms produce crops in stacked layers, often in controlled environments such as those built by AeroFarms in Newark, New Jersey. The vertical farms are using the technology called aeroponics, allowing crops to grow on top of each other without soil, sunlight or fertilizer. AeroFarms claims that it uses 95% less water than a traditional farm due to its specially designed root misting system. Automatic seed planters, harvesting robots, greenhouse roof washers, indoor farming has long relied on automation, and this trend is increasing the demand for technologies. Many technologies are still emerging, like Canadian research group Vineland Research and Innovation Centre’s trailing robot that picks mushrooms.
Vertical Farming- regional insight
The vertical farming in Europe is expected to register highest CAGR across the globe, during the forecast period. The European vertical farming market is driven by the major initiatives taken by the European Environment Agency (EEA) that focuses on building vertical farms to overcome challenges such as climate change, continuous population growth, and safe agricultural practice as well as to meet the challenges of producing food in an eco-friendly way with quality and quantity.
The U.S. held the largest share of the North American vertical farming market in 2016. There are several variations of vertical farms being tested throughout the U.S, and new innovations and technology is expected to increase the energy efficiency and profit margins of these farms in the future. The number of vertical farms is under construction in the United States and is expected to be fully functional in coming years. Countries such as Canada have fertile tract and less population and do not have food scarcity, however, many vertical farms for growth of specific crops have been constructed in the country. Mexico is an emerging market for the vertical farming market in the North American region.
In 2016, Asia-Pacific was the largest market in the global vertical farming market. The growth of the market in the region is governed to the awareness regarding the importance of alternative methods of the farming owing to the rapid increase in population and low availability of agriculture land. Transition economies of Asia-Pacific region are adapting to the fast changing dietary pattern towards high protein, vitamin and mineral rich diets demanded by a growing population with gradually increasing purchasing power.
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