Vertical farming is a revolutionary approach used to produce food in vertically stacked layers such as in a skyscraper, used warehouse, or shipping container. It facilitates huge quantity of nutritious and quality fresh food without relying on favorable weather, high water usage, skilled labor, and high soil fertility. Moreover, it enables reliable yield and consistency along with climate control, and no effects of external environment factors such as disease, pest, or predator attacks.
According to a new report published by Allied Market Research, titled, “Vertical Farming Market by Structure, Growth Mechanism, Component, and Region: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the vertical farming industry size was valued at $3.24 billion in 2020, and is projected to reach $24.11 billion by 2030, registering a CAGR of 22.9%. Asia-Pacific is expected to be the leading contributor in the global vertical farming market forecast period, followed by North America and Europe.
The growth of the vertical farming market is driven by factors such as rise in trend of using organic foods (healthy food without pesticides), optimum use of vertical space, and minimal impact of weather on yield. Increase in population leads to rise in demand–supply gap for food. Thus, the need for alternative farming techniques such as vertical farming is expected to increase in the near future. In addition, upsurge in per capita income in developing countries and occupational changes along with the globalization have changed the food preferences. Such trends have led toward the demand for new innovations in agriculture and need for such innovations to be integrated with the main stream agriculture.
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The key players profiled in the report include 4D Bios Inc., AeroFarms, Agrilution, AMHYDRO (American Hydroponics), Everlight Electronics Co., Ltd., Hort Americas, Illumitex Inc., Koninklijke Philips N.V., Urban Crop Solutions, and Sky Greens. These majpr market players further adopt various startegies such as product launch, agreements, partnership among others to increase the market demand. For instance, AeroFarms launched new culinary standard for flavor and freshness named Dream Greens, which are locally grown, pesticide free, non-GMO products, and offer consistent quality and availability year-round. The blends of baby greens feature consumer favorites such as baby kale and arugula, and some spicier newcomers including ruby streaks and baby watercress.
Key Benefits for Stakeholders
- This study comprises analytical depiction of the global vertical farming market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall vertical farming market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current vertical farming market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and the vertical farming market share of key vendors.
- The report includes the vertical farming industry trends and the market share of key vendors.
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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Vertical farming may be a method of cultivating various sorts of produce in vertically arranged layers, in unused vertical spaces of warehouses, skyscrapers, shipping containers, etc.
This process enables profitability for several organizations so as to satisfy their Corporate Social Responsibility (CSR) through sustainable agricultural practices.
The opposite benefits of vertical farming technology include the utilization of controlled-environment agriculture technology and indoor farming techniques, where all environmental factors are often controlled for the development of the crop.
Each process employs various equipment, fruits, vegetables, herbs and aquatic species.
Source: Secondary Databases, Primary Interviews and 99 Reports Research Analysis Global Vertical Farming Produce Industry Dynamics Rapidly growing global population and therefore the demand for higher agricultural yields with limited arable land is that the factor, which can positively impact the vertical farming market within the coming years.
The organization aims to seek sustainable solutions to end hunger by 2030.
