Vertical Farming is becoming popular and prevailing further accruing its market size owing to the rapid depletion of arable or fertile land and augmenting food demand attributed to the growing populace across the world. Without any chemical intervention; Vertical Farming produces organic food (grains/vegetables/Fruit) only and leverage to the emerging trend of being health conscious; consumers are rapidly adopting organic food consumption trends.
Accrediting the current market worth of Vertical Farming and the limits it’s going to hike up; The Market Research Future recently published a brilliant Study report putting out the detailed market prognosis of Vertical Farming. According to which, Vertical Farming Market is growing with the rapid pace and estimated accrue up to USD 6 Billion with a staggering double digit CAGR of 26% during forecast period 2016-2022.
Agrilution (Germany), Aerofarms (U.S.), Indoor Harvest Corporation (U.S.), Koninklijke Philips N.V. (Netherlands), Everlight Electronics co.(Taiwan), Illumitex, Inc. (U.S.), Sky Greens (Singapore), Hort Americas (U.S.), and Urban Crop Solutions (Belgium) are some of the prominent players at the forefront of competition in the Global Vertical Farming Market and are profiled in MRFR Analysis.
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Industry / Innovation/ Related News:
November 20, 2017 – AeroFarms, announced that it has just secured a whopping $40 million in financing from world-renowned chef David Chang, megabrand IKEA and the ruler of Dubai — Sheikh Mohammed bin Rashid. The company intends to use the money to address the escalating challenge of bringing healthy, sustainable food to the growing global population using their innovative aeroponic growing system IKEA, which has long championed indoor farming, funding innovations through Space10 and releasing their own indoor gardening system, also invested in the company.
November 20, 2017 – Indoor Farms of America announced the first fully operating, 100% solar powered vertical aeroponic indoor farm in the world. The farm represents a major milestone for indoor farming. The company is certain about the its additional investment of solar energy generation will turn a solid return on that investment into a long term, due to the length of time to recapture those extra investment dollars.
November, 2017 – Plenty (US) is a new entrant in the Market of Vertical Farming, the company, replacing people with intelligence, recently got a huge round of funding ($200 million in July, the largest ag-tech investment in history), including some through Jeff Bezos’s investment firm, so it has the capital to scale; it is leaning heavily on machine learning and AI. In June 2017, California-based vertical farming company Plenty, previously known as Jane Farm, acquired Bright Agrotech in an effort to reach “field-scale.”
November, 2017 – Thai Real Estate Developer Sansiri declared that it is investing in Vertical Farming Start-up – Farmshelf.
October 18, 2017 – Agriculture and technology company ‘Local Grown Salads’ embarked upon Vertical Farming in collaboration with Canada South Science City and support from Unifor Skilled Trades.
October 03, 2017 – Ikea, a furnishing company debuted an indoor farm that grows greens three times faster than a garden. Space10, Ikea’s innovation lab, has designed a prototype of a mini-farm that can grow greens and herbs indoors.
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Vertical farming is an innovative technique with architectural design intervention, which minimizes land usage, while still sufficing the fierce demand of food. Vertical Farming is basically indoor agriculture where food grows on trays or hanging modules in Bioclimatic buildings that respond to climate by controlling it. These facilities or buildings create an artificial environment within them and allows certain types of produce to be grown year round without pesticides or natural sunlight. Post harvesting produces can reach to consumers within few hours.
Rising demand for organic ingredients in functional food and beverages and personal care products has been playing a key role in the growth of the global Vertical Farming market. Besides growing popularity of organic food owing to their potential applications in food industries as well as pharmaceutical industries is supporting their market growth on the global level. Rising disposable income coupled with the governmental pressure or initiatives across the globe, to produce organic food sustainably, to maintain production levels and preserve the environment have been playing a key role in the organic cultivation eventually resulting in the market growth of Vertical Farming from the last few years.
Although, Vertical Farming is a viable form of agricultural practice that supports effective and efficient harvest with only 5% of water usage for five times more the yield, with up to 350 times more greens than conventional farms of similar size, is yet not cost effective. Vertical Farming requires an initial capital investment of $200 to 500 million. Also, one of the biggest challenges associated with Vertical Farming is energy usage cost from the lighting technology, which coupled with the cost of purchase and implementation of solar tubes, LEDs, mirrors, drain & sewerage treatment plant, rotational carousels, robotics, sensors, and controlled environments is actually more of a commodity. This factor perhaps may hinder the market growth during the forecasted period. Adversely, increasing investments transpired in to R&D activities by vendors or companies operating to develop adept technology with unrivalled design and features coupled with technological advancement will provide impetus to the market growth depleting the issues such as federal budgeting etc. during the anticipated period.
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