The Global Vertical Farming Market is expected to reach USD 6.23 billion by 2025, from USD 2.1 billion in 2017 growing at a CAGR of 25.5% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic years 2014 & 2015, the base year of calculation is 2016 and the forecast period is 2018 to 2025.
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Major Market Competitors/Players:
Some of the major players operating in the global vertical farming market are
- Bloomberg L.P.
- Sky Greens
- Illumitex, Inc.
- Green Sense Farms
- agrilution GmbH
- Urban Crop Solutions.
- Hort Americas
- Plenty Inc.
- Valoya Oy.
- Whole Plant Technologies.
- Infinite Harvest, Inc.
- Indoor Harvest, Corp.
- Spread Co Limited
- Among others.
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This market report defines the market trends and forecast the upcoming opportunities and threats of the vertical farming market in the next 8 years. A vertical farm is the practice of growing plants and producing crops in vertically layers, such as in a skyscraper, by using warehouses, or by shipping container, which makes the best use of the location’s square footage. Mostly, it is achieved by using shelves which are hung on a wall or fence. Growing capability of vertical farms is much faster than traditional. It can feed more individuals when compared to regular farming because as it grows 75 times more food per square foot when compared to a traditional farming. Vertical farming helps farmers to deliver their product on time and satisfying all supply based contracts. Furthermore, another advantage of vertical farming is that there is neither agricultural overflow nor there is any concept of seasonal crop in this process. Various advancements are observed in this field, for instance, whole plant technologies earlier launched grow tray system which have been considered to provide higher yields and faster harvests that maximizes profits by growing crops with zero drain-to-waste.
Major Market Drivers:
- Increasing demand for high-quality food
- Independent farming technique
- Able to produce vegetables and fruits in a small space
- High capital.
- Varieties of crops grown are limited.
Market Segmentation: Global Vertical Farming Market
The global vertical farming market is segmented into product, technology, structure, crop type, offering, and by geography.
Based on product:- fruits, vegetables & herbs and aquatic species.
Based on technology:- aeroponics, hydroponics, and aquaponics.
On the basis of structure:- Building-based vertical farms and shipping container vertical farms.
On the basis of offering:- Lighting, hydroponics components, climate control and sensors. Lighting is further segmented into grow lights, grow light reflectors and grow light ballasts, hydroponics components is further segmented into pumps and irrigation, meters and solutions, water filtration and others, climate control is further segmented into ventilation fans, air purification/control and others and sensors is further segmented into temperature sensors, CO2 sensors, nutrient sensors, PH sensors, crop sensors and others
Based on geography:- Global vertical farming market report covers data points for 28 countries across multiple geographies namely north America & south America, Europe, Asia-pacific and, middle east & Africa.
In 2017, North America is expected to dominate the market.
The global vertical farming market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of vertical farming market for global, Europe, North America, Asia pacific and South America.
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