The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Note 1: For a snapshot of the primary and secondary data of the market (2015-2025), along with business strategies and detailed market segmentation, please click on request sample report. The sample report shall be delivered to you within 24 hours.
The key highlights of the report include:
Market Overview (2016-2026)
• Historical Market Size (2020): USD 3.1 Billion
• Forecast CAGR (2021-2026): 21%
• Forecast Market Size (2026): USD 10.3 Billion
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Increased demand for high-quality and large food quantities, reduced environmental impacts and lack of availability of cultivable land are key factors driving the market growth. Vertical farming enables the production of food in large quantities in a small land area, thereby addressing the crucial challenge of catering to the increasing global demand for food. The market is expected to emerge lucrative for vendors involved in the market as a result of growing recognition and the adoption of vertical farming, especially in the Asia Pacific region. Thriving population, declining cultivable land area, and technological advances in agriculture are key determinants of the growth of the regional market. Japan, Singapore, Malaysia, and China are major countries that contribute to the growth of the Asia-Pacific vertical farming industry.
Industry Definition and Major Segments
Vertical farming is effective in maintaining consistency in crop production and preserving reliability even under adverse climatic conditions. It offers several benefits over conventional farming techniques, including less water use, less need for agrochemicals, and low reliance on agricultural labour. Vertical farming uses metal reflectors and artificial lighting to enhance natural sunlight.
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Growth mechanism can be categorised into the following:
The structure of the market can be segmented as follows:
The components can be segmented into the following:
• Irrigation and Fertigation System
• Climate Control
The crop type includes the following:
The application sectors can be divided into the following:
The regional markets for vertical farming can be divided as follows:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
The increased demand for organic food products among consumers fueled by better living standards and higher disposable income has paved the way for the growth of vertical farming, where organic farming is widely practised. Vertical farming is an environmentally sustainable and profitable technology. It has been promoted by the various governments and non-governmental organisations for the benefit of food security. The need for food supplies against an increase in the exponential population by 2050 has catalysed the development of the vertical agricultural industry.
Key Market Players
The major players in the market are AeroFarms LLC, Green Sense Farms Holdings, Inc., 4D Bios, Inc., Plenty Unlimited Inc., Gotham Greens Holdings, LLC, and Crop One, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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