According to Market Research Future Analysis, Vertical Farming Market has been valued at USD 6 billion by 2022 growing with 26% of CAGR during forecast period 2016 to 2022.
Currently, traditional agriculture makes farming difficult because of profits and environmental conditions. Therefore, various new technologies have been adopted for farming such as vertical farming, sky farming and horizontal farming among others. Vertical farming can be defined as production of crops through vertical stacked layers.
Water conservation, high demand for food, increasing adoption of new technologies, implementation of artificial lights, elimination of herbicides and pesticides, continuous crop production and recycling are the factors contributing to the growth of the vertical farming market.
Various government programs have been implemented to promote vertical farming worldwide. For instance, USDA Specialty Crop Grant program helps in funding on specialty crops, USDA Value-Added Producer Grant helps in funding on raw products such as basil and lettuce. Also, in May 2015, Green Spirit Farms in Detroit announced various financial programs for vertical farming.
Vertical farming can be explained as a concept or practice by which crops are grown inside a controlled environment. It is basically the method by which crops are grown without soil and water. Also, in vertical farming crops are stacked in layers. Vertical farming comes in different shapes and sizes and they use various mechanisms such as hydroponics, aeroponics, among others.
Geographically, North America accounted for the largest market share in the global vertical farming market, whereas Asia-Pacific is expected to grow at a fast pace over the forecast period, 2016-2022.
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Major Key Players
- 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.),
- Urban Crop Solutions (Belgium)
The global vertical farming market is expected to grow significantly over the forecast period, 2016-2022. Hydroponics of vertical farming market globally drives the market. The market is expected to have higher growth rate as compared to the previous years.
North-American region accounted for the largest market share because of the technological advancements, urban growth, environment friendly, increase in demand for food and various grant programs in US. For instance, USDA Rural Energy for America Program (REAP) helps in energy efficiency in the rural areas and Illinois Department of Commerce gave grant for LED lights.
However, Asia-Pacific region is expected to grow over the forecast period, 2016-2022 especially in countries such as China and Japan. For instance, Toshiba converted its old factories for vertical plantation of crops such as lettuce and basil.
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For the purpose of this study, Market Research Future has segmented the market of vertical farming into component, type, crop type and region.
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Table of Content
1 Market Introduction
1.2 Scope Of Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodology
2.1 Research Network Solution
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
3 Market Dynamics
3.2 Market Drivers
3.3 Market Challenges
3.4 Market Opportunities
3.5 Market Restraints
4 Executive Summary
5. Market Factor Analysis
5.1 Porter’s Five Forces Analysis
5.2 Supply Chain Analysis
6 Global Vertical Farming Market, By Segments
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