According to Stratistics MRC, the Global Vertical Farming Crops Market is accounted for $268.05 million in 2020 and is expected to reach $1,517.70 million by 2028 growing at a CAGR of 24.2% during the forecast period. Rising demand for pesticide-free food products, change in consuming spending behavior and limited availability of arable land for conventional agriculture are driving the market growth. However, high investment cost and lack of skilled workforce are hampering the growth of the market. By geography, Asia Pacific is going to have high growth during the forecast period due to the increasing ability to grow locally for sustainable food production in countries such as Thailand, Singapore, India among others are top fresh produce importing countries. Moreover, Asian governments have been promoting crop cultivation through urban farming by providing subsidies and national policy initiatives. Some of the key players profiled in the Vertical Farming Crops Market include AeroFarms, Bowery Farming, InFarm, Gotham Greens, AgriCool, Green Spirits Farm, CropOne, PlantLab and Spread Co.
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The Global Vertical Farming Crops Market is majorly driven by rising demand for pesticide-free food products, change in consuming spending behavior and limited availability of arable land for conventional agriculture. The leafy green crop segment is growing at a highest CAGR as these crops have the highest harvestable yield in vertical farming and can be produced within a shorter span of time and are hence economically viable. Asia Pacific dominated with a significant market share due to the increasing ability to grow locally for sustainable food production in countries such as Thailand, Singapore, India among others are top fresh produce importing countries. Europe market is growing at a highest CAGR due to the growing need for new productive farming activities in the region. Moreover, the market in the region is mostly driven by the growing food demand, urbanization and unfavorable weather conditions for conventional farming.
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