Vertical Farming Market Size By Product , By Application , Industry Analysis Report, Regional Outlook , Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017-2024
Vertical Farming Market size will cross USD 13 billion by 2024 according to a new research report by Global Market Insights, Inc.
Vertical farming market is relatively providing impetus for growth in indoor farming sector due to the advent of LED lights and growth mechanism such as aeroponics, hydroponics etc. Low labor costs, location of vertical farms closer to consumer bases, accessibility to fresh produce, zero pesticides usage are the key vertical farming market dynamics sprouting up the growth.
In terms of technology, hydroponics will continue to hold lion's share by 2024, However aeroponics and aquaponics growth mechanism are likely to exhibit rapid gains during the forecast period taking up the market share of hydroponics. Less usage of water in comparison with hydroponics and traditional farming methods will spur the market for aeroponics expertise. Rising adoption of small scale aquaponics systems among farmers due to its cost benefits is playing a vital role in the growth of aquaponics technology.
Research and developments across the globe has led the various technology companies to venture into vertical farming on a small scale. New entrants in the vertical farming market are installing prototype models of their system in research institutes and laboratories to study the feasibility of commercialization of this technology. Existing producers of crops from vertical farming are conducting various experiments on their plants to maximize their production and enhance quality of their yield. However, the limitation of crop assortments that can be grown, high energy consumption, high initial set up costs hinder the adoption of vertical farming.
In terms of applications, growing crops in indoor environments such as warehouses, shipping containers and parking areas will account for more than 70% share in 2024 due to space constraints in various urban cities. The burgeoning practice of controlled-environment agriculture (CEA) is set to revolutionize the indoor vertical farming market. Vertical farming in outdoor environments such as skyscrapers, barren lands, desserts etc. is also gaining acceptance though slow on the uptake.
Vertical farming product market consist of fruits, vegetables & herbs, equipment, and aquatic species. Lettuce dominates the overall fruit, vegetables and herbs market. Leafy greens and other herbs are the fastest growing crop types. Raising crab and fish in vertical stacked layers is also being touted as a viable way to farm. Tilapia is one of the most edible fish and dominates the aquatic species segment of the vertical farming product market. Lightning systems will capture the major share in vertical farming equipment market till 2024.
Declining food self-sufficiency rates and arable land in Singapore, China, Japan has led the vertical farming market in Asia-Pacific to grow at a rapid pace. Asia-Pacific vertical farming market is foreseen to surpass USD 4 billion by 2024. Asia's government is supporting indoor agriculture industry more than any other government globally. The support ranges from national policy initiatives to subsidies. Lack of space in urban environments and water scarcity in Middle East who wants to reduce the reliance on food imports will push for the adoption of vertical farming concept in the region. Netherlands, Belgium, Germany and U.K. are the major European countries opting for vertical farming and constitutes major share of overall European region.
Vertical farming market is at a nascent stage with key players such as General Hydroponics, Aerofarms, Plantagon International AB, Urban Crop Solutions, Sky Greens, Green Spirit Farms, Spread co Ltd, Mirai Co.Ltd., American Hydroponics etc. Major organizations that deal in equipment, specifically for vertical farming are EVERLIGHT ELECTRONICS CO., LTD (Taiwan), illumitex (Texas), and Koninklijke Philips NV (Netherlands). The costs of production differ based on the crop grown, technology leveraged, and installing equipment. Vertical farming produce is served to the end-consumer through various supermarkets, grocery stores, online stores and restaurant cafes etc.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.