Benefits of vertical farming to drive the growth of its market

Author : Acumen Research and Consulting

Many companies have started growing crops in vertically stacked layers or such surfaces integrated in other structures such as in warehouses, shipping containers or even in skyscrapers. The vertical farming technique is practiced with controlled environmental factors. So rather than growing crops in open fields or greenhouses, through this technique, companies end up both conserving water and reducing the time of harvesting. While traditional farming due to its dependency on natural climatic conditions limits the growth of crops, with the help of vertical farming, crops can be grown all year round. Controlled environmental conditions, such as the use of UV light as a source of light for the crops could mean that the light can be controlled as per the crop’s requirement, eventually, saving the crops from the unwanted heat.

The vertical farming market can be segmented on the basis of the different farming mechanism such as hydroponics, aeroponics and aquaponics; on the basis of the type of crop the market can be classified into greens, fruits, vine crops, herbs among others; and the vertical farming market can also be segmented on the basis of different geographical areas.

The population has been growing at an all time high globally putting a lot of pressure on the demand for food and increasing urbanization and industrialization have decreased arable land which in turn has pushed the growth of vertical farming. The innumerable benefits of this advanced technique of farming such as minimal impact on the climatic conditions and relatively yielding of more crops per square meter area has made it the need of the hour. Pertaining to these conditions the global market for vertical farming is all set to reach the market value of $6 billion by the year 2023.

Here are some more points that explain about the global vertical farming market:

  • Throughout the forecast period, the Asia- Pacific market of vertical farming is expected to lead, given the rising consciousness to meet the ever increasing population.
  • The hydroponics segment on the basis of farming mechanism has a larger preference given its various advantages causing it to hold over 50% market share of the vertical farming market in 2014. The dominance of this segment will sustain likewise in the forecast period.
  • Segmentation on the basis of growing platform which includes building, shipping containers and others has seen the dominance of shipping containers as a platform for vertical farming secure 65% of the total market revenue of the global vertical farming market in the year 2014.
  • According to the crop type segmentation, in 2014 the leafy greens gave total market revenue of $273 million in 2014 making it the largest.
  • The key players of the vertical farming market globally include AeroFarms, Brigth Farms, Infinite Harvest Inc., Gotham Greens Holdings LLC, Vertical Harvest Jackson, Home Town Farms, Metro Farms, Garden Fresh, Lufa Farms and so on.

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