The United Nations projects that the global population will rise to around 9.6 billion by 2050 and over 86% of this population will reside in cities. Looking at the current day situation, where people have already began to shift from rural to urban areas in search of better living, the predictions from United Nations certainly hold true. The bulging population in cities would create a huge demand for quality food. The decrease in agricultural activities due to shift from rural to urban area would form a huge demand-supply gap to meet the food demand. Vertical farming, which is capable to grow quality and fresh food in lesser available land and low water could be a viable solution over this problem. Vertical farming is an advanced technique of farming to grow greens, herbs, etc. with the help of artificial lights and controlled environment in an enclosed infrastructure. For growing cities, these urban farms offer easy access to fresh and nutritious food round the year.
The market research study on “Vertical Farming Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2012 – 2023” offers a detailed outlook, strategic recommendations, and insightful viewpoints on the global vertical farming market. The report also analyzes the key players operating in vertical farming market and identifies the key strategies deployed by them along with the market share of leading players. The global vertical farming market is segmented as below:
Vertical Farming Market by Growing Mechanism/Channel
Vertical Farming Market by Growing Platform
- Shipping Containers
Vertical Farming Market by Crop Type
- Fruits and Flowers
- Vine Crops
Vertical Farming Market by Hardware Components
- Lighting Devices
- Hydroponic Components
- Climate Control
- Sensing Devices
Vertical Farming Market by Geography
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Saudi Arabia
- South Africa
- Rest of the World
The global vertical farming market was valued at $1.0 Billion in 2015 and is expected to grow at a CAGR of around 25% to reach over $6 Billion by 2023. Some of the major factors driving the growth of this market include availability of farm fresh within the reach of urban population, availability of organic produce with negligible or no use of insecticides and pesticides, rapidly increasing population and lesser available arable land, increased year-round production, and protection from adverse climatic conditions among others.
Vertical farming includes growing mechanisms such as hydroponics and aeroponics technology which consumes around 70% less water as compared to traditional farming techniques. The urban waste such as sewage water can be recycled and used for vertical farms and sewage sludge can be converted to topsoil. However, high cost associated with setting up a vertical farm in a building in an urban area, considering the ever swelling real estate sector, is one of the major factors restricting the growth of vertical farming market. Another major limitation of vertical farms is that it can grow only limited variety of fruits and veggies.
Currently, Asia-Pacific is the largest market for vertical farming and is expected to maintain its dominance throughout the forecast period. Rising awareness among farmers towards the importance of alternative methods of farming to meet the demand of rapidly growing population, better crop yield in lesser available area and water conservation are the major factors attributing to the growth of vertical farming market in this region.
Some of the leading companies operating in the global vertical farming market include AeroFarms, Brigth Farms, Infinite Harvest Inc., Gotham Greens Holdings LLC, Vertical Harvest Jackson, Home Town Farms, Metro Farms, Garden Fresh, Lufa Farms, and others.