Vertical Farming Market share to reach $13bn by 2024

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Vertical Farming Market share to grow at 27 CAGR
from 20172024 Global Market Insights Inc.
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Key Insights from Vertical Farming Market

• Vertical Farming industry analysis is covered in
  this latest research report that aims to help
  those taking daily business decisions by
  providing market trends information, competitive
  landscape scenario, forecasts and more.
• 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 lions 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.

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Continued...

• 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.

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Continued...

• 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. Asias 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.

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U.S. Vertical Farming Market Size, By Technology,
2013 - 2024 (USD Million)

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360 Analysis

• By Product Trends
• Vertical farming product market comprises of
  equipment, fruits, vegetables herbs and aquatic
  species. Lettuce, strawberries, tomatoes and
  leafy greens are the most grown fruits and
  vegetables across different regions. Lettuce
  accounted for approximately 30 of the overall
  fruits, vegetables herbs market.
• By Technology Trends
• The global vertical farming market in terms of
  technology is segmented into hydroponics,
  aeroponics and aquaponics. Across different
  regions, Growing crops through hydroponics
  technology in vertical farming market is
  predominant and accounted for more than 50 share
  in 2016. The economics of growing crops through
  hydroponic mechanism is its key driver for
  vertical farming market expansion.
• Competitive Market Share
• The key players involved in the vertical farming
  market are Aerofarms, General Hydroponics,
  Plantagon International AB, Sky Greens, Urban
  Crop Solutions, Green Spirit Farms, American
  Hydroponics, Spread co Ltd, Mirai Co.Ltd.

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