Vertical Farming Market to hit $13bn by 2024

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Vertical Farming Market to grow at 27 CAGR from
20172024 Global Market Insights Inc.
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Industry Overview

• The global Vertical Farming Market share report
  provides numbers for applications and regional
  segments of the industry covering historical as
  well as forecast data for decision makers.
• Low availability of land and fluctuating weather
  conditions will lead Vertical Farming Market to
  generate a sizable revenue over the next seven
  years. Of late, the issues of excess population,
  water conservation, crop production, and
  recycling have been plaguing the world. Vertical
  farming is expected to provide a feasible
  solution for these problems. Being the latest
  phenomenon in urban farming, vertical farming is
  secured with biosecurity procedures that prevent
  pest attacks on crops and restrict plant disease.
  Additionally, there is no concept of seasonal
  crop or run-offs, which eliminates crop spoilage
  and transport costs, thereby fueling vertical
  farming industry expansion. A report by Global
  Market Insights, Inc., state that vertical
  farming market size is expected to cross USD 13
  billion by 2024, with a striking CAGR of 27 over
  2017-2024, having had a base valuation of USD 2
  billion in 2017.
• Vertical farming involves plants being grown in
  vertical layers, stacked one after the other in
  warehouses, barren lands, deserts, high-rise
  buildings, and shipping containers. It reduces
  the necessity of pesticides, sprays, and
  herbicides in cropping systems and helps farmers
  deliver their produce on time. These benefits are
  expected to positively influence vertical farming
  market.

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• Players operating in this market engage in
  collaborations to enhance crop yield and provide
  a positive impetus to vertical farming market.
  For instance, Canada based Ecobain Gardens
  recently formed an alliance with Philips Lighting
  Holding B.V. with an aim to replace its lights
  with Philips GreenPower LED lights to improve
  crop quality and increase its sales.
• The product landscape of vertical farming
  industry encompasses fruits, vegetables herbs,
  equipment, and aquatic species. Raising fish and
  crabs in vertical farms has brought about
  increased economic growth in most European
  countries. High consumption of farm-raised fish
  and tilapia will lead Europe vertical farming
  market to grow at a modest rate over 2017-2024.
  Belgium, UK, Netherlands and Germany are slated
  to be major revenue contributors. Subject to the
  increased consumption of vegetables and fruits,
  lettuce held more than 30 of the total fruits,
  vegetables herbs segment in 2016 and is
  expected to increase over the next few years.
• Vertical farming can be implemented in an outdoor
  or indoor setting. Outdoor applications held less
  than 30 of the overall vertical farming market
  and will depict a slightly sluggish growth rate
  over the next seven years. Indoor applications,
  on the other hand, held a rather significant
  share of vertical farming industry in 2016 and
  will exhibit a huge growth rate over the years
  ahead.

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• Hydroponics technology held more than 50 of the
  overall vertical farming industry and is expected
  to grow significantly over 2017-2024. Aeroponics,
  however, is anticipated to be the fastest growing
  technology over the next few years, subject to
  the fact that its usage saved more than 95 of
  water used in farming.
• Asia Pacific vertical farming market is
  anticipated to grow at a lucrative CAGR subject
  to the deployment of high grade farming
  technologies. Notable revenue contributors
  include Japan, Taiwan, Singapore, Inia, China,
  and South Korea. Owing to the fact that Japan
  houses a vast number of vertical farms, the
  region accounted for more than 25 of APAC
  vertical farming share in 2016 and will grow
  notably over the years ahead. Singapore is also
  expected to be a profitable avenue for the growth
  of vertical farming market.
• General Hydroponics, Urban Crop Solutions, Green
  Spirit Farms, Spread Co. Ltd., Aerofarms, Mirai
  Co.Ltd., Plantagon International AB, Sky Greens,
  and American Hydroponics are major participants
  operating in global vertical farming market.
  These firms are engaged in numerous growth
  tactics such as strategic partnerships and
  improved product development to enhance the
  growth of vertical farming market.

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

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