Vertical Farming Market to hit $13bn by 2024 - PowerPoint PPT Presentation

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Vertical Farming Market to hit $13bn by 2024

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More Information @ 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. – PowerPoint PPT presentation

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Title: Vertical Farming Market to hit $13bn by 2024


1
Vertical Farming Market to grow at 27 CAGR from
20172024 Global Market Insights Inc.
2
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.

3
  • 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.

4
  • 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.

5
U.S. Vertical Farming Market Size, By Technology,
2013 2024 (USD Million)

6

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