Vertical Farming Market To Reach USD 21.15 BN By 2028
The global vertical farming market size is expected to reach USD 21.15 billion by 2028 and is likely to expand at a CAGR of 23.6% from 2021 to 2028, according to a new report.
The global vertical farming market size was valued at USD 3.89 billion in 2020.
According to the Grand View Research, Inc. report, the growth is attributed to the growing adoption of environment-friendly production of fruits and vegetables.
The unprecedented growth of the global population has increased the demand for urban agriculture, it adds.
Vertical farming is the practice of producing food in a vertically stacked layer, such as a used warehouse, skyscraper, or shipping container.
Organic foods are perceived as healthier, nutritious, safer, and more environmentally friendly.
The study says that increased use of Internet of Things (IoT) sensors for producing crops is likely to spur the market demand over the forecast period.
Growing automation in agriculture and increasing use of big data and predictive analytics for maximizing yields are also likely to drive the market, it says.
The escalating production of biopharmaceutical products is anticipated to drive the market
The building-based segment is expected to portray a high CAGR of 25.9% over the projected period
The climate control segment is expected to witness a high CAGR over the forecast period, as the growth of crops can be controlled by monitoring and adjusting the concentrations of minerals
The aeroponics segment is also expected to register considerable growth over the forecast period, as the aeroponics facilitates fast growth in plants (under normal conditions)
North America is expected to register significant growth over the forecast period, owing to the expansion of small-scale, commercial vertical farms
The key players of the market include BrightFarms (U.S.), Everlight Electronics Co., Ltd. (Taiwan), and Green Sense Farms, LLC (U.S.)
Popularity of vertical farming lies in stability and reliability of produce in adverse climatic conditions. It provides multiple benefits over traditional farming techniques. It uses less water and lesser agrochemicals than traditional methods.
Vertical Farming Produce Market – The global vertical farming produce market size was valued at USD 1.02 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 25.7% from 2020 to 2027.
Hydroponics Market – The global hydroponics market size was valued at USD 1.33 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 22.52% from 2019 to 2025.
LED Lighting Market– The global LED lighting market size was valued at USD 54.00 billion in 2019 and is projected to expand at a compound annual growth rate (CAGR) of 13.4% from 2020 to 2027.
Click here to read the report on "Vertical Farming Market Size, Share & Trends Analysis Repot By Structure, By Offering (Lighting, Climate Control), By Growing Mechanism (Hydroponics, Aquaponics), By Fruits, Vegetables & Herbs, And Segment Forecasts, 2021 - 2028".
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