According to a new market research report “Vertical Farming Crops Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Crop Type (Tomato, Leafy Greens, Herbs, and Others), End-Use (Food Retail and Food Service), and Farming Technique (Hydroponics, Aeroponics, and Aquaponics)” published by TheInsightPartners, the vertical farming crops market size is projected to grow from US$ 282.80 million in 2021 to US$ 1,057.75 million by 2028, at a Compound Annual Growth Rate (CAGR) of 20.7% during the forecast period.
Vertical farming involves growing crops in vertically-stacked layers in trays consisting of nutrient media. It is a modern agricultural technique that does not use soil or land for growing crops. Moreover, it does not use pesticides, chemical fertilizers, or other synthetic materials usually used in conventional agricultural practices. Vertical farming is being increasingly adopted in urban areas with a shortage of arable land.
Major vendors in the global Vertical Farming Crops Market are AeroFarms, Agricool, BOWERY FARMING INC., CropOne, Infarm, Plantlab, Plenty Unlimited Inc., Gotham Greens, MIRAI Co. Ltd., and BrightFarms
Download PDF Brochure: https://www.theinsightpartners.com/sample/TIPRE00018004/?utm_source=DigitalJournal&utm_medium=10432
Asia Pacific is expected to grow at the fastest CAGR in the global vertical farming crops market over the forecast period. The major factors fueling the market are technological innovations and increasing demand for organic food. The population in the Asia-Pacific is rising dramatically. The increasing population is stimulating food demand, which further offers opportunities for the vertical farming crops market players. Moreover, the rising urbanization and increasing adoption of modern agricultural practices are also propelling the market.
Market Insights
The Rising Popularity of AI-Controlled Vertical Farms
AI-controlled vertical farms enable growers to optimize crop yield by providing data related to the growth patterns of crops, which crops give better yield, climatic conditions required for the crops, and other such factors. Growers can analyze this data and take required actions to improve their yield. Artificial intelligence (AI) can help the industry confront the biggest challenges, such as climatic changes and low availability of resources, from controlling major crop growth to predicting what crops would be delivering better yields. Artificial intelligence is also rising, with over 1,600 start-ups and total investments reaching tens of billions of dollars. The AI-controlled robots monitor the plant growth and continuously adjust the environmental factors to ensure more efficiency and economic output. Thus, artificial intelligence (AI) and the internet of things (IoT) are expected to be the key trends in the vertical farming crops market.
Impact of COVID-19 on Vertical Farming Crops Market
The COVID-19 pandemic has brought unprecedented challenges across various industries, including the global food and beverage industry. Due to lockdowns, travel bans, and shutdown of manufacturing plants, the supply chains were severely disrupted, which led to a decline in sales. Moreover, the manufacturing sector faced a shortfall in product supply because of the shortage of raw materials and labor. However, the vertical farming crops market witnessed positive growth due to the demand for locally-produced, fresh, and organic products. Moreover, the rise in health consciousness among individuals is projected to open profitable growth opportunities for vertically farmed crops over the coming years.
Download the Latest COVID-19 Analysis on Vertical Farming Crops Market Growth Research Report at: https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00018004/?utm_source=DigitalJournal&utm_medium=10432
Crop Type Insights
Based on the crop type, the vertical farming crops market has been segmented into tomatoes, leafy greens, herbs, and others. The leafy greens segment accounted for the largest market share in 2019, and the herbs segment is expected to register the highest CAGR in the market during the forecast period. Leafy greens include lettuce, kale, collard greens, spinach, mizuna, beet greens, and microgreens. Leafy greens are suitable for indoor farming because they can be grown rapidly and in relatively small spaces. The rising demand for fresh leafy vegetables from food retail and the food service sector is one of the primary factors driving the segment’s growth. Moreover, the rising trend of “fresh-from-farm-to-table” is also propelling the demand for vertically farmed leafy greens. The surge in research expenditure for indoor cultivation of leafy greens crops is offering lucrative opportunities for market growth.
Farming Technique Insights
Based on the farming technique, the vertical farming crops market has been segmented into hydroponics, aeroponics, and aquaponics. The hydroponics segment accounted for the largest market share in 2020, and the aeroponics segment is expected to register the highest CAGR in the market during the forecast period. In hydroponics, plant roots are submerged in trays containing nutrient solutions. Over the past few years, urban farming using vertical hydroponic systems has gained much attention. These hydroponic farms can optimize plant growth using the latest technology, providing fresh produce while minimizing water usage, land space, transport costs, and pesticides usage. Hydroponics usually generate high-quality crops, and by employing emerging technologies such as artificial intelligence (AI) and internet of things (IoT) technology, the growers get better crop yields.
Report Spotlights
Progressive industry trends in the vertical farming crops market to help players develop effective long-term strategies
Business growth strategies adopted by developed and developing markets
Quantitative analysis of the vertical farming crops market from 2019 to 2028
Estimation of global demand for vertical farming crops
PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
Recent developments to understand the competitive market scenario
Market trends and outlook as well as factors driving and restraining the growth of the vertical farming crops market
Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
The size of the vertical farming crops market size at various nodes
Detailed overview and segmentation of the market, as well as the vertical farming crops industry dynamics
Size of the vertical farming crops market in various regions with promising growth opportunities.
Order a Copy of Vertical Farming Crops Market Shares, Strategies and Forecasts 2021-2028 Research Report at: https://www.theinsightpartners.com/buy/TIPRE00018004/?utm_source=DigitalJournal&utm_medium=10432
About The Insight Partners:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our wide range of research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials and Foods and Bavarages.
Contact US:
The Insight partners,
Phone: +1-646-491-9876
Email: sales@theinsightpartners.com
Website: http://www.theinsightpartners.com
