According to a recent report by The Insight Partners, the global Vertical Farming Crops market is anticipated to reach US$ 1,057.75 million by 2028, expanding at a 20.7% CAGR 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.
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.
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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.
Furthermore, major vertical farming crops market players are focusing actively on innovations. Key companies are investing heavily in R&D and are adopting emerging technologies to boost their production. For instance, a Sydney-based start-up, PodPlants, has developed lightweight and portable vertical gardens and has won the Australian Innovation Challenge for its unique technology. Such technological advancements are projected to boost the regional market growth in the forthcoming period.
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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.
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.
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