Vertical Farming Market Size Trends Analysis 2021-2028:
Vertical Farming Market Size was valued at USD XX billion in 2021, it is expected to reach USD XX billion by 2028, with growth at a CAGR of 24.6% during the forecast period 2022-2028.
Vertical farming includes stacking farms vertically. This has allowed a small area to be used for additional production. It is a non-traditional technique of crop farming that facilitates easy harvesting, an insignificant climate effect, high yield, low pesticides usage, minimal area requirement, and low level of water consumption.
Vertical Farming Market Growth Drivers:
There are a few key elements impacting the global vertical farming market growth contains, increased popularity of organic food, best use of vertical space and stable energy usage, a simple process of crop observing and farming, and minimal in used lands. Though, high initial funds and participation of nascent technology hinder the Vertical Farming market growth. However, the rising urban population and increase in acceptance of technology-focused agriculture are predictable to deliver profitable growth opportunities to the vertical farming market companies.
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The growth prospects for the market companies comprise cannabis agricultural over vertical farming and possible market opportunities in the Asia Pacific and the Middle East. However, deficiency of experienced staff and technical how and restricted crop range are the dynamics restraining the growth of the market. The vertical farming market is mainly controlled by the building-based vertical farms’ sector as prominent companies in the global market are profiled in this type of farming.
Increasing awareness amongst consumers concerning the effects of pesticides is estimated to increase the demand for hydroponics. Hydroponically grown plants create a better yield than plants grown up in soil because of good control over the nutrients
In 20201, the hydroponics segment accounted for the maximum share of 50%. Also, vertical hydroponics leads the growth mechanism sector in the global vertical farming market share. The aeroponics sector, though is predictable to have the uppermost CAGR during the forecast period
Automation in vertical farming is pointing at reducing time to market, decreasing distribution, production, and environmental prices, and standardizing high excellence. IoT has become the majority knowledge that drives numerous businesses such as manufacturing, transportation, and agriculture. The proliferation of IoT has transformed the agriculture sector.
Vertical Farming Market Segmentation:
By Technique:
- Hydroponics
- Aeroponics
- Aquaponics
By Type:
- Outdoor farming
- Indoor Farming
By Distribution Channel:
- Fruits & Vegetables
- Flowers
- Medicinal Plants
- Spices and others
Asia-Pacific accounted for a major share of the global vertical farming market and is projected to control the market in terms of revenue throughout the forecast period. The change in preference of consumers, followed by the upsurge in food scandals, pollution, and increase in distaste is majorly driving the growth of indoor agricultural and organic food in the region. The region is home to some of the major indoor vertical farms throughout the world.
North America accounts for the second-major share of the global vertical farming market revenue and is predictable to produce quickly throughout the forecast period.
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Prominent Players Covered in the Global Vertical Farming Market:
Some of the major companies profiled in the global market report are; AeroFarms LLC, Plenty Unlimited Inc, Thanyas Organic Pvt Ltd, Plantagon International AB, Bowery Farming, Inc., BrightFarms Inc, Gotham Green Holdings, LLC, Infarm, Agricool SAS, and Crop One Holdings, Inc.
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