The technology research report “Vertical Farming Market Size By Product (Equipment [Lighting Systems, Pumps & Irrigation Systems, Tanks, Sensors, Pipes, Climate Controllers, Meters & Solutions], Fruits, Vegetables & Herbs [Tomato, Lettuce, Bell & Chili Peppers, Strawberry, Cucumber, Leafy Greens], Aquatic Species [Tilapia, Bass, Trout, Salmon, Crab]), By Technology (Hydroponics, Aeroponics, Aquaponics), By Application (Indoor, Outdoor), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Netherlands, Belgium China, India, Japan, South Korea, Mexico, Brazil, Argentina, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017–2024”, by Global Market Insights, Inc. says Vertical Farming Market size will cross USD 13 billion by 2024, driven by soaring population levels leading to imbalances in food demand and supply.
The global vertical farming market is expected to surge substantially with the current demographic trends pointing toward human population surpassing 9 billion by 2050 and 70% of this population residing in the urban centers. Recent FAO estimates indicates that in order to feed the larger, urbanized, and richer population, the global food production must increase by 70%. With the increasing food demand and limited resources, the vertical farming industry has witnessed a massive demand in the recent years. The practice of growing food and medicine in vertically stacked layers and other such vertical structures is termed as vertical farming.
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This technique is set to yield more crops per m2 with less water consumption when compared to traditional farming and is therefore widely used to produce fresh, high quality, and nutritious food. The declining arable land, water conservation, climatic variation, and soaring population have provided a significant impetus to the global vertical farming industry trends. As per Global Market Insights, Inc., Vertical farming market size is anticipated to record a remarkable CAGR of 27% over the period of 2017- 2024 and is expected to witness a market valuation of more than USD 13 billion by 2024, having collected over USD 2 billion in 2016.
Research activities across the globe have directed various companies to undertake small scale farming of fruits, herbs, vegetables, spices, and aquatic species as well. Tomatoes, leafy vegetables, strawberries, lettuce, and cucumber are the most popularly grown plants across various regions. Lettuce contributed to 30% of the overall vegetables, fruits, and herbs market in 2015 and is expected to drive the product landscape over the coming years. In terms of technology, crop production through the hydroponics technology has witnessed significant demand over the recent years having accounted for more than 50% of overall vertical farming industry share in 2016. Aquaponics vertical farming is also gaining a substantial prominence, owing to rising demand for edible fish such as Tilapia, which dominates the aquatic species segment. Reportedly, some of the European countries are leading in raising aquatic species including crabs and fish through vertical farming.
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Japan vertical farming market is expected to witness lucrative growth prospects, as majority of the vertical farms are presently located in Japan. The regional market held more than 25% of the total Asia Pacific vertical farming industry share in 2015. Other countries including China, India, and South Korea are also exhibiting huge potential for vertical farming market to expand. Seasonal changes have boosted the indoor vertical farming technique in controlled environments, freight containers, warehouses, and even parking lots. Many companies are also developing aggressive business models to make such sectors profitable. Over the forthcoming years, the industry is poised to witness various partnerships and mergers with LED lighting companies to optimize the plant growth and quality.
Prominent vertical farming industry players include Urban Crop Solutions, Spread co Ltd,Sky Greens, American Hydroponics, Aerofarms, Mirai Co.Ltd., and Plantagon International AB.
Chapter 3. Vertical Farming Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry ecosystem analysis
3.3.1. Vendor matrix
3.3.2. Distributor channel analysis
3.4. Industry impact forces
3.4.1. Growth drivers
188.8.131.52. Soaring population levels leading to imbalances in food demand and supply
184.108.40.206. Scarcity of farming land: A major natural resource
220.127.116.11. Stabilized crop production irrespective of climatic changes
18.104.22.168. Conservation and recycling of natural resources
3.4.2. Industry pitfalls & challenges
22.214.171.124. Higher initial investments
126.96.36.199. Lack of technical acumen
188.8.131.52. Limitations of crops species grown
184.108.40.206. High energy consumption (light, air conditioning)
3.5. Growth potential analysis, 2016
3.6. Technology & innovation landscape
3.6.1. Patent analysis
3.7. Regulatory trends
3.8. Porter’s analysis
3.9. Competitive landscape analysis, 2016
3.9.1. Strategy dashboard
3.10. PESTEL analysis
3.11. Cost structure analysis
Browse key industry insights spread across 225 pages with 221 market data tables & 11 figures & charts from this report Vertical Farming Market in detail along with the table of contents at:
This latest Vertical Farming Market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across number of regional markets. The report also analyzes the Vertical Farming industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
Reasons to Buy This Report
- Global Vertical Farming Market size & forecast by product & application.
- Growth drivers, pitfalls & industry challenges.
- Key Vertical Farming Market growth opportunities & emerging business models.
- Competitive benchmarking with market share analysis and company profiles.
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