Global Vertical Farming Market: Overview
Vertical farming is a new method of producing food on vertically inclined surfaces. This new method does not grow vegetables and other foods on a single level, such as in fields or greenhouses. Food produced by this new method is usually integrated into other structures, such as skyscrapers, containers, or converted warehouses. Using controlled environment agriculture (CEA) technology, this modern concept uses indoor breeding technology. The manual control of temperature, light, humidity, and gas makes it possible to produce food and medicine indoors. In many ways, vertical agriculture is similar to a greenhouse, with metal reflectors and artificial lighting adding natural sunlight. The main goal of vertical agriculture is to maximize crop yield in a limited space.
Global Vertical Farming Market: Insights
The global vertical farming market generated at USD 1.57 Billion in 2016 and projected to reach USD 10.37 Billion by 2022, at a CAGR of 11.73% from 2016 to 2022. The rise in demand for the environment-friendly production of fruits and vegetables are primary factors estimated to propel the growth of the global vertical farming market in the future periods. Moreover, the unprecedented rising global population and the demand for higher agricultural yields with limited arable land would impact the robust growth of the global vertical farming industry in the expected periods. Additionally, the huge demand for organic food will foster the vertical farming industry around the world. Also, the rise in demand for vertical farming due to its high quality of food, low environmental impact coupled with the rising urban population, and growth in year-round production of the crop will trigger the global vertical farming market in the forecast periods. According to the Food & Agricultural Organization (FAO), by 2050, the world’s population will reach 9.1 billion, 34% higher than today. According to the United Nations, urbanization will continue at an accelerated pace, and about 70% of the world’s population will be urban.
Growing food crops indoors with a sound environmental control system has the following advantages such as improving water and fertilizer utilization, growing food in food consumption locations, saving fuel needed for transportation from outside, mounting indoor locations, temperature, humidity, soil composition. Further, the upsurge in demand for vertical farming due to its advantages such as less dependency on soil fertility, low utilization of water, controlled weather conditions through agrochemicals will accelerate the global vertical farming industry in the future timeline. Also, the surging concerns among consumers relating to health, especially for obesity and heart diseases, are likely to elevate the vertical farming industry demand in the upcoming periods. The vertical farm constructed has greatly improved the utilization rate of traditional facilities, which can maximize the efficiency of energy input in greenhouses, and the unit input energy per vegetable produced per acre has reduced many times.
The SPER market research report of the Vertical Farming market includes all integrated approaches to the growth of the market, along with an accurate & elaborate analysis of the complete competitive situation of this market on a global level. Besides the current analytical & statistical account, the report cloaks the trends market drivers, challenges, potential opportunities, which affect the market. This market report discusses the present situation to predicted trends & aspects of the growth of the Vertical Farming market. Furthermore, it gives a dynamic overview & insights related to the market at both global as well as regional scales.
Global Vertical Farming Market: Growth Mechanism Insight
Based on the growth mechanism, the global vertical farming market classified into Hydroponics, Aeroponics, and Aquaponics. The Hydroponics segment accounted for a major market share in 2019 and would continue by 2027. It is due to the hydroponics is the method of growing plants without soil and removes the risk of soil organisms causing diseases. Additionally, it produces a greater yield than similar plants grown in soil.
Global Vertical Farming Market: Structure Insights
Based on the structure, the global vertical farming market bifurcated into Building Based and Shipping Container. The shipping container is likely to dominate the vertical farming market by 2027. It is owing to shipping containers have the ability of the structure to help grow crops irrespective of the geographic location. It is easy to transport, and one doesn’t require a large piece of land or a dedicated building to start cultivating.
Global Vertical Farming Market: Offering Insights
Based on the offering, the global vertical farming market classified into Lighting, Hydroponics Components, Climate Control, and Sensors. The Climate Control segment anticipated recording the highest CAGR in the vertical farming market by 2027. It is due to the growing demand for air purification and control systems for optimum vegetation growth within the vertical farms.
Global Vertical Farming Market: Crop Type Insights
Based on the Crop Type, the global Vertical Farming Market categorized into Tomato, Lettuce, Bell & Chili Peppers, Strawberry, Cucumber, Leafy Greens (excluding lettuce), Herbs and Others. The Lettuce segment estimated to generate maximum revenue by 2027, on account of vertical farming, validates the economic viability of that crop.
Global Vertical Farming Market: Regional Insight
By geography, the global vertical farming market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific dominated the market in 2019 and projected to lead the market by 2017. It is attributable to the rising awareness regarding the importance of organic farming, owing to less availability of fertile agricultural land coupled with the growing population. Additionally, the rising urban population and commercialization for indoor agriculture will surge the demand for vertical farming in the Asia Pacific.
The report presents a detailed assessment of the various factors influencing the market's trajectory into 2020 and 2027. It covers all the crucial information of the leading companies operating in the global Vertical Farming market. Besides highlighting the product offerings, the report also calculates revenue generated over the period and their position in the market.
REPORT HIGHLIGHTS
- Overview of key market forces restraining and propelling market growth.
- Provide demand, current & past status & also the forecasting up to 2027.
- Provide complete overview including, growth mechanism, structure, offering, Crop Type & forecast region.
- Provide focused analysis of key service providers with their market share & also help to identify market competition landscape with SWOT analysis.
- Historical, current, and projected market size in terms of value.
- Analyse the global & regional potential market, advantages, risk & opportunity.
- Identify significant factors and trends driving or inhibiting the market growth.
- In-depth coverage of the complete market in terms of supplier, buyer, price, trend, growth & forecasting.
THE REPORT COVERS ANALYSIS OF VERTICAL FARMING MARKET, BY GROWTH MECHANISM
- Hydroponics
- Aeroponics
- Aquaponics
THE REPORT COVERS ANALYSIS OF VERTICAL FARMING MARKET, BY STRUCTURE
- Building Based
- Shipping Container
THE REPORT COVERS ANALYSIS OF VERTICAL FARMING MARKET, BY OFFERING
- Lighting
- Hydroponics Components
- Climate Control
- Sensors
THE REPORT COVERS ANALYSIS OF VERTICAL FARMING MARKET, BY CROP TYPE
- Tomato
- Lettuce
- Bell & Chili Peppers
- Strawberry
- Cucumber
- Leafy Greens (excluding lettuce)
- Herbs
- Others
THE REPORT COVERS EXHAUSTIVE ANALYSIS ON
- Market Segments
- Market Dynamics
- Brands in Market
- Market Size
- Current Trends/Issues/Challenges
- Competition & Companies Involved
- Forecasting
- Technology
THE REPORT INCLUDES REGIONAL ANALYSIS ON
- North America (Canada, US, Mexico, & Rest of North America Available)
- Asia-Pacific (China, India, South Korea, Japan & Rest of Asia Pacific Available)
- Europe (Germany, Spain, France, United Kingdom & Rest of Europe Available)
- Central & South America (Brazil, Argentina & Rest of South America Available)
- Middle East & Africa (GCC Countries, South Africa, & Rest of MEA available)
KEY PLAYERS OF VERTICAL FARMING MARKET
- Koninklijke Philips N.V.
- Everlight Electronics
- Illumitex
- Sky Farms
- AeroFarms LLC
- Green Sense Farms
- American Hydroponics
- Agrilution
- Urban Crops
- Vertical Farm Systems
- Other Prominent Players
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Market Dynamics
4.2.1. Drivers
4.2.2. Restraints
4.2.3. Opportunities
4.2.4. Challenges
4.3. COVID-19 Impact of the Vertical Farming Market
4.4. Market Trends
5. Global Vertical Farming Market, By Growth Mechanism, 2021-2027 (USD Million)
5.1. Hydroponics
5.2. Aeroponics
5.3. Aquaponics
6. Global Vertical Farming Market, By Structure, 2021-2027 (USD Million)
6.1. Building Based
6.2. Shipping Container
7. Global Vertical Farming Market, By Offering, 2021-2027 (USD Million)
7.1. Lighting
7.2. Hydroponics Components
7.3. Climate Control
7.4. Sensors
8. Global Vertical Farming Market, By Crop Type, 2021-2027 (USD Million)
8.1. Tomato
8.2. Lettuce
8.3. Bell & Chilli Peppers
8.4. Strawberry
8.5. Cucumber
8.6. Leafy Greens (excluding Lettuce)
8.7. Herbs
8.8. Others
9. Global Vertical Farming Market, By Geography, 2021-2027 (USD Million)
9.1. North America
9.1.1. US
9.1.2. Canada
9.2. Europe
9.2.1. Germany
9.2.2. UK
9.2.3. France
9.2.4. Italy
9.2.5. Spain
9.2.6. Rest of Europe
9.3. Asia-Pacific
9.3.1. China
9.3.2. Japan
9.3.3. India
9.3.4. Rest of Asia-Pacific
9.4. Rest of the World
9.4.1. Latin America
9.4.2. Middle East & Africa
10. Competitive Landscape
10.1. Introduction
10.2. Market Share Analysis, By Key Players (2019)
10.3. Competitive Scenario
10.3.1. Product Launches
10.3.2. Partnerships, Collaborations and Agreements
10.3.3. Acquisitions
10.3.4. Expansions
10.3.5. Other Developments
11. Company Profiles
11.1. 4D BIOS INC
11.2. AeroFarms
11.3. Agricool
11.4. Agrilution
11.5. Altius Farms
11.6. American Hydroponics
11.7. bowery Farming
11.8. Bright Farms
11.9. Everlight Electronics
11.10. Freight Farms
11.11. Future Crops
11.12. Green Sense Farms
11.13. Growpod Solutions
11.14. Heliospectra AB
11.15. Infarm
11.16. Intelligent Growth Solutions
11.17. Osram
11.18. Plenty
11.19. Sananbio
11.20. Signify
11.21. sky Greens
11.22. Spread
11.23. Swegreen
11.24. Urban Crop solutions
11.25. Valoya
11.26. Vertical Farm Systems
11.27. Vertical Future Ltd
12. Appendix