Vertical Farming Market Research Report till 2023
Global vertical
farming market is expected to reach $6,372.5 million by 2023, witnessing
CAGR of 24.2% on account of increasing awareness levels among consumers and
rising disposable income, leading to the consumption of high value crops.
Adoption of organic foods, rising urban population, growing focus towards efficient
production of fresh fruits and vegetables among the consumers in the developing
countries are expected to boost the growth of the vertical farming market
during the forecast period. of the vertical farming is also known as urban
farming or indoor farming.
As per the findings of research, lettuce, spinach, broccoli,
cucumber, and pepper are the major types of crops that are grown through
vertical farming technique. These crops contributed around 80% to the vertical
farming market in 2016. The market for spinach is likely to register the
highest growth during the forecast period. Hydroponics growth mechanism
accounted for the largest revenue share in 2016, as it does not require any
soil and offers solutions where water can be reused for growing crops, making
this mechanism highly preferable among crop producers.
High investment in the vertical farming
High price of farmscraper is adversely impacting the growth of
vertical farming industry. Most of the hardware used in the industry are very costly,
due to their advanced features such as enabled lights and temperature control.
The cost of organic pesticides is also increasing, which is driving the total
cost of investment. The high cost of hardware makes it difficult for small and
mid-sized enterprises to implement them, which is hindering the growth of the
vertical farming market. The rising water cost along with increasing
electricity price is also hindering the growth of the market, across the globe.
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North America is projected to remain the largest vertical farming market throughout the period of analysis. Although small residential urban farming in the region has been around for decades, commercial urban farming has gained traction in the last few years. The region is witnessing a growing inclination towards this farming technology.
The vertical farming industry is moderately competitive, with
players offering advanced technology solutions to cultivate specific crops.
Some of the major players in the industry are Koninklijke Philips N.V., AeroFarms
LLC, Sky Greens Pte. Ltd, Illumitex Inc, Everlight Electronics Co. Ltd, Hort
Americas, Agrilution GmbH, American Hydroponics Systems Inc., Urban Crop
Solutions Inc., and Vertical Farm Systems.
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