Vertical Farming Market Size & Growth Rate:
As per the recent market research report, the vertical Farming market is projected to be developing at a CAGR of X%, to clinch a market well worth of USD XX billion by 2025.
Vertical Farming Market Overview
Vertical farming allows in developing natural ingredients which might be succinct and effective in developing natural organic micro-veggies. Changing lifestyle, growing population and rising fitness focus among consumers are supporting the growth of the worldwide market. Asia-Pacific is the fastest developing market because of the need to provide food for the rapidly increasing population, along with constrained land availability.
Vertical Farming Market – Key Growth Driving Forces:
Consumer Growth in vertical farming market is attributed to the growing adoption of the production of fruits and vegetables that is respectful with the environment. The unprecedented growth of the world's population has increased the demand for urban agriculture. Vertical agriculture involves producing food in a vertically stacked layer, such as a used warehouse, a skyscraper or a shipping container. Organic foods are perceived as healthier, more nutritious, safer and more respectful of the environment. Obesity and heart disease are the most common health problems among consumers. In addition, increased depletion of groundwater and changes in climatic conditions have led traditional producers to adopt alternative production methods. Growing concerns about consumer health and the factors mentioned above are likely to raise industry demand. However, the high initial investments and the limitations in the growth of several crops are among the restrictive factors of the market.
Vertical Farming Market - Regional Analysis:
In terms of revenues, the Asia Pacific region dominated the business in 2018 and is expected to remain same during the forecast period. The key factor that should stimulate the demand of the industry is the raising awareness of the importance of alternative agriculture, due to the lower availability of fertile agricultural land and population growth. Europe is expected to experience significant growth during the projection period as a result of the growing expansion of genetically modified crops technology. In addition, the increasing adoption of nanotechnology and robotics for agriculture is strengthening the demand of the regional market.
The European Environment Agency has launched several initiatives to create vertical farming to face the challenges of continuous population growth and climate change, as well as to produce food without harming the environment. This has led to greater market demand in the region. The growth of the urban population and the commercialization of domestic agriculture should boost demand in Africa.
However, it is expected that the lack of financial resources to build modern vertical farms and limited access to water and land will slow regional growth. To address these challenges, several models followed in the region include vertically stacked wooden boxes and bag gardens.
Prominent Companies Leading the Vertical Farming Market analyzed in the report are:
- Urban Crops
- Vertical Farm Systems
- Green Sense Farms, LLC
- Sky Greens
- Illumitex, Inc.
- Everlight Electronics Co., Ltd.
- Koninklijke Philips N.V.
- American Hydroponics
This research report includes the following segmentation for the Vertical Farming Market size and forecast 2019 - 2025
Vertical Farming Market - By Offering
Vertical Farming Market - By Growth Mechanism
Vertical Farming Market - By Crop Type
Vertical Farming Market - By Region
- North America
- United Kingdom
- South Korea
- Latin America
- Middle-East & Africa