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The factor boosting the vertical farming market growth includes year-round crop production irrespective of weather conditions, vertical farming over conventional farming, advancements in light-emitting diode (LED) technology, and the requirement of minimum resources. Therefore, the Vertical Farming Market is estimated to grow from $ 3.1 billion to $9.7 billion during the forecast year.
Hydroponics is easier to set up, costs less than other mechanisms, and has a higher return on investment. The hydroponics segment is set to contribute the largest share of the vertical farming market. Moreover, the hydroponics mechanism recycles size, and aeroponic requires a higher initial investment. Furthermore, the amount of nutrients to be controlled effectively, allowing control over the growth factors like the speed of the growth and size of the plants. Moreover, the hydroponics mechanism and in case of a power outage, the plants can survive for a long time since the growing medium continues to supply water and nutrients, unlike aquaponics where the plants can die in just a few hours due to malfunctioning or failure of mist spraying nozzles.
Speaking about the regional analysis of the market, the growth of the vertical farming market in the US is significantly driven by the need for sustainable agricultural operations that reduce the adverse impacts on the environment. The country is a potential market for farming, owing to the continuous demand for agricultural products. Furthermore, contrary to the complicated supply chain involved in conventional agriculture that impacts the harvesting, processing, and transportation activities in the market, urban indoor vertical farming reduces farm to consumer transport, hence providing a solution to the inefficient supply chain. Lettuce is extensively cultivated in vertical farming. It is quick and easy to grow, has a steady demand throughout the year, and is available in several varieties, allowing farmers to switch products without changing to a whole new crop. Additionally, the demand for nutritive and organic vegetables has also increased significantly in the last few years due to the growing health consciousness among consumers. Consumers are increasingly focusing on healthy aging and are adopting several measures to prevent diet-related diseases.
Furthermore, organic food products not only satisfy hunger but are also considered essential sources of nutrients. They prevent nutrition-related diseases and improve physical and mental well-being. The prominent players operating in the market are Freight Farms (US), AeroFarms (US), sky Greens (Singapore), Spread (Japan), Plenty (US), Valoya (Finland), Everlight Electronics (Taiwan), Heliospectra AB (Sweden), Green Sense Farms (US), Agrilution (Germany), American Hydroponics (US), Urban Crop solutions (Belgium), Vertical Farm Systems (Australia), Signify (Netherlands), Osram (Germany), Altius Farms (US), Intelligent Growth Solutions (Scotland), 4D BIOS INC (US), Future C rops (Netherlands), Bright Farms (US), Swegreen (Sweden), and Vertical Future Ltd (UK).
By Company Type: Tier 1 – 40 %, Tier 2 – 45%, and Tier 3 – 15%
By Designation: C-Level Executives – 40%, Directors – 30%, and Others – 30%
By Region: North America – 20%, Europe – 30%, APAC – 35%, and RoW – 15%
What Does our research coverage offer? - Current and future of global vertical farming market outlook in the developed and emerging markets.
-The segment that is expected to dominate the market as well as the segment which holds the highest CAGR in the forecast period.
-Regions/countries that are expected to witness the fastest growth rates during the forecast period.
- The latest developments, market shares, and strategies that are employed by the major market players. -The report helps stakeholders, new entrants to deeply understand the market and make informed decisions.
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