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With increased technological advancements allowing improved efficacies as well as enhanced output, the global vertical farming market size is projected to reach US$ 12.04 billion by 2026. According to a Fortune Business Insights study, the market was worth US$ 2.13 billion in 2018 and expected to have a compound annual growth rate (CAGR) of 24.8 percent during the forecast period, 2019-2026.
Vertical farming reduces the need of water along with increasing yield and ability to cultivate a larger variety of crops in significantly lesser land area.
It is a type of indoor as well as outdoor farming that is used to produce food and medicinal plants. These farms are set up with the aim of growing food in challenging environment. The primary aim of vertical farming is to maximise the area per square meter. A vertical farming system involves the use of artificial temperature, light, humidity, and other gases. The constantly rising global population, coupled with the growing demand for plants and other vegetation. Increasing adoption of vertical farming is attributable to the growing demand for environment-friendly ways of producing vegetables and fruits. Increasing concerns regarding organic food will contribute to the growing demand for vertical farming.
The study analyses the ongoing vertical farming market trends across major regions including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The market in Asia Pacific is projected to dominate in the coming years, driven by growing incorporation of technologically advanced systems in vertical farming practices. Besides Asia Pacific, the market in North America will witness considerable growth in the coming years, owing to increasing investments in product R&D.
Key Industry Developments:
- May 2019 - Thrive Agritech, Inc., announced the launch of Apex LED grow light for high-intensity applications including supplemental greenhouse lighting and source lighting for indoor farming.
- February 2017 - Signify Holding. (Philips Lighting) collaborated with Ecobain Gardens to build first commercial vertical farm operation in Canada. Through this, businesses will be able to accelerate growing cycles and grow healthier with more consistent plants. This partnership offers customers attractive returns on investments via healthier, nutritious and rich foods that attract new customers.