Population Explosion Fuels Demand for Vertical Farming

The worldwide vertical farming industry has garnered $3.98 billion in revenue in 2021, and it is projected to generate $30.2 billion revenue in 2030, rising at a rate of 25.2%. It is ascribed to advantages of the vertical farming, including less consumption of power, water, and land requirements, that facilitates growers to reduce the processing and washing time of produced crops. 

In addition, the shortage of agricultural land, and rising demand for organic food are major drivers of the industry. In addition, the advanced agriculture techniques provide support to growers to expand production by more than 230 times crop yields compared to conventional farming. 

 

The cannabis industry is primarily adopting enhanced indoor agriculture to boost productivity. Moreover, the unexpected explosion of the worldwide urban population and the rising focus on the eco-friendly production of fresh fruits and vegetables fuel the application of indoor agriculture. 

 

Furthermore, the rising demand and production of tomatoes have fuelled over the last years. In addition, the growing popularity of green salads fuels the demand for spinach worldwide. Vertical farming companies are producing various types of breeds to fuel production and cater to vegetable demand. 

 

The hydroponics category holds the largest revenue share, at 45%, and it is projected to retain the same position in the coming years. It is ascribed to economic implementation and ease of operation. Hydroponically grown plants produce greater yields compared to soil-growing plants. Such methods provide support in reducing the risk of diseases caused by soil. 

 

The aquaponics category is projected to capture the largest industry share in the near future. It is the combination of aquaculture or fish farming to develop an efficient closed-loop system, that propels the farming of various types of crops without impacting pesticides or harmful chemicals. 

 

The lighting category captures the industry share, ascribing to growing consumer demands for organic foods. The lighting components consist of LED lights, grow light reflectors, pink lights, grow light ballasts, and various types of artificial cultivation lights that support vertical agriculture. 

 

The shipping container leads the industry with more than 50% industry, and it is projected to experience the same trend in the coming future. The major advantages of container farming include easy transportation and less area requirement due to the whole process of crop production in a container. 

 

Such types of cultivation offer more than eight times the growing area, compare to single-level agricultural land. Thus, such cultivation offers nearly eight times better growing area compare to single-level agricultural land, thus it determines food security for a longer period in the city. 

APAC holds a significant share of the industry, with more than 32% in 2021. The Indian vertical farming industry is projected to rise rapidly in the coming years. Due to the insufficiency of fertile agricultural land and the growing population, vertical agriculture is massive adoption in the region. 

 

Therefore, the shortage of agricultural land fuels the demand for vertical farming industry. 

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Vertical Farming Market | Analysis, Post Covid-19 Impact | Potential Business Impacts for Key Players

The practice of growing crop in vertically stacked layers is referred to as vertical farming. The technique is basically utilized for producing food in challenging environments, such as where arable lands are rare or their unavailability. Vertical farming aids deserts, mountainside towns, and cities grow various types of vegetables and fruits by making use of skyscraper-like design and precision agriculture techniques. Attributed to such advantages, the global vertical farming market is expected to progress at a significant pace in the near future. 

Hardware and software are the two types of components that are utilized for vertical farming, between which, the demand for different hardware components was significant in the past. Hardware components utilized in vertical farming are hydroponic components (Including water filters, pumps and irrigation, and meters and solutions), lighting (including grow light ballasts, grow lights, and grow light reflectors), sensors (including crop sensors, temperature sensors, PH sensors, CO2 sensors, and nutrient sensors), and climate control (including air purification/control and ventilation fans). 

Among all these the demand for lighting components was the highest in the past. Shipping container-based and building-based are the two types of structures that are utilized for vertical farming, between which, the demand for building-based structure is predicted to increase considerably in the coming years. This farming type offers nearly 8 times more farming area as compared to single level farming land and further aids minimize the farming cost. 

In terms of growth mechanism, aquaponics, hydroponics, and aeroponics are the three techniques that are used for vertical farming. The demand for aquaponics is expected to grow considerably in the near future, since it combines fish farming ad hydroponics for creating an efficient closed loop system. A number of crops can be produced using vertical farming techniques, including tomato, lettuce, pepper, spinach, cucumber, and broccoli. Geographically, North America made the most use of vertical farming techniques in the past, which can be attributed to the growing popularity of commercial urban farming in the region and early adoption of advanced technologies. 

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Other than this, the adoption of vertical farming is also projected to increase in Asia-Pacific (APAC), thereby making the region the fastest-growing vertical farming market in the years to come. This is because of the fact that the fertile agricultural land in the region is decreasing, which is creating opportunities for urban farming. In addition, the high population in India and China is also driving the demand for different agricultural techniques in APAC. 

This market research report provides a comprehensive overview of the vertical farming market

• Historical and the present size of the vertical farming market
• Future potential of the market through its forecast for the period 2020– 2030
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential

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Lightning Reduction in Available Farming Area to Fuel Massive Surge in Global Vertical Farming Market

Among the biggest opportunities for the vertical farming market players are the increasing utilization of internet of things (IoT) sensors for the production of crops. The vertical farming industry is shifting toward the implementation of complex sensors for the automated production of crops, in order to increase the yield and also reduce the wastage of water during the farming process. The information collected from the sensors is used for analysis, thereby leading to improved production cycles and processes.

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On the basis of growth mechanism, the vertical farming market is categorized into hydroponics, aeroponics, and aquaponics. Amongst these, the hydroponics category accounted for the largest market share, in terms of revenue, historically. The aquaponics category is expected to register the highest CAGR in the future. This is attributed to this growth mechanism’s useful characteristic of combining aquaculture and hydroponics together, in order to develop a closed-loop system, which allows for the efficient production of different types of crops.

Based on structure, the vertical farming market is divided into the shipping container and building-based categories. Of these, the building-based category registered the larger market share, in terms of revenue, in the past. This category, on account of the growing unavailability of agricultural land, as a result of the ever-increasing population and large-scale urbanization, is also expected to record faster growth, as compared to the shipping container category. Its ability to provide almost eight times more farming area than single-level farming is another factor contributing toward the rapid adoption of building-based vertical farming. 

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Globally, the Asia-Pacific (APAC) region is forecast to record the fastest growth in the vertical farming market in the coming years. The major factor contributing toward this rapid advance would be the rapid reduction in the fertile agricultural land in this region. In densely populated countries, such as India and China, the available farming land is witnessing a massive reduction, owing to the burgeoning population level. Furthermore, the increase in the per capita income in these countries is causing rapid progress in the market.

Therefore, the market, due to the decreasing farming area and ballooning demand for organic food items, is expected to witness significant growth in the coming years.

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