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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Global Vertical Farming Market Predicted to Observe Rapid Growth in Future

The increasing need for organic fruits and vegetables is one of the biggest factors propelling the demand for vertical farming across the globe. Since the last few years, there has been massive rise consumer awareness regarding organic foods and the numerous health benefits offered by these organic fruits and vegetables. In addition to this, the widespread use of chemical feritlizers, pesticides, and insecticides in the conventional farming practices and increasing per capita income have made the people shift toward organic foods, which has in turn, promoted the adoption of fertilizer-free farming techniques like vertical farming.

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The rising demand for eco-friendly methods of food production that entail negligible utilization of pesticides, genetically modified organisms, and artificial fertilizers is one of the biggest factors driving the surge in the vertical farming market value. Moreover, the growing preference amongst the consumers for completely naturally produced food is leading to the rising implementation of vertical farming. 

In addition to being free of toxic chemicals, the organic foods produced by vertical farming are full of flavors, which further leads to the soaring adoption of the technique. The rising focus toward environment-friendly modes of fruits and vegetable farming is another important factor responsible for the surge in the demand for vertical farming. Nowadays, people are increasingly focusing on the farming techniques which can produce crops irrespective of the weather conditions which is significantly contributing to the popularity of vertical farming. 

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The soaring number of government incentives and measures supporting the cultivation of organic food in several countries is another key factor boosting the adoption of vertical farming practices across the world. Powered by the above-mentioned factors, the global vertical farming market is expected to advance at a rapid rate over the next few years. 

Vertical farming basically refers to the farming method in which the crops are grown in vertically stacked layers. This farming technique incorporates the use of controlled environment agriculture (CEA) technology in order to optimize plant growth. This type of farming process is also known as urban farming or indoor farming in some regions and it is observing increasing popularity throughout the world. 

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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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