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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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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Vertical Farming Market Predicted to Grow at a CAGR of 24.2% in Near Future

The number of people living in cities rose to 4.2 billion in 2018 and is further expected to reach 6.7 billion by 2050, as per the World Urbanization Prospects 2018 report published by the United Nations Department of Economic and Social Affairs. This migration from rural to urban areas is owed to the increasing population worldwide and growing government emphasis on smart cities. Farmlands are unable to provide adequate amounts of crops to cater to the rising number of people.

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Hence, there is a dire need for alternate farming techniques, one of which is vertical farming. This farming method makes use of indoor farming techniques and the controlled-environment agriculture (CEA) technology. The production of food through this method is done on vertically inclined surfaces. The crops are stacked in vertical layers, which are integrated into structures such as skyscrapers and shipping containers. 

Vertical farming facilitates the growth of crops in any climate and region, even under extreme temperatures, across the globe. The major crops grown through this process include spinach and lettuce. In 2016, the vertical farming market valued $1.4 billion, and it is projected to grow at a CAGR of 24.2% in the coming years. The two types of structures used for vertical farming are shipping containers and building-based vertical farms. 

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In the near future, building-based vertical farming is predicted to witness a CAGR of 24.6%, as it provides nearly eight times more growing area than single-level farming. It also ensures food security for a city over a long period of time and is cost efficient.

The research offers the global vertical farming market size for the period 2013–2023.

GLOBAL VERTICAL FARMING MARKET

By Component

• Hardware
  • Lighting
    • Grow Lights
    • Grow Light Reflectors
    • Grow Light Ballasts
  • Hydroponic Components
    • Pumps and Irrigation
    • Meters and Solutions
    • Water Filters
    • Others (includes Timer and Delivery System)
  • Climate Control
    • Ventilation Fans
    • Air Purification/ Control 
    • Others (includes Condenser and HVAC System)
  • Sensors
    • Temperature Sensors
    • CO2 Sensors
    • Nutrient Sensors
    • PH Sensors
    • Crop Sensors
    • Others (Biosensors and Electronics Nose)
• Software

By Structure 

• Building Based Vertical Farms
• Shipping Container Based Vertical Farms

By Growth Mechanism

• Hydroponics
• Aeroponics
• Aquaponics

By Crop Type

• Lettuce
• Spinach
• Broccoli
• Cucumber
• Pepper
• Tomato
• Others (includes Strawberry and Pomegranate)

By Geography

• North America
  • By Component
  • By Structure
  • By Growth Mechanism
  • By Crop Type
  • By Country
    • U.S
    • Canada
    • Rest of North America
• Europe
  • By Component
  • By Structure
  • By Growth Mechanism
  • By Crop Type
  • By Country
    • The U.K.
    • Netherland
    • Sweden
    • France
    • Rest of Europe
• Asia-Pacific
  • By Component
  • By Structure
  • By Growth Mechanism
  • By Crop Type
  • By Country
    • Japan
    • China
    • Singapore
    • Taiwan
    • Rest of Asia-Pacific
• Latin America
  • By Component
  • By Structure
  • By Growth Mechanism
  • By Crop Type
  • By Country
    • Brazil
    • Rest of Latin America
• MEA
  • By Component
  • By Structure
  • By Growth Mechanism
  • By Crop Type
  • By Country
    • South Africa
    • Rest of MEA

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