Vertical Farming Market Growth Statistics, Trends Analysis, Revenue and Forecast to 2027
The Vertical Farming Market size is poised to surpass $19 billion by 2027. This technology is considered to be a pioneering effort in water conservation. Since the involves the stacking of multiple shelves of crops, the water used for these applications drains from one raised bed into another, allowing it to be reused. This market is estimated to utilize nearly 95% less water than conventional farming methods.
The market business landscape is also strengthened by the emergence of conservation and recycling efforts for natural resources, in order to ensure more stable crop production, regardless of climatic conditions.
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From the application prospective, outdoor vertical farming market accounts for almost 25% of the overall market share. This kind of industry is generally executed in skyscrapers, deserts, high-rise buildings, barren lands, and other structures such as retail outlets, restaurants, etc. Crops can be cultivated on stacked floors or shelves in skyscrapers using LED lighting and can cater to evolving crop demand over the course of the year.
With respect to product, the vertical farming market from the tilapia segment is anticipated to register a 23% CAGR through 2027. It is among the most common aquatic species grown in vertical farms and is known for its better taste and larger size. It thrives in water temperatures under 80-degrees Fahrenheit and can be grown in brackish, fresh, or salty water.
From a regional perspective, the European vertical farming market is set to exhibit a commendable CAGR of 20% through 2027, due to the strong presence of prominent equipment manufacturers and vertical farmers in the region. To cite an example, vegetable & fruit supplier Staay Food Group joined hands with electronics firm Philips and Rijk Zwaan B.V. to contribute to the construction of a 900 sqm vertical farm based in the Netherlands.
Based on technology, the aeroponics vertical farming segment is gaining rapid traction over the years, as it can aid in the growth of plants in mist/air environments without the need for soil and minimal need for water. Since the technology needs 90% less water as compared to hydroponic systems, takes up less space than regular farming practices, and does not need pest control activities given the absence of soil, it makes farming much more economical and reduced labor costs.
The market outlook is strengthened substantially by the presence of players like American Hydroponics, Green Spirit Farm, Urban Crop Solutions, Aerofarms, General Hydroponics, Plantagon International., Sky Greens, Mirai Co., Ltd., and Spread Co.
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Table of Content
Chapter 1 Methodology & Scope
1.1 Market definitions
1.2 Base estimates & working
1.2.1 North America
1.2.2 Europe
1.2.3 Asia Pacific
1.2.4 Latin America
1.2.5 Middle East & Africa
1.3 Forecast calculations
1.3.1 COVID-19 impact calculations on industry forecast
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
Chapter 2 Executive Summary
2.1 Global vertical farming industry 360° synopsis, 2017 – 2027
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Technology trends
2.1.4 Application trends
2.1.5 Region trends
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