Vertical Farming Market Trends, Revenue, Key Players, Growth, Share and Forecast Till 2027
The Global Vertical Farming Market will be worth USD 11.71 Billion by 2027, according to a current analysis by Emergen Research. The growth of this market can be attributed to the growing demand for organic food products among consumers. Growing environmental concerns such as the depletion of soil quality and groundwater on applications of chemical-based solutions have increased the vertical farming system’s adoption. The reduction in the prices of the light-emitting diode (LED) and the technological advancement in the LEDs help in the growth of the vertical farming system. The scarcity of space in the densely populated countries has resulted in the increasing adoption of the vertical farming method. The advantages of growing crops close to urban areas and the reduction in transportation costs are expected to fuel the vertical farming market’s growth over the forecast period.
Over the recent years, there has been a rapid increase in the demand for organic, chemical-free food and leafy vegetables across the globe among the younger generations. People have become health conscious and are in constant search of such products as salads have become a major component of their diet. To cater to this demand, many companies are developing advanced indoor farming techniques. These methods provide faster and in bulk quantities as compared to conventional farming methods. Another reason for increasing popularity of indoor farming techniques is the decreasing arable land due to rapid urbanization and industrialization across the globe.
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Key Highlights From The Report
- Shipping container-based vertical farms held the largest market share of 63.5% in 2019 due to the scarcity of the arable lands. Moreover, the ease of transportation and less requirement of land for the installation of the shipping container is expected to drive the growth of the segment.
- The hydroponics segment is forecasted to grow with the fastest CAGR of 20.2% over the forecast period due to the ease of operation and low installation cost.
- The lighting segment accounted for the largest market share of the vertical farming market in 2019 as the lighting devices help in the faster growth of the plant. The LED lighting technology is increasingly being used by the horticulture farmers due to the enhanced efficiency and long lifespan of the technologically advanced LEDs.
- The Asia Pacific region held the largest market share of the vertical farming market in 2019 due to the growing demand for food owing to the rising global population. The scarcity of arable lands in the densely populated countries is also a driving factor for the region’s growth.
Key participants include Freight Farms, Signify, Osram, Aerofarms, BrightFarms, Everlight Electronics, HELIOSPECTRA AB, Illumitex, Inc., AGRICOOL, and SKY GREENS, among others.
Emergen Research has segmented the global Vertical Farming Market on the basis of Structure, Growth mechanisms, Offering, and region:
Structure Outlook (Revenue, USD Billion; 2017-2027)
Growth mechanisms Outlook (Revenue, USD Billion; 2017-2027)
Offering Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
Rest of Europe
Rest of APAC
Rest of LATAM
Rest of MEA
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