Vertical Farming Market Worth $16.77 Billion, Globally, by 2027 at 23.28% CAGR: Verified Market Research

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Browse in-depth TOC on "Vertical Farming Market"

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Global Vertical Farming Market Overview

The rise in the awareness about sustainable farming due to an increase in urbanization and less availability of fertile land is one of the prominent driving factors for the market growth. The increasing preference for locally grown food with higher nutrients in the urban areas supplements the also fueling the growth of the market. With the growing advancements in technology, factors such as automation and the implementation of artificial intelligence in various industry sectors are leading to an increased rate of urbanization. Labor cost is one of the highest operational costs for a vertical farm contributing around 25% of the total cost. By reducing labor costs, companies can reduce product costs and increase margins. Therefore, by integrating robots and automation in indoor agriculture practices is likely to propel the growth of the market. The concept of vertical farming has been developed based on its potential to provide large populations concentrated in urban areas with locally grown food – and to meet the demands of a growing population worldwide. Due to the challenges and costs of transporting fresh crops to larger cities, urban farmers have realized the potential in utilizing existing square meters in tall city buildings and producing crops locally.  The degree of urbanization is above 50% as of 2018, indicating the extent of urbanization that is occurring in regions worldwide. With this increasing urbanization in both developed as well as developing regions, the horizontal land area that can be used for applications such as farming is drastically reducing. The approach that can be employed to battle this limitation is vertical farming. Thus, it can be suggested that increasing urbanization is aiding the further progression and development of vertical farming. Moreover, other factors such as growing demand for high-quality food without any pesticides or herbicides, and independent farming technique with very less impact of climatic conditions and the possibility of growing vegetables and fruits in a limited space have been driving the market for the global vertical farming market

The major players in the market are Signify, AeroFarms LLC, Sky Greens PTE. LTD., Illumitex Inc., Everlight Electronics Co.Ltd., American Hydroponic Systems Inc., Vertical Farm Systems, Hort Americas, LLC.

Verified Market Research has segmented the Vertical Farming Market on the basis of Structure, Component, and Geography.

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