The Asia-Pacific vertical farming market is predicted to grow at 22.1% CAGR during the forecast period with the market size reaching USD 2,101.0 million by 2024.

The Vertical farming technique uses a (controlled-environment agriculture) CEA technology to preserve the environment and produce the crops even in densely populated areas of the city. This eliminates the excessive expenditure to be incurred on a rain-forest and helps in fulfilling the ever-increasing demand for crops amongst the increasing population of Asia-Pacific.

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Growth Drivers
The increasing demand for environmentally friendly production of fresh fruits and vegetables with no use of pesticides is driving the demand for the vertical farming market in Asia-Pacific. The consumption of organic food is helping people to lessen their symptoms if they are suffering from allergies to foods or chemicals.

Moreover, the geographical opportunities of vertical farming in Asia-Pacific are creating enhanced opportunities for the vertical farming market to grow exponentially. The region of Asia-Pacific is providing various opportunities to develop such building-based vertical farms and shipping container vertical farms. The region aims at supplying large pounds of pesticide-free crops and also saves the water consumption of the region since the vertical farming technique requires less water than the customary farming system.

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Geography Insight
Asia-Pacific is observed to witness the fastest growth in the market. As the region comprises of largest population and they require a technique to meet the demand of this ever-increasing population. Moreover, this region is considered to be very adaptive in implementing the vertical farming technique and any new technology in the region. Thus, the demand for vertical farming in the region will expand significantly in the near future.

Competitive Insight
Some of the key players operating in the Asia-Pacific vertical farming market are Koninklijke Philips N.V., OSRAM GmbH, Illumitex, GE, Valoya Oy, Everlight Electronics Co. Ltd., Epistar Corporation, LumiGrow Inc., LEDHydroponics, Fionia Lighting, NET LED Limited, Apollo Horticulture, Grow LED Hydro, California LightWorks, Kessil, Kind LED Grow Lights, Spectrum King LED Grow Lights, Sunprou Opto-Technology Co. Ltd. and Shenzhen Jing Chuang Xing Technology Co., Ltd.