Vertical Farming market was valued at 2.5 Billion in the year 2018. By the 2023 it is expected to reach 11.61 Billion, with a CAGR of 24.5%. Vertical farming is a concept of growing crops without soil and water. This Vertical Farming comes in different shapes and sizes. These industries are utilizing the complex sensors to screen the plant completely.
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Factors affecting market growth:
• Increased preference for organic foods, pesticides frees foods.
• Rise in Population and increase in urbanization. +
• Decline in Water level in the recent years +
• Land for agriculture cultivation is limited. +
• Less dependence on Favorable weather conditions and high water usage, skilled labor. +
• High initial investment for setting up Vertical farming market is restraining market. -
• Production of High value crops and Consumption of artificial light is restraining the market growth.
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Global Vertical Farming market is geographically segmented into
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
North America was expected to attain the largest share of the market in the year 2018, followed by Europe and Asia Pacific regions. Europe is expected to grow with the highest CAGR during the forecast period. Asia pacific is the fastest growing market owing to increase in population and limited agriculture land. China and japan has equipped artificial lights in operation form.
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Major Market players involved in the Vertical farming market are Illumitex Inc.(U.S), Aerofarms (U.S), Koninklijke Philips N.V (The Netherlands), and Sky Greens(Singapore) among others.
Name: Mr. Abhishek Shukla
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