Market Overview:

Vertical farming is the practice of producing food in a vertically stacked-layer like an employed warehouse, skyscraper, or shipping container. Organic foods are perceived as healthier, nutritious, safer, and more environmentally friendly. A significant factor that influences call for organic food is the food buying behavior of customers that is important for producers, policymakers, and suppliers to implement successful marketing strategies. The vertical farming market was worth USD 2.5 billion in 2019 and is estimated to rise with a CAGR of 24.5% over the forecast period to reach USD 11.61 billion by 2024. 

Market drivers and restraints:

Obesity and heart diseases are the most prevalent health-related problems among customers. Moreover, rising depletion of groundwater and changing climatic conditions have boosted the conventional growers to adopt substitute methods like vertical farming. Increasing concerns among customers pertaining to health and the factors mentioned above are probable to boost the global market in the future. Nevertheless, high initial investments and limitations on the expansion of different crops are some of the restraining factors in this industry. 

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Report segmented as:

By growth:

Hydroponics
Aeroponics
Aquaponics
By structure:

Buildings
Shipping containers
By type:

Hardware
Software
Service
Geographical analysis:

On the basis of region, the global vertical farming market is segregated into regions of North America, Asia Pacific, Europe, Latin America and Middle East and Africa. Asia Pacific led the market in 2018 and is estimated to remain same over the forecast period. Europe is estimated to witness major expansion over the estimated period due to increasing growth of genetically-modified crop technology. Moreover, rising adoption of nanotechnology and robotics for farming improves the regional market call. 

Important market players:

The key players operating in the market are 4D Bios Inc., AeroFarms, Agrilution, AMHYDRO (American Hydroponics), Everlight Electronics Co., Ltd, Hort Americas, Illumitex Inc., Koninklijke Philips N.V., Urban Crop Solutions, and Sky Greens.

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The Scope of the report:

This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.

Apart from the syndicated report, our in-house team has expertise and experience in designing custom reports to meet your specific research needs and assist you in making well-informed decisions.

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