Global Vertical Farming Market, Industry Insights by Offering, Growth Mechanism, Structure and Crop Type - Analysis and Forecast 2024


Posted June 27, 2019 by vynzresearch

The global vertical farming market is predicted to grow at 21.4% CAGR during the forecast period with the market size reaching USD 8.8 billion by 2024.

 
The major factor fueling the growth of the global vertical farming market include increasing awareness regarding the consumption of high-quality food products, increasing demand for food-based on no herbicide and pesticide, limited agricultural land space. In addition. adoption of independent farming techniques with a focus on vegetables and fruits also supports the growth of the vertical farming market, globally.

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Some of the other factors fueling the growth of the market include increasing urbanization and the development of smart cities. With the increasing population especially in the developing economies has significantly increased the burden on the agriculture sector. This has increased the demand for food security in these countries, thus supporting the demand for agriculture through the vertical farm.

Based on offering, the vertical farming market is categorized into hardware and software. Of both the categories, the demand for hardware is larger in the market and is also anticipated to grow at a higher CAGR during the forecast period hold the largest share in the market.

Based on crop type, the vertical farming market is categorized into broccoli, pepper, tomato, spinach, cucumber, lettuce, and others. Lettuce is the most grown crop in vertical farm and the demand for vertical farm products is anticipated to be the highest for this crop type during the forecast period.

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North America accounted for the major share in the vertical farming industry in 2017, globally due to the technological advancements, increasing research and development and increasing demand for no or low herbicide and pesticide-based crops.

Market players in the vertical farming industry are focusing on the advancements for the providing controlled environment in the buildings to support conditions as close to nature. AeroFarms, Urban Crop Solutions, Sky Greens, agrilution GmbH, Vertical Farm Systems, Green Sense Farms, LLC, Everlight Electronics Co., Ltd., Illumitex, Inc., Koninklijke Philips N.V., and American Hydroponics are some of the key players offering solutions in the vertical farming industry.

Source: VynZ Research
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Last Updated June 27, 2019