NEW YORK, April 4, 2024 /PRNewswire/ –The global vertical farming market size is estimated to grow by USD 6.49 bn from 2022 to 2026, according to Technavio. The market is estimated to grow at a CAGR of 16.55% during the forecast period. APAC held the largest share of the global market in 2021, and the market in the region is estimated to witness an incremental growth of 43%.
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Major Players in the Market
Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:
AS GIRI AND AQUA LLP, Bowery Farming Inc., Dream Harvest Farming Company LLC, Eataly Net USA LLC, Elevate Farms, Hortifrut SA, Kalera Inc., Nordic Harvest AS, Plenty Unlimited Inc., SPREAD Co. Ltd., Triton Foodworks, Upward Enterprises Inc., URBAN GREEN FATE FARMS, UrbanKisaan, Vertical Harvest, Vertical Roots, Village Farms International Inc.
Analyst Review
In the burgeoning Vertical Farming Market, innovation and sustainability are at the forefront. This agricultural revolution involves growing crops in vertically stacked layers, using artificial lighting and controlled environments. The Vertical Farming Market offers numerous benefits, including reduced water usage, decreased reliance on pesticides, and the ability to produce crops year-round. Furthermore, vertical farming can be implemented in urban areas, reducing the need for long-distance transportation and decreasing the carbon footprint. The Vertical Farming Market is poised for significant growth, as the demand for locally grown, fresh produce continues to rise.
Key Market Drivers
The Vertical Farming industry is experiencing significant growth due to rising urbanization and the lack of arable land. Advanced technology, including LED lighting and climate control systems, enables year-round production of microgreens and various crops in vertical farms. Technologies like aeroponics and hydroponics increase efficiency and yield, while precision farming, harvesting robots, and automatic seed planters enhance productivity. The Asia Pacific region, with its high organic food demand and growing nutraceutical and biopharmaceutical industries, presents a lucrative market for vertical farming. Sustainability is a key driver, as vertical farming reduces water usage and carbon emissions. Rapid urbanization and changing climatic conditions further emphasize the need for technology-driven agriculture. New players, such as Agrify Corporation and Greenlight Cannabis, join established companies like Urban Crop Solutions, ModuleX Plant Factory, and Nano-farming, bringing innovation and limited technical expertise to the sector. Despite higher running expenses, vertical farming’s economic growth potential and ability to produce locally, pesticide-free crops make it an attractive alternative to conventional farming, even in the cannabis cultivation sector.
Challenges and Opportunities
The vertical farming market is experiencing significant growth due to rising urbanization and the lack of land for traditional farming. However, high startup costs and energy consumption are major challenges. Advanced technology, including aeroponics, hydroponics, and aquaponics, is used in building-based vertical farms for growing various crops, such as tomatoes, berries, peppers, cucumbers, microgreens, and some herbs. Climate control, lighting, sensors, and other components are essential for the growth mechanism. The Asia Pacific region is a key player in this industry due to organic food demand and the nutraceutical and biopharmaceutical products market. Precision farming, harvesting robots, automatic seed planters, and greenhouse roof washers contribute to sustainability and increased efficiency. Despite these advantages, vertical farming currently cannot provide calorie-rich foods, limiting its scope in meeting overall food security needs.
In response to rapid urbanization, changing climatic conditions, and reducing water supply, the vertical farming market is experiencing significant growth. Technology-driven agriculture, including companies like Agrify Corporation and Greenlight Cannabis, is leading the charge. New players in the market face high startup costs and limited technical expertise, but advancements in technology, such as nano-farming and building-based vertical farms, are mitigating these challenges. Aquaponics, a growth mechanism utilizing fish waste to provide nutrients for plants, is reducing the usage of chemicals and promoting natural alternatives. Vertical farming’s controlled atmosphere eliminates the need for pesticides, making it immune to pests. Key crops, such as tomatoes, berries, peppers, and microgreens, are being cultivated using hydroponics, aeroponics, and other components, including lighting, climate control, sensors, and other components. The market is expanding to include cannabis cultivation, with companies like Urban Crop Solutions and ModuleX Plant Factory leading the way. Despite energy consumption concerns, the economic growth potential is substantial. Keywords: Rapid urbanization, Changing climatic conditions, Reducing water supply, Cannabis cultivation, Agrify Corporation, Greenlight Cannabis, Technology-driven agriculture, Economic growth, Urban Crop Solutions, ModuleX Plant Factory, Nano-farming, Arable land, Advancement in technology, New players, Limited technical expertise, High startup costs, Energy consumption, Growth mechanism, Aeroponics, Hydroponics, Aquaponics, Building-based Vertical Farms, Lighting, Climate Control, Sensors, Other Components, Tomato, Berries, Pepper, Cucumber, Microgreens.
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Market Overview
Vertical farming, a revolutionary agricultural technique, is gaining significant traction in the market due to its ability to address the challenges of limited land and resources. Urban areas, in particular, are embracing this farming method as a solution to meet local food demand. The Vertical Farming Market is projected to grow at a robust pace, driven by advancements in technology and increasing consumer awareness. The use of hydroponics and aeroponics in vertical farming contributes to higher yields and reduced water consumption. Additionally, the integration of automation and robotics enhances efficiency and productivity. The market is further fueled by government initiatives and investments in research and development. With the benefits of vertical farming becoming increasingly apparent, it is poised to transform the agricultural landscape.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
