At 19.2% CAGR, Vertical farming Market Size is Projected to reach USD 9685.66 Mn by 2027, Says Brandessence Market Research
Vertical farming Top Companies Profiled in the market American Hydroponics, Agrilution, Urban Crops, Koninklijke Philips N.V., Everlight Electronics, Illumitex, Sky Farms, AeroFarms LLC, Green Sense Farms and Vertical Farm Systems
/EIN News/ — Uk, LONDON, Oct. 12, 2021 (GLOBE NEWSWIRE) — According to a new report released by Brandessence market research, the vertical farming market was valued at 2832.66 million in 2020. The vertical farming market size is set to grow at 19.20% CAGR to reach USD 9685.66 million at the end of 2027. The rising burden of resources globally, the decreasing yield of once fertile land, and increasing demand for locally sourced-, and organic food are key drivers of growth in the vertical farming market. Furthermore, the vertical farming also promises major potential in cost-savings for small and large players alike. The growing awareness about organic method of farming like hydroponics, and increasing realization of present dangers in agriculture like chemical fertilizers also remain strong drivers of growth for the vertical farming market globally.
Vertical Farming Market Competitive Trends, Increasing inclination towards the eco-friendly farming is driving the growth of Global vertical farming market.
Vertical farming companies on stock market have led investments from some high-profile names in the business. For example, Google Ventures invested 90 million in vertical farming in 2018. The rising demand for organic, and locally sourced food, and the looming threat of climate change will continue to drive growth for market. Furthermore, the vertical farming market remains a fragmented landscape. Despite the heavy costs of investments, the rising funding ventures through stock market have forced a leap in innovation. This will likely continue throughout 2020-2027 period, as key companies continue to look for technological advantage, and growing awareness to find new venues for growth. Some key players in the vertical farming market are Signify Holding (PHILIPS), Sky Greens, Green Sense Farms Holdings Inc, American Hydroponics, and Agrilution GmbH.
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Vertical Farming Market: Demand for Nutrition a Key Driver
Food items can often lose nutrition during a long haul in transport. Despite the major advancements in logistics, food items as perishable goods also remain susceptible to bacteria infestation, damage to containers, and unreliable sourcing of original items. This has led to a growing movement in major economies like the US to source food from nearby places like the farmers market. Furthermore, agencies like the United States Agriculture Department (USDA) have also taken major initiatives to promote nutritious food, leading to rising demand of vertical farming market.
For example, in 2015, the food and nutrition assistance accounted for 73% of the USDA’s outlays. The uncertainty in food production due to erratic weather, growing dependence of many families on the USDA for nutritious food, and local programs like SNAP resulted in major expansion of the demand for nutritious recently in the vertical farming market.
Vertical Farming Market Growth – Key Developments
The vertical farming market remains an open landscape with robust opportunities for innovation. The vertical farming market is yet to witness the high investment from all quarters of the globe. The key technological advancements in the industry still largely come from robust R&D in North America, and Europe. However, contrary to conventional trends, key companies in North America, and Europe are outsourcing R&D in developing regions due to low-costs. The increased availability of skilled labor is also a key driver behind this burgeoning trend. Some major players like AeroFarms has decided to build a 90,000 square foot facility dedicated to R&D in Abu Dhabi. The facility is built as part of a partnership between Abu Dhabi Investment Office, and AeroFarms. The facility apart from R&D also focuses on offering a sustainable indoor agriculture for commercialization of local crops.
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Vertical Farming Technology – Led Lighting a Boon for Vertical Farming Market Growth
LED lighting has been a game changer in vertical farming. This technology has changed the way plants grow, how commercial crops taste, when they flower, and even the level of nutrients among them. Furthermore, the lighting technology has also increased their shelf life, making commercialization an even better prospect. Mike Zelkind, the CEO of 80 Acres farm believes this technology has enabled mass commercialization of vertical farming. 80 Acres Farm has opened its production in Cincinnati in 2016. Zelding says, the company has expanded to moe than 180,000 square feet in new locations, with opening of new facilities in Arkansas, North Carolina, and Alabama. Mike believes the LED lighting technology, its newfound efficiency, and promising cost reductions have been a boon for vertical farming.
Furthermore, lighting remains one the biggest operational expense for vertical farms. Some farms essentially use LED lighting to mimic the natural sunlight in indoor conditions. Hence, LED lighting isn’t just necessary for commercialization but its costs have a tremendous impact on the business models. It is estimated that LED lighting requirement can be as high as 100 watts of LED power per square meter. Furthermore, operation of LED bulbs for 13-18 hours is essential every day.
Vertical Farming Market – Notable Development
Signify Holding collaborated with RIAT in 2020 to grow the farm yield for tomatoes, and cucumbers. The collaboration led to a record yield, which delivered 19 types of green crops within an hour to stores after harvest. Furthermore, the collaboration also produced a 3.5 high plant indoors, a new record for the height of green plants. According to Bukharev, director at RIAT, the quality of product, and its proximity to local stores allowed them to sell 99% yield throughout the first year. Bukharev also notes that the high turnaround for their crops enabled them to be a profitable operation starting in the second year itself.
Vertical farming technology can also be a boon for animal feed. As the costs of feed rises, and urbanization, and deforestation continue, the animal feeds have become a major source of worry for farmers globally. Grov Technologies, a vertical farming company tied up with Cnossen Dairy in drought affected West Texas recently. The tie-up will provide animal feed for 11,000 cows, residing in 7500 acres of farmland. The highly nutrient yield, and a year-round supply is highly essential for farm produce. The Grov Technologies will produce 288,000 pounds of supply in less than 5% of water supply needed on conventional farms. Moreover, the new food stock will be immune to the effects of climate change, making meat production, and dairy production reliable for farmers.
Global Vertical farming Market Segmentation:
Global Vertical farming market report is segmented on the basis of structure, component, growth mechanism and region & country level. Based upon structure, the vertical farming market is segmented into building-based vertical farms and container-based vertical farms. Based upon component, market is divided into irrigation component, lighting, sensor, climate control, building material, glass greenhouse, plastic greenhouse and others. Based upon growth mechanism, the market is divided into hydroponics, aeroponics and aquaponics.
Key Benefits for Global Vertical farming Market Report
- Global Vertical farming Market report covers in-depth historical and forecast analysis.
- Global Vertical farming Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
- Global Vertical farming Market report helps to identify opportunities in marketplace.
- Global Vertical farming Market report covers extensive analysis of emerging trends and competitive landscape.
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