The Asia Pacific Vertical Farming Market was valued at USD 0.50 billion in 2016 and is estimated to be growing at a CAGR of 29%, to reach USD 1.79 billion by 2021.
According to the report “Asia Pacific Vertical Farming Market By Growth Mechanism (Hydroponics, Aeroponics And Aquaponics), By Structure (Building Based And Shipping Container), By Offering (Hardware, Software, And Service), By Crop Type And By Region - Industry Analysis, Size, Share, Growth, Trends, And Forecasts (2016–2021)” published by Market Data Forecast,
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Vertical Farming techniques control factors such as environmental influences like temperature, humidity, gases, etc., amount of light, and fertigation factors which include the use of fertilizers and other soil products. In some Vertical Farms, natural light is used in combination with artificial lighting and metal reflectors, analogous to greenhouses.
Vertical Farming is the latest advance in farming, in which all environmental factors can be precisely controlled.
Generally, foods and medicines are produced in upright stacked layers, vertically inclined surfaces and/or in assimilated structures like warehouses, shipping containers, skyscrapers, etc. in the Vertical Farming process
The efficacy of artificial lighting to enhance the yield, health and growth rate of plants coupled with lower dependency on weather for production is driving the market from the producer side. The above factors accompanied by the growth in use of technology such as Internet of Things in Vertical Farming, rapidly expanding populace and increase in the annual production of crops are predicted to exponentially boost market growth.
Increasing consumer demand for organic foods, foods free from pesticides and genetically modified organisms (GMOs) is the major driving force of the market. High costs of lighting equipment and continuous maintenance requirement are the constraints faced by Asia Pacific Vertical Farming Market.
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The Asia Pacific Vertical Farming market is segmented by Growth Mechanism, Structure, Offering, Crop Type, and Geography. By the Growth Mechanism Type, the market is classified into Hydroponics, Aeroponics, and Aquaponics.
By the Structure used, the market is separated into Buildings and Shipping Containers. By the type of Offering, the market is classified into Hardware, Software, and Service.
The Vertical Farming market is further segmented on the basis of Crop Type and Geography.
The Asia Pacific region is geographically segmented into China, India, Japan, South Korea, and Australia. Asia Pacific is one of the most lucrative markets for the growth of Vertical Farming market and is projected to grow with the highest CAGR of 29% during the forecast period.
Factors such as growing demand for pesticide free foods, limited land availability for feeding the swelling populace and the emerging economies in countries such as India and China are predicted to lead the growth of the market in this region.
Key players involved in the development of the Asia Pacific vertical farming market are:
- Illumitex Inc. (U.S.)
- Aerofarms (U.S.)
- Koninklijke Philips N.V. (The Netherlands)
- Sky Greens (Singapore)
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