Vertical Farming Market was valued at $1.5 billion in 2016, and is projected to reach $6.4 billion by 2023, growing at a CAGR of 23.6% from 2017 to 2023. The hydroponics segment contributed nearly 42% of the share in 2016.
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Continuous rise in population and increase in urbanization globally have increased the requirement of food, and food security has gained importance for the governments globally. The traditional farming is exhaustive, both in terms of available arable land and volume of production.
Vertical farming is an improved substitute for traditional farming, which produces more yield, with no need for land, pesticides, and other chemicals. This method of farming has gained popularity in the recent years with decline in water level and problem of drought becoming severe.
Vertical farming is expected to become an enhanced substitute of traditional farming, as it produces 70% more crop and uses almost 90% less water as compared to the traditional farming.
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