The growing demand for precision farming owing to declining arable land other natural resources is the primary factor for the growth of vertical farming market.
The Global Vertical Farming Market valued USD 2.3 billion in 2018 and expected to grow at a CAGR of 8% to reach a market value of USD 4.2 billion by 2026.
The growing demand for precision farming owing to declining arable land other natural resources is the primary factor for the growth of vertical farming market. Rising population across the globe is increasing the demand for food.
However, the area of cultivable land is declining across the globe owing to factors such as urbanization, soil erosion, and over cultivation. This is driving the need for sustainable farming practices that ensure larger yields with minimal utilization.
Vertical farming evolved as an effective alternative to traditional farming practices owing to its high yielding potential at minimum inputs. Vertical farms consume 90% less water compared with traditional farming and produce low Co2 emissions.
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High energy consumption associated with vertical farming and high cost of produce over conventional farming are hindering the growth of global vertical farming market.
Global vertical farming market by Technique
Aeroponics is a process of growing plants in mist environment without using soil or water as a medium. The major benefits associated with aeroponics farming includes minimal electricity consumption, less maintenance, disease-free plants and improved production rate compared with traditional methods.
Aeroponics possess unique ability to reduce the time to market of new varieties by 50%. Increasing adoption of Aeroponics by the major seed producers for the development of disease free and high-quality seed is expected to boost the market for Aeroponics across the globe.
Growing establishments of skyscrapers with green landscape to meet the growing demand for fresh and organic vegetables in urban environment is the anther factor expected to boost the market for Aeroponics.
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The market is expected to foresee major investment from the venture capitalists into innovative startups based on vertical farming. Growing demand for sustainable agricultural techniques and increased funding by government organizations in sustainable agricultural practices is expected to boost establishments of new vertical farms across the globe.
Some of the key players in global vertical farming market includes AeroFarms LLC, Plenty Unlimited Inc, Green Spirit farms LLC, and Bowery Farming Inc.
Global vertical farming market is experiencing new farm establishments in developing nations to cater the consumer demand for fresh and organic foods. For instance,
• In January 2019, Local grown Salads launched Indoor Vertical farms in Opportunity zones located in Baltimore, Washington DC, and Nashville. Local Grown Salads provide Ready-to-Eat Salads, Ready-To-Use herbs and vegetables that are Organic, GMO-Free, herbicide & Insecticide free.
• In November 2016, Mahindra HZPC launched aeroponics facility at Mohali in India to provide high quality seed potatoes for Indian farmers.
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