Vertical farming is the practice of growing food in vertical levels, such as a used warehouse, skyscraper, or shipping container. Organic foods are thought to be healthier, more nutritious, safer, and better for the environment. Consumer food purchasing behavior is a major component that drives demand for organic food, and it is critical for producers, legislators, and suppliers to adopt successful marketing tactics.
Data Bridge Market Research analyses that the Vertical Farming Market is expected to reach USD 32.74 billion by 2030, which was USD 4.60 billion in 2022, registering a CAGR of 27.80% during the forecast period of 2023 to 2030.
“Growing popularity due to better yield rate is bolstering the market growth”
Vertical farming's growing popularity due to its higher yield than conventional farming is expected to drive market growth throughout the forecast period. This is due to the use of climate control, which constantly regulates humidity and temperature, as well as LED illumination in vertical agriculture. As a result, vertical farming yields more than traditional farming. Vertical farming also has considerable output advantages. Vertical farming has been shown to increase agricultural output by 240 times while utilizing 99 percent less land, zero pesticides, and 95% less water. All of these factors contribute to increased market expansion during the forecast period.
What restraints the growth of the Global Vertical Farming Market?
“High costs associated will restrain the market growth"
Vertical farming's high starting cost would most likely stifle market expansion during the projected period. Vertical farming is a costly operation because cost is a crucial consideration in every step of the process, from locating the appropriate infrastructure to selecting the highest performing crops. Furthermore, because property in metropolitan locations is generally expensive, the initial cost is greatly increased. As a result, these factors will impede market expansion.
Segmentation: Global Vertical Farming Market
The vertical farming market is segmented on the basis of growth mechanism, structure, type, application, offering, component and fruits, vegetables and herbs.
- On the basis of growth mechanism, the market is segmented into hydroponics, aeroponics, terraponics, aquaponics.
- On the basis of structure, the market is segmented into shipping containers, building based.
- On the basis of type, the market is segmented into biopesticides, biofertilizer, biostimulants.
- Based on crop type, the market is segmented into leafy green, pollinated plants, nutraceutical plant.
- On the basis of application, the market is segmented into indoor and outdoor.
- Based on offering, the market is segmented into hardware, software and services.
- Based on component, the market is segmented into lighting system, irrigation and fertigation system, climate control, sensors, building material, HVAC systems, shelves and racks, others.
- Based on fruits, vegetables and herbs, the market is segmented into bell and chili peppers, strawberry, tomato, lettuce, cucumber, herbs, leafy greens (excluding lettuce), others.
Regional Insights: Asia-Pacific dominates the global vertical farming market
Given rising population levels and increased food consumption in the region, Asia-Pacific dominates the vertical farming market. Furthermore, the availability of labor at reasonable salaries and the predominance of vast rural areas will drive the vertical farming market forward.
Given its increasing technical breakthroughs, Europe is expected to be the fastest-growing region in the vertical farming market over the projected period of 2023-2030. Furthermore, the increasing implementation of robotics and nanotechnology for farming are some additional aspects that will drive market expansion.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-vertical-farming-market
The Prominent Key Players Operating in the Global Vertical Farming Market Include:
- Deere and Company (U.S.)
- CropMetrics LLC (Netherlands)
- Trimble Navigation Limited (Australia)
- CropX (U.S.)
- AgSmarts Inc (India)
- AgSense, LLC (India)
- AGCO Corporation (Austria)
- DICKEY-john (U.K.)
- Monsanto Company (Mexico)
- Ag Leader Technology (U.S.)
- Farmers Edge (U.S.)
- GEOSYS (U.S.)
- Granular (U.S.)
- Gro Intelligence (U.S.)
- Proagrica (U.K.)
- Fasal (India)
- AGEYE Technologies (U.S.)
- HelioPas AI (Germany)
- OneSoil (Belarus)
Above are the key players covered in the report, to know about more and exhaustive list of global vertical farming market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Vertical Farming Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
