The latest Vertical Farming Market study, blends in qualitative and quantitative research techniques to present vital data on the competitive landscape for the period of 2021 – 2032 .The report is furnished with the latest updates about the current market scenario with regards to the COVID-19 pandemic. The report considers COVID-19 as a key contributor to the dynamically altered market scenario. The report also covers changing trends and market dynamics due to the pandemic and provides an accurate impact analysis of the crisis on the overall market.
Global vertical farming market size reached USD 3.09 Billion in 2021 and is expected to register a revenue CAGR of 23.5% during the forecast period, according to latest analysis by Emergen Research. Increase in global demand for food and rapid urbanization are expected to support market revenue growth during 2022-2030.In addition, the rapid climate change caused by global warming has adversely affected the weather patterns, causing irregular rainfall, drought, desertification, thereby reducing agricultural productivity. Increasing population is expected to lead to a rise in global demand for food, which is further expected to increase demand for alternative agriculture practices such as vertical farming to ensure food security. This is expected to further accelerate revenue growth of the market during the forecast period.
Major Leading Players GlaxoSmithKline plc, Reckitt Benckiser Group Plc, Procter & Gamble, 3M, Unilever, Church & Dwight Co., Inc., Colgate-Palmolive Company, Koninklijke Philips N.V., Henkel, Kao Corporation, Johnson & Johnson Services, Inc., and ILC Dover LP.
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An increase in global demand for food is a significant factor contributing to revenue growth of the market. However, rapid climate change and erratic weather patterns have significantly impacted agricultural output, therefore, it is unable to meet the growing demand. This has led to increased demand for alternative and sustainable farming practices such as vertical farming. Vertical farming allows the cultivation of food crops that can be easily grown in urban areas by planting them in vertically stacked layers to save space and use minimal energy and water for irrigation. This is expected to drive revenue growth significantly during the forecast period
Higher yield than conventional farming is a key factor that is expected to drive revenue growth of the market. Higher yields of vertical farming is the result of cultivation taking place in a controlled environment in a hydroponic greenhouse, which enables cultivation and harvesting year around. In the controlled environment of a hydroponic vertical farm, it’s possible to produce harvests 11-13 times per year. This is expected to increase demand for vertical farming practices and further boost growth of the market.
The main advantage of vertical farming system is that it is not dependent on climatic conditions. The demand for vertical farming systems is expected to grow rapidly owing to the improved ability to adjust various parameters such as temperature, moisture content, and fertilizers required for plant growth in confined spaces. This allows for a uniform yield with good nutrient content and better control over the onset of certain plant diseases. This is a significant advantage for farmers to maintain sustained productivity and therefore is expected to propel market revenue growth.
key driver of the Vertical Farming Market :
The growing awareness about the disease among healthcare professionals and patients. As the diagnosis and treatment of Oncolytic Virus Therapy can be challenging, early detection and prompt management are crucial for improving patient outcomes. This has led to an increased focus on research and development activities aimed at developing more effective diagnostic and therapeutic options for the disease.
Global Vertical Farming Market Segmentation by Type:
Emergen Research has segmented global vertical farming market on the basis of system, type, structure, equipment, and region:
- System Outlook (Revenue, USD Billion, 2019–2030)
- Type Outlook (Revenue, USD Billion, 2019–2030)
- Aggregate Systems
- Open System
- Closed System
- Liquid Systems
- Aggregate Systems
- Structure Outlook (Revenue, USD Billion, 2019–2030)
- Shipping Container-based
- Equipment Outlook (Revenue, USD Billion, 2019–2030)
- Heating Ventilation and Air Conditioning (HVAC)
- Light-emitting Diode (LED)
- Grow Lights
- Irrigation Systems
- Material Handling Equipment
- Control Systems
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The global Vertical Farming Market has been categorized on the basis of key geographical regions into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. It evaluates the presence of the global Vertical Farming Market in the major regions with regards to market share, market size, revenue contribution, sales network and distribution channel, and other key elements.
Elucidating the competitive landscape of the Global Vertical Farming Market :
The global Vertical Farming Market report offers viable insights into the competitive spectrum of the Vertical Farming Market business sphere.
The report systematically profiles the company information of each market player.
It identifies the estimated industry share, production facilities, development prospects, and geographies served by each market player.
The study showcases the extensive product portfolios of the prominent market contenders.
It offers critical data & information about the product application scope and the end-user landscape.
The study provides salient information about the pricing models of the products offered by these companies. Moreover, it determines the gross profits and losses experienced by them throughout their market tenures.
The Global Vertical Farming Market is formulated through extensive primary and secondary research, which is further validated and verified by industry experts and professionals. SWOT analysis and Porter’s Five Forces Analysis are used to examine and assess the market and its players. Moreover, the report also offers a feasibility study and investment return analysis to assist the readers in making strategic investment plans.
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