Vertical Farming Crops Market to hit US$ 1,021.33 million, Globally, by 2027 at 20.0% CAGR: The Insight Partners

According to our latest market study on “Vertical Farming Crops Market Forecast to 2027 – COVID-19 Impact and Global Analysis By Crop Type (Tomato, Leafy Greens, Herbs, and Others), End Use (Food Retail and Food Service), and Farming Technique (Hydroponics, Aeroponics, and Aquaponics),” Vertical Farming Crops Market to Grow at a CAGR of 20.0% to reach US$ 1,021.33 million from 2020 to 2027.

The vertical farming crops market in Asia Pacific is expected to grow at the highest CAGR during the forecast period. The growth of the market in this region is mainly attributed to the rising demand for more food products due to increasing population in the countries such as India and China. These emerging countries are witnessing a surge in the middle-class population and a growth in urbanization, which offers ample opportunities for the key market players in the vertical farming crops market. The vertical farming crops industry in the countries of Asia Pacific has experienced a huge shift over the years. Countries such as India, China, Indonesia, the Philippines, Vietnam, and Thailand have a significantly growing agriculture sector. Therefore, the consumer base for vertical farming crops producing companies is growing considerably in the region.

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The players operating in the vertical farming crops market include AeroFarms, Agricool, and Bowery Farming Inc. The key companies implement the mergers and acquisitions, and research and development strategies to expand customer base and gain significant share in the global market, which also allows them to maintain their brand name globally. For instance, inn April 2020, AeroFarms built world’s largest R&D Indoor Vertical Farm in Abu Dhabi as part of USD $100 million AgTech investment by Abu Dhabi Investment Office. The farm will be dedicated to state-of-the-art R&D and commercialization of relevant local crops utilizing AeroFarms’ expertise and proprietary indoor vertical farming technology that uses up to 95% less water and zero pesticides compared to traditional field farming.

Market Insights

Limited Availability of Arable Land for Conventional Agriculture Fuels Vertical farming crops Market Growth

The growth of the global population, combined with a looming water crisis, is moving the Earth toward a global food crisis. Feeding the anticipated population of 2050 (9.7 billion) needs an additional 109 million arable hectares, a landmass larger than Brazil. Given that 80% of arable land is already in use, absent significant changes to traditional agriculture practices, the world faces a significant food shortage. Water scarcity, which is likely to be made worse by climate change, is another threat to the global food system. According to the United Nations, by 2025, two-thirds of the world’s population would live in water-stressed regions due to use, growth, and climate change. Presently, 70% of the world’s freshwater is used for traditional agriculture, so a water crisis would certainly emphasize the food crisis. The impact of climate change would be variable and unpredictable, which would also add pressure on the food system. For example, higher CO2 levels may increase some plant yields but reduce their nutritional values. Warmer temperatures may lead to the growth of many new pests and weeds. Extreme temperatures may lead to droughts or excessive rainfall, both of which can prevent crops from growing.

Vertical farming can be a part of the solution as it uses less water and allows farmers to control the climate needed for the crops. For instance, a group of researchers from Columbia University, who commercialized the idea of vertical farming in the US, has projected that a 30-story building covering one city block could have the efficiency of a 2,400-acre traditional farm because of the year-round growing season and the ability to use vertical space to pile vegetables. Because a controlled environment reduces evaporation and allows easier water recapture, vertical farming is projected to use 70–95% less water than traditional agriculture. For this reason, areas with limited water supplies are primary adopters of vertical farming. The UAE is building the world’s largest indoor farm. The country’s dry climate, low soil quality, and occasional locust plagues make indoor farming a more economically feasible alternative. Vertical farms use no soil, little water (compared to traditional agricultural practices), and a combination of natural and artificial lighting. Also, the manufacturers’ strategic activities would further drive the adoption of vertical farming during the forecast period. For instance, companies such as Signify and Valoya are developing better lighting solutions, which would result in decrease in costs of running a vertical farm.

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GLOBAL VERTICAL FARMING CROPS MARKET SEGMENTATION

Vertical Farming Crops Market – by Crop Type

Tomato

Leafy Greens

Herbs

Others

Vertical Farming Crops Market – by End Use

Food Service

Food Retail

Vertical Farming Crops Market – by Farming Technique

Hydroponics

Aeroponics

Aquaponics

Regional and Country-wise Analysis: Global Vertical Farming Crops Market

– North America (U.S., Canada, Mexico)

– Europe (U.K., France, Germany, Spain, Italy, Central & Eastern Europe, CIS)

– Asia Pacific (China, Japan, South Korea, ASEAN, India, Rest of Asia Pacific)

– Latin America (Brazil, Rest of L.A.)

– The Middle East and Africa (Turkey, GCC, Rest of Middle East)

Key points from Table of Content:

  1. Introduction
  2. Key Takeaways
  3. Research Methodology
  4. Vertical Farming Crops Market Landscape
  5. Global Vertical Farming Crops Market – Key Industry Dynamics
  6. Vertical Farming Crops – Global Market Analysis
  7. Global Vertical Farming Crops Market Analysis – By Crop Type
  8. Global Vertical Farming Crops Market Analysis – By End-Use
  9. Global Vertical Farming Crops Market Analysis – By Farming Technique
  10. Vertical Farming Crops Market – Geographic Analysis
  11. Impact of COVID-19 Pandemic on Global Vertical Farming Crops Market
  12. Industry Landscape
  13. Key Company Profiles
  14. Appendix

LIST OF TABLES

LIST OF FIGURES

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