Vertical Farming Market to achieve considerable growth in 2024, APAC to remain a dominant growth avenue

Asia Pacific Vertical Farming Market to grow at 30% CAGR over the forecast timespan. According to a report by the UN, in Asian cities with more than or equal to 500,000 inhabitants are projected to increase by 30% by the end of 2030. Asia Pacific is expected to emerge as one of the most popular regional grounds for vertical farming market, primarily aided by countries such as Singapore and Japan where land scarcity has become an issue of national concern plaguing the country. Other countries such as China, India, South Korea, and Taiwan are also touted to become highly lucrative revenue pockets for APAC vertical farming market.

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Being a massively practiced controlled environment agriculture technique, indoor farming plays a vital role in combating the rising food demand for the ever-increasing populace. Another pivotal advantage of this type of farming is that it is controlled from external adverse climatic changes and thereby lends extra protection to crops. On account of the fact that it helps produce feed in substantially higher quantities without crop damage, vertical farming market size from indoor farming is expected to depict a CAGR of 28% over 2018-2024.

On technology basis, vertical farming market is bifurcated into hydroponics, aeroponics and aquaponics. Aeroponics shows CAGR of around 28.5% over the forecast timespan as this technique helps in growing plants in an air/mist environment without soil and minimal water. It is gradually gaining momentum as it is among one the most suited ways for vertical farming by utilizing 90% less water than the hydroponic system.

Vertical Farming Market in outdoor application is anticipated to grow rapidly over the predicted years. While outdoor vertical farms are a rather common phenomenon, the concept of farming indoors on account of lack of space in urbane locales has been gaining momentum lately. Basically, indoor farms is inclusive of growing fruits, fish, and vegetables in a controlled environment, such as freight containers, parking spaces, and warehouses.

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Prominent players operating in this market often engage in collaborations to enhance crop yield and provide a positive impetus to vertical farming market. For instance, Philips Lighting, one of the global lighting technology leaders, announced last year that it has completed the installation of Philips GreenPower LED Production Modules at Ecobain Gardens, the largest commercial vertical farm operation in Canada. Through this venture of upgrading the previously used lighting in the facility from fluorescent to LED, Philips Lighting aims to help the vertical farming market major enhance production on a commercial scale, improve growing cycles, and help to grow healthier plants. The move had been touted to save close to CAD 30,000 in energy costs per year.

The foremost players in vertical farming market are Plantagon International, American Hydroponics, Sky Greens, Mirai, Urban Crop Solutions, Koninklijke Philips N.V, Green Spirits Farms, Spread Co., etc. There are many equipment manufacturers present in market such as Illumitex, Inc., Everlight Electronics Co. Ltd., etc.

Table Of Content For This Research Report:

Chapter 5. Vertical Farming Market, By Technology

5.1.  Global vertical farming market technology insights

5.2.  Hydroponics

5.2.1. Market estimates and forecast, 2013 – 2024

5.2.2. Market estimates and forecast, by region, 2013 – 2024

5.3.  Aeroponics

5.3.1. Market estimates and forecast, 2013 – 2024

5.3.2. Market estimates and forecast, by region, 2013 – 2024

5.4.  Aquaponics

5.4.1. Market estimates and forecast, 2013 – 2024

5.4.2. Market estimates and forecast, by region, 2013 – 2024

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Chapter 6. Vertical Farming Market, By Application

6.1.  Global vertical farming market application insights

6.2.  Indoor

6.2.1. Market estimates and forecast, 2013 – 2024

6.2.2. Market estimates and forecast, by region, 2013 – 2024

6.3.  Outdoor

6.3.1. Market estimates and forecast, 2013 – 2024

6.3.2. Market estimates and forecast, by region, 2013 – 2024

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