An Analysis of the Vertical Farming Market


Vertical Farming Market

 

Vertical Farming – An Introduction

The process of growing plants in a vertical plane, which helps in increasing the square footage in indoor farming spaces is known as Vertical Farming. It is a new practice of producing plants with medicinal properties and food in vertically arranged layers. This kind of indoor farming is achieved by suspending the vertically inclined shelves on a wall or a fence. Vertical Farming uses natural sunlight strategically in an indoor environment by utilizing solar heating during the day.

Green vegetables like lettuce and kale use artificial lighting and humidity for growth in these vertical farmhouses. Although crops like corn or grain are not a practical fit for this type of agriculture, some fruit plants like grapevines can be successfully grown in this kind of environment.

The Vertical Farming Market – An Insight

The advent of powerful LED lights, use of hydroponics and aeroponics with comparatively lower labor costs and practical usage of the limited spaces available for farming, has provided the global vertical farming market an impetus to grow on a large scale, worldwide. There has been an upsurge in demand for urban agriculture due to the massive growth of population all over the world. The global vertical farming market, which was valued at USD 2.5 billion in 2016, is now forecasted to surpass USD 7.48 billion by the end of 2021. The growth of Aquaponics and Aeroponics has precedence over the market share of hydroponics, and it is continuing to grow at a rapid rate. The market of aeroponics is witnessing rapid growth due to the usage of less water in comparison to the other traditional methods of farming. The other aspect that supports a favorable growth for the aeroponics market share is the utilization of smaller spaces for farming, which is proving to be most beneficial for the farmers.

R&D in the Field of Vertical Farming – A Perspective View

An extensive research is going on all across the globe in the field of urban agriculture that has attracted various technology companies to invest in vertical farming on a smaller scale. Research and experiments are going on in some of the most reputed research institutes and laboratories across the globe where they have come up with different prototype models to enhance the feasibility of commercialization of this new age farming technology.

To maximize the crop yield productivity along with increasing the yield quality, the existing crop producers in vertical farming carry out various experiments. The major setback that these existing vertical farming crop producers are facing is the high-energy consumption of the lighting equipment that is required to grow and enhance these food and medicinal plants under artificial conditions.

Despite all these hurdles, by 2024 around 70% of the share will be accounted for growing indoor crops in artificial conditions inside warehouses, shipping containers and parking areas due to limited space being available in metro cities all around the world. The CEA (Controlled-Environment Agriculture) is revolutionizing the methods in this field by taking vertical farming in outdoor environments such as skyscrapers, deserts, and barren lands.

Scope & Future Growth of Global Vertical Farming – A Summary

The global vertical farming product market is known to consist of green vegetables, fruits, herbs, and medicinal plants but some of the latest researches show that the key players in the global vertical farming market have also ventured into cultivating aquatic species under a similar but little-modified environment conditions. Although fruits and green vegetables like lettuce are still dominating the market, raising marine species is also becoming a viable option to venture into.

Most edible fishes like Tilapia and crabs have been found to have a proper growth in such a specific artificial environment. Raising such aquatic species will revolutionize the vertical farming market in the upcoming years. Moreover, the vertical farming market in countries, specifically in the Asia-Pacific region like Singapore, Japan, and China is expected to grow at an impressive rate due to their declining food self-sufficiency rates and availability of fertile land.

It is estimated that the global vertical farming market is going to surpass USD 7.48 billion by 2021. Even though this market is still in its nascent stage, the viability of its products and the versatility of this market, that ventures into indoor farming, outdoor farming, edible crops and fruits, medicinal herbs to raising aquatic species, is going to gain a huge market share in the coming decades.

Check out Market Data Forecast’s comprehensive reports with in-depth analysis about the Vertical Farming Market and a free research sample can also be availed. Stay tuned for trending news stories about the latest technologies and interesting Agriculture tit-bits.


Share this post:

Recent Posts

Leave a Comment

41 − = 38