Global Vertical Farming Market Overview:
With the technological advancement, growing demand for food security owing to a reduction in arable land worldwide is driving the Global Vertical Farming market. The practice of cultivating food and medicinal plants which are stacked vertically or inclined vertically integrated into to structures such as a skyscraper, used warehouse or shipping container is defined as vertical farming. This type of farming provides high-quality nutritious food without depending on high soil fertility, skilled labor, and high water usage. Vertical Farming is equipped with modern technologies coupled with controlled-environment factors. Around 90% of crop production is anticipated to come from higher yields and the rest of the share is expected to come from farmland expansion.
- Growing Adoption of Organic foods by Consumers
- Rising Disposable Income and Urban population
- Increasing Awareness among Consumers for Organic Food Adoption
- Increasing Demand for high-quality and Organic food and its Popularity
- Growing Production of Biopharmaceutical companies to produce a variety of Medicinal Plants
- Practice of Vertical farming in Retail Centers Reducing Transport Cost and Time
- High price of Farmscraper cost of Organic Pesticides and Hardware cost
- Increasing cost for Initial investment
- Highly Consolidated Market
- Significant Acceptance of Nanotechnology and Robotics
- Production of Vertical farming on large scale production is posing a challenge for the market
The market appears to be moderately competitive and consolidated with players who are using advanced technology solutions to cultivate specific crops. A different approach and business models are adopted by these companies to sustain and make vertical farming a profitable business. On September 2018, Dubai has adopted a high-tech, low-water agriculture set of a new superlative world's largest vertical farm in a million dollar joint venture between agri-tech firm Crop One Holdings. and Emirates Flight Catering.
Some of the key players profiled in the report are AeroFarm (United States), FarmedHere LLC (United States), Illumitex, Inc., (United States), Koninklijke Philips N.V.(Netherlands), American Hydroponics (United States), Fujitsu Limited (Japan), Agrilution GmbH (Germany), Vertical Farm Systems (Australia), Sky Greens Co. Ltd. (Singapore), Everlight Electronics Co., Limited (Taiwan), Green Sense Farms, LLC (United States), New Quantum Holdings Pte Limited (Singapore), Farmart Centre Pte Limited (Singapore), Freight Farms, Inc. (United States) and Crop One Holdings (United States). Additionally, following companies can also be profiled that are part of our coverage like Golden Agri Resources Limited (Singapore), Urban Crops (Belgium), Mirai Co. Limited (Japan) and Hort America (United States). Analyst at AdvanceMarketAnalytics see United States Vendors to retain maximum share of Global Vertical Farming market by 2024. Considering Market by Technology, the sub-segment i.e. Lighting Sensor System will boost the Vertical Farming market. Considering Market by Structure, the sub-segment i.e. Building Based will boost the Vertical Farming market. Considering Market by Mechanism, the sub-segment i.e. Hydroponics will boost the Vertical Farming market.
On September 2018, Freight farms (Innovator of smart hydroponic software) announced ‘Grown’ world’s first onsite vertical farming service to its product line. With Grown, Freight Farms will not only install its signature hydroponic farm the Leafy Green Machine on site, but staff a designated farmer to operate, monitor, and maintain the farm completely.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Vertical Farming market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Vertical Farming market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Agriculture Crop Manufacturers, Government and Regulatory bodies, Venture Capitalists, Investors, Distributors and Suppliers and Vertical Farming Manufacturers.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.