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.
AMA Research have segmented the market of Global Vertical Farming market by Type, Application and Region. On the basis of Type, Indoor are dominating the market in the year 2020
On the basis of geography, the market of Vertical Farming has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020.
Increasing Demand for high-quality and Organic food and its Popularity, Growing Production of Biopharmaceutical companies to produce a variety of Medicinal Plants and Practice of Vertical farming in Retail Centers Reducing Transport Cost and Time
Growing Adoption of Organic foods by Consumers, Rising Disposable Income and Urban population and Increasing Awareness among Consumers for Organic Food Adoption
Highly Consolidated Market and Significant Acceptance of Nanotechnology and Robotics
- High price of Farmscraper cost of Organic Pesticides and Hardware cost
- Increasing cost for Initial investment
In addition to the aforementioned factor, Growing Adoption of Organic foods by Consumers
is expected to propel the growth of the market over the forecast period.
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.
The key Vendors profiled in the study 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). A lot of United States players are profiled in the research study indicating a strong market dependence.