Vertical Farming Market - By Product (Equipment, Fruits, Vegetables & Herbs, Aquatic Species), By Technology (Hydroponics, Aeroponics, Aquaponics), By Application (Indoor, Outdoor) & Forecast, 2021-2027

Vertical Farming Market - By Product (Equipment, Fruits, Vegetables & Herbs, Aquatic Species), By Technology (Hydroponics, Aeroponics, Aquaponics), By Application (Indoor, Outdoor) & Forecast, 2021-2027

Vertical Farming Market Size

Vertical Farming Market size surpassed USD 4.51 billion in 2020 and is poised to grow at a CAGR of over 23% between 2021 and 2027. The ability of vertical farming to produce high-quality herbs, fruits, and vegetables throughout the year will positively influence the market revenue.

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The rate of conservation and recycling of natural resources in vertical farming is another factor that will contribute to the vertical farming market growth. The majority of the water used in traditional farming is lost due to evaporation or runoffs. On the other hand, vertical farms need less water than traditional farms and most of the water is recycled back, thus reducing the usage of water by almost 90%. Vertical farming also reduces dependency on fertilizers & pesticides and needs less soil than conventional farming. However, high capital requirement, energy consumption, limitations on crop variety, and the lack of awareness may restrict the market penetration in agriculture industry.

Lower installation cost & easy operations will drive the demand for hydroponics

Hydroponics technology segment held around 50% vertical farming market share in 2020. The growing conditions in hydroponics technology can be consistently monitored and controlled to ensure correct chemical composition for effective growth. It utilizes less water compared to traditional farming techniques. This technology does not use soil, thus eliminating weeds, pests, etc. and subsequently cutting down labor costs. Furthermore, there are no limitations on setting up a hydroponics system on rural agricultural land. This will subsequently improve its accessibility and eliminate the need for a complex distribution network.

Vertical Farming Market Analysis

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In 2020, indoor application segment generated USD 3 billion revenue in the vertical farming market. It includes practices performed in warehouses, containers, research centers, parking lots, etc. This method plays an important role in satisfying the rising food demand due to the growing population and scarce land under cultivation. Indoor vertical farming consumes less water and gives out more harvest than traditional farming. Irrespective of sudden climatic changes, indoor farming produces feed in higher quantity without crop damage.

Vertical farming equipment market is predicted to witness more than 20% growth rate through 2027. Equipment including grow lights, atmosphere controllers, irrigation systems, pipes, etc., are used for varied purposes. They monitor the farm’s atmosphere, crop growth, and control the number of nutrients in the solutions. Within the equipment segment, environment & climate

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The Asia Pacific vertical farming market size is expected to expand at 24% CAGR during the forecast period. Japan holds the largest share in Asia Pacific as it is one of the early pioneers in the market. The rising expansion of existing vertical farming projects in conjunction with the integration of automation will propel the market demand in Japan. For instance, Spread Co. produces over 20,000 heads of lettuce each day. The company has around 3,000 square meter facility outside of Kyoto. Urbanization and rising population feeding requirements in countries including India, South Korea, Taiwan, and others will also fuel the industry growth.

Vertical Farming Market Share

Key companies operating in the vertical farming market include

• Sky Greens
• Green Spirit Farm
• Aerofarms
• Plantagon International
• Mirai Co., Ltd
• General Hydroponics
• Urban Crop Solutions
• American Hydroponics
• Spread Co

Manufacturers are constantly focusing on joint venture, partnership, merger & acquisition, and geographic expansion strategies to attain a competitive edge in the industry. For instance, in February 2020, Urban Crop Solutions collaborated with CropKing to enhance its service offerings.

The vertical farming market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2017 to 2027 for the following segments

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Market, By Technology

• Aeroponics
• Hydroponics
• Aquaponics
  • Salmon
  • Others

Market, By Product

• Equipment
  • Lighting systems
  • Pumps & irrigation systems
  • Tanks
  • Sensors
  • Pipes
  • Environment & climate controllers
  • Meters & solutions
• Fruits, vegetables, herbs
  • Tomato
  • Lettuce
  • Bell & chili pepper
  • Cucumber
  • Leafy greens
  • Herbs
• Aquatic species
  • Tilapia
  • Bass
  • Trout
  • Salmon
  • Carb

Market, By Application

• Indoor
• Outdoor

The above information is provided on a regional and country basis for the following

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Netherlands
  • Belgium
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • GCC