Global Vertical Farming Produce Market Size, Trends & Analysis with COVID-19 Impact - Forecasts to 2026 By Growth Mechanism (Hydroponics, Aeroponics, Aquaponics), By Structure (Building Based Vertical Farms, Shipping Container-Based Vertical Farms), By Crop Type (Vegetables, Fruits), By Offering (Hardware, Software, Services), By Region (North America, Asia-Pacific, Middle East & Africa, CSA Europe), End-User Landscape and Company Market Share Analysis and Competitor Analysis
Vertical Farming Produce Market Insights
The vertical farming produce market is expected to experience an upward trend during the forecast period. It is the method of cultivating food crops on vertical surfaces. The method consumes less water overcoming the water crisis in agriculture. The various drivers leading to high market demand include the declining LED cost, the growing role of artificial intelligence, and the water shortage leading to inadequacy in crop productivity. Investment in the market by big market players like Amazon and Google are also leading to high market growth and potential. The growing urban young population will also drive the market towards a greater growth path. The climate degradation also works as a push factor for the market demand. The high start-up cost works as a market deterrent during the forecast period. The vertical framing is also a sustainable solution for the farmers hit by the pandemic worldwide.
Vertical Farming Produce Market: By Growth Mechanism
Based on the growth mechanism, the market considers hydroponics, aquaponics, and aeroponics. The hydroponics segment would experience a high growth rate in the market. The biggest advantage of hydroponic is there is no usage of weeds and pests, minimum water is used and there is a multifold increase in production. The aeroponics segment too would trend in an upward direction. They occupy less space and are well equipped for urban spaces. The added advantage is that aeroponics enables more oxygen supply to the plants in contrast to other methods.
Vertical Farming Produce Market: By Structure
Based on the structure, the market considers building based and shipping container-based vertical farms. The shipping container segment would have a huge market growth. This shipping container farm is growing with the help of smart tools & software and hydroponics. The rising role of the farming startup and investment in machines are driving the segment growth and demand during the forecast period.
Vertical Farming Produce Market: By Crop Type
Based on the crop type, the market considers fruits and vegetables into account. The vegetable segment will experience a high growth pattern in this market. Green vegetables are very popular for indoor vertical farming as leafy green vegetables that are easy to grow and are rich in nutrients. The fruit segment also represents ample potential in the market as vertical farming leads to a reduction in the time the perishable fruits reach the markets.
Vertical Farming Produce Market: By Offering
Based on the offering, the market takes software, and hardware into account. The software segment will have a high growth trend path during the forecast period. The software allows the end-user to track the fruits to its area of land, grower, and crop batch. The software also enables farmers to make farm summaries and records, results in the creation of automatic budgets, and monitors costs related to chemicals or fertilizer.
Vertical Farming Produce Market: By Region
Based on the region, Asia-Pacific would grow at a high growth pace in this market. China and India both can aid the market in higher economic growth. The rising young population growing urban land and heavy investments by the leaders in the market space will lead to high market demand during the forecast period. Europe also represents high market growth during the forecast period with it’s established network of vertical farming startups and biggest supermarkets collaboration with the vertical farming companies, the region would lead to better growth of the vertical farming.
Market Share and Competitive Analysis
Key players in the market include Growing Greens, Urban Green Fate, Homecrop, Pind Fresh, Living Food Company, Urban Kisan, Sure Grow, Kisano, The Living Greens, AeroFarms, Plenty, Iron Ox, Green Spirit Farms, Bowery Farming, Bright Farms, Gotham Greens, InFarm, AgriCool, The New Farm, LettUs Grow, Plantui, and Agrilution among others.
In August 2020, Agtech company iFarm raised USD 4M for its indoor farming solutions.
Please note: This is not an exhaustive list of companies profiled in the report.
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The Global Vertical Farming Produce Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Vertical Farming Produce Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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