Vertical Farming Market Analysis

Vertical Farming Market Analysis

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
 

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.