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The duration of the agricultural vertical farming market is expected to grow at a CAGR of 20. 7% between 2021 and 2028.
Pune, India, October 23, 2023 (GLOBE NEWSWIRE) – According to our latest report on the Vertical Agricultural Crops Market Size, Forecast to 2028 – COVID-19 Impact and Overall Analysis – through Crop Type, End-Use and Farming Technique and Geography”, the Vertical Crop Market is expected to grow from USD 282. 80 million in 2021 to USD 1,057. 75 million until 2028; It is estimated to grow by 20. 7% between 2021 and 2028. The main points driving the growth of the market are the increasing adoption of modern and technological farming techniques and the increasing demand for new organic agricultural products that do not contain pesticides.
Some players in the global vertical farming market are AeroFarms, Agricool, BOWERY FARMING INC. , CropOne, Infarm, Plantlab, Plenty Unlimited Inc. , Gotham Greens, MIRAI, Co. Ltd. et BrightFarms. State-of-the-art, high-quality products to meet the needs of converting visitors. Players have learned the immense prospects of vertical farming and have been very concerned about mergers and acquisitions, product innovation, and other similar market initiatives.
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Europe accounted for the largest percentage of the global vertical agricultural market. The well-established agribusiness industry, the immediate adoption of modern farming techniques, and the growing demand for organic food products are some of the key points driving the expansion of the region’s vertical farming market. . For example, according to the CBI, Germany is the largest market for organic food, accounting for 29% of total retail sales of organic products in the European Union in 2018. In addition, Europeans themselves care about their health and prefer organic and new products. agricultural products. In addition, an increasing number of startups in the region are dabbling in vertical farming. For example, Agricool, a vertical agricultural company, has developed a new approach to developing food products locally and sustainably, adding strawberries. He creates small farms in urban spaces that employ old boxes called cooltainers to grow strawberries vertically without pesticides. Hence, the growing number of start-ups that are employing cutting-edge vertical farming strategies is driving the expansion of the region’s vertical farming market.
Growing demand for vertical farming in densely populated urban areas
Many projects have been introduced in urban spaces, especially in metropolitan cities, in new ecosystem facilities offering the maximum solutions of sustainable and effective food sources and transporting new and blank vegetables. Indoor urban vertical farming (IUVF) is one of the most notable achievements. of agriculture. It is completely aimed at satisfying the food desires of other people living in urban spaces with the lowest environmental and energy prices. Vertical farming has gained abundant importance in various urban spaces around the world due to its favorable role in the agricultural sector. Vertical farming is helping to reduce transportation costs because farms are located next to distribution sites. Planned crop production and development conditions can be accelerated by adjusting temperature, humidity, and lighting conditions. This has increased the popularity of vertical farming in urban and metropolitan spaces. cities, which is expected to open up lucrative expansion opportunities in the coming years.
Agricultural Vertical Farming Market: Segrained Overview
By crop type, the vertical agricultural crops market is segmented into tomatoes, leafy greens, herbs, and others. The herbs segment is expected to grow at the fastest CAGR of the forecast period. Some important herbs grown employing vertical farming techniques come with coriander, parsley, basil, marjoram, thyme, rosemary, sage, celery, lemongrass, chives, chili, tarragon, ginger, and oregano. Manufacturers are making significant investments to improve herb production through vertical farming methods. For instance, in January 2021, Vertical Field, an Israel-based vertical farming company, signed a strategic agreement with Emirates Smart Solutions
In terms of end-use, the agricultural crops vertical market is segmented into food retail and food services. The food retail segment accounted for the largest percentage of the agricultural crop market in 2020. Most vertical agricultural corporations have a very short chain of origin and deliver their products almost to convenience retailers and supermarkets, in addition to Walmart and Whole Foods. Retail establishments such as hypermarkets and supermarkets have higher visitor traffic. Therefore, companies distribute their products through other retail channels to improve their sales. In addition, those retail establishments have modern garage amenities that maintain the freshness of vertical farming.
On the basis of agricultural technique, the vertical farming market is segmented into hydroponics, aeroponics, and aquaponics. The aeroponics segment is expected to grow at the fastest CAGR of the forecast period. Many vertical farming corporations are adopting the aeroponic formula to grow their crops. Aeroponics uses 90% less water than other vertical farming methods, with the addition of hydroponics. In addition, it has been observed that plants grow faster in aeroponic formula than in hydroponic formulas.
In addition, in aeroponics, fertilizer use is reduced by 60%, while crop yields increase by 45-75%. Plants grown in those systems have a higher nutrient content. Because of those benefits, aeroponics is gaining popularity among farmers and vertical growers. around the world.
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Impact of the COVID-19 Pandemic on the Agricultural Crops Vertical Market
The COVID-19 pandemic has affected the economies and industries of various countries due to closures, travel bans and border restrictions. The agri-food industry has also suffered serious disruptions due to shortages of raw materials, hard work and the closure of production units. During the early days of the pandemic, several corporations announced possible delays in product deliveries and a drop in long-term sales of their products. Additionally, travel bans imposed across countries in Europe, Asia and North America are impacting companies’ hard work and partnership opportunities. However, with the growing fitness awareness among people, the demand for locally produced organic foods has increased significantly. This will most likely create lucrative opportunities for the vertical farming market in the coming years. There is growing interest in vertical farming around the world, with large facilities already operating in Asia, the Middle East and Europe. New projects have been announced since the start of the COVID-19 epidemic. With many industries facing unprecedented demanding situations due to the pandemic, vertical farming is expected to rise during the forecast period due to rising demand for new pesticide-free products. Furthermore, the expansion of vaccination rates and easing of regulations by governments of other countries are also expected to definitely drive the expansion of the vertical farming market during the forecast era.
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