Global Vertical Farming Market to grow at 27% CAGR from 2017–2024

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Global Vertical Farming Market to grow at 27
CAGR from 20172024 Fractovia.org
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Key Insights of Vertical Farming Market

• Vertical Farming Market will cross USD 13 billion
  by 2024, driven by soaring population levels
  leading to imbalances in food demand and supply.
• The global vertical farming market is expected to
  surge substantially with the current demographic
  trends pointing toward human population
  surpassing 9 billion by 2050 and 70 of this
  population residing in the urban centers. Recent
  FAO estimates indicates that in order to feed the
  larger, urbanized, and richer population, the
  global food production must increase by 70. With
  the increasing food demand and limited resources,
  the vertical farming industry has witnessed a
  massive demand in the recent years. The practice
  of growing food and medicine in vertically
  stacked layers and other such vertical structures
  is termed as vertical farming. This technique is
  set to yield more crops per m2 with less water
  consumption when compared to traditional farming
  and is therefore widely used to produce fresh,
  high quality, and nutritious food. The declining
  arable land, water conservation, climatic
  variation, and soaring population have provided a
  significant impetus to the global vertical
  farming industry trends. As per Global Market
  Insights,

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Continued

• Research activities across the globe have
  directed various companies to undertake small
  scale farming of fruits, herbs, vegetables,
  spices, and aquatic species as well. Tomatoes,
  leafy vegetables, strawberries, lettuce, and
  cucumber are the most popularly grown plants
  across various regions. Lettuce contributed to
  30 of the overall vegetables, fruits, and herbs
  market in 2015 and is expected to drive the
  product landscape over the coming years. In terms
  of technology, crop production through the
  hydroponics technology has witnessed significant
  demand over the recent years having accounted for
  more than 50 of overall vertical farming
  industry share in 2016. Aquaponics vertical
  farming is also gaining a substantial prominence,
  owing to rising demand for edible fish such as
  Tilapia, which dominates the aquatic species
  segment. Reportedly, some of the European
  countries are leading in raising aquatic species
  including crabs and fish through vertical farming.

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U.S. Vertical Farming Market Size, By Technology,
2013 - 2024 (USD Million)

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Industry Coverage

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Continued.

• Japan vertical farming market is expected to
  witness lucrative growth prospects, as majority
  of the vertical farms are presently located in
  Japan. The regional market held more than 25 of
  the total Asia Pacific vertical farming industry
  share in 2015. Other countries including China,
  India, and South Korea are also exhibiting huge
  potential for vertical farming market to expand.
  Seasonal changes have boosted the indoor vertical
  farming technique in controlled environments,
  freight containers, warehouses, and even parking
  lots. Many companies are also developing
  aggressive business models to make such sectors
  profitable. Over the forthcoming years, the
  industry is poised to witness various
  partnerships and mergers with LED lighting
  companies to optimize the plant growth and
  quality.
• Prominent vertical farming industry players
  include Urban Crop Solutions, Spread co Ltd,Sky
  Greens, American Hydroponics, Aerofarms, Mirai
  Co.Ltd., and Plantagon International AB.

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