Global Vertical Farming Market By Structure (Building-based Vertical Farms, Container-based Vertical Farms), By Growth Mediums (Hydroponics, Aeroponics, Aquaponics), By Region and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2019–2029

The world population is exponentially increasing, and there are a lot of challenges faced by countries all over the world. One of the main problems is the availability of arable land for agricultural purposes. This factor is affecting the availability of food in the world. The traditional methods of farming are also facing challenges due to unusual weather conditions coupled with the various pests that are affecting the crops. Vertical farming is a new method of farming where the food ingrown on vertically inclined surfaces. This method employs the process of growing crops indoors. Temperature conditions such as humidity, light, and gases are controlled artificially. The major objective of this approach is the maximize productivity by growing crops in limited spaces. According to the United Nations, the food production must be increased by 70% to fulfill the growing population, which is expected to reach 10 million by 2050. The vertical farming is the best option to achieve the needs of the increasing population, and is expected to register very high growth in the coming years.

The major requirements of vertical farming are physical layout for the crops, lighting, a medium for the crops, and sustainability features. Cultivation of the crops is done in layers that are stacked to develop a tower-like feature.  The optimal combination of both the natural and artificial lights are used. Next, the medium in which the crops will be grown is selected. The last and utmost important step is that this method uses a sustainable approach to grow crops. So it uses less amount of water and consumes low power for farming. Indoor and vertical farming technology-based company LettUs Grow has secure approximately US$ 3 million in seed funding. The increasing funding, coupled with the growing advantage of vertical farming over traditional farming methods, is boosting the vertical farming market growth.

There are three different types of vertical farming namely hydroponics, aeroponics, aquaponics. The most widely used approach is hydroponic where the plants are grown in a nutrient medium. The plants are submerged in the solution in which nutrients are monitored and the optimal chemical composition is maintained regularly. Aeroponics is the method that involves the growth of the products in an air/ mist environment that uses less amount of water. This method is still in the development phase but experiments have shown that the plants are much healthier and nutritious in this method. In aquaponics, the plants and the fish are placed together in a pond, and the organic waste to feed the plants. This growing approach towards vertical farming is expected to propel the vertical farming market growth.

Additionally, there has been a rise in demand to develop pesticide-free food among consumers. As vertical farming does not use any pesticide, this acts as a viable option. The method also does not produce any negative impact on the climatic conditions as a result of which this farming is highly sustainable. However, lack of technical knowledge and low awareness regarding the maintenance may hamper the market growth. Furthermore, one of the major restraining factors for this method is the unavailability of infrastructure coupled with high initial setup cost, which may restrict the market growth. Also, it may be challenging to find the optimal environment to grow the crops. The unavailability of an optimal amount of power and water may also restrict the growth of crops.

The Asia Pacific region is expected to show remarkable market revenue growth. The adoption of vertical farming is majorly seen in emerging countries such as China, India, Japan, Vietnam, Thailand, and others. The Japanese were the pioneers of vertical farming. The Asian countries have a larger population and thus, they become the optimal markets for growing the crops using this method. Leafy vegetables and fruits such as Strawberry, Lettuce and other vegetables are grown by this method. Recently the North American markets are also adopting this method of farming. The countries implement corporate social responsibility (CSR) regulations, which will boost the growth of the vertical farming market.

Segmentation:

By Structure:

• Building-based Vertical Farms
• Container-based Vertical Farms

By Component:

• Irrigation Component
• Lighting
• Sensor
• Climate control
• BUILDIng material
• Others

By Growth medium:

• Hydroponics
• Aeroponics
• Aquaponics

By Region:

• North America
• Europe
• Asia –Pacific
• South America
• Middle-East and Africa

Key players:

• 4D Bios, Inc.
• AeroFarms
• Agrilution
• AMHYDRO (American Hydroponics)
• Everlight Electronics Co., Ltd.
• Hort Americas
• Illumitex Inc.
• Koninklijke Philips N.V.
• Urban Crop Solutions