Drivers, Restraints, and Opportunities
Maximum utilization of vertical space and balanced energy usage, convenience in crop monitoring and harvesting, and limited arable land for traditional agriculture fuel the global vertical farming market growth. However, high initial investments limit the market growth. On the other hand, rise in prominence of organic foods create new opportunities in the coming years.
Allied Market Research recently published a report, “Vertical Farming Market By Structure (Building-based Structure and Container-based Structure), Growth Mechanism (Hydroponics, Aeroponics, and Aquaponics), and Component (Irrigation Component, Lighting, Sensor, Climate Control, Building Material, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030″. According to the report, the global vertical farming industry garnered $3.24 billion in 2020, and is expected to reach $24.11 billion by 2030, registering a CAGR of 22.9% from 2021 to 2030.
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COVID-19 Scenario:
- Owing to lack of availability of workers, the vertical farming market has been impacted considerably. However, the building-based vertical farming has been impacted in a positive manner.
- Owing to lockdown restrictions, have been decline in manufacturing utilization, travel bans, and facility closures, the electronics and semiconductor sector has been disrupted. This reduced manufacturing activities and supply of electronics equipment such as sensors, lighting, and others that are needed for carrying out vertical farming activities.
The Shipping Container Based Vertical Farms segment to grow at the fastest CAGR
Based on structure, the shipping container based vertical farms segment is expected to witness the largest CAGR of 25.2% from 2021 to 2030, owing to reduction in cost and time required for extensive construction in comparison to conventional agriculture. However, the building based vertical farms segment held the highest share in 2020, accounting for more than half of the global vertical farming market, and is expected to maintain its leadership status during the forecast period. This is due to rise in demand in dense urban environments and the trends of current cultivation techniques and projects.
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The Hydroponics segment to continue its lead in terms of revenue during the forecast period
Based on growth mechanism, the hydroponics segment accounted for the highest share in 2020, contributing to more than two-fifths of the global vertical farming market, and is expected to continue its lead in terms of revenue during the forecast period. This is attributed to ongoing developments that cater to casual indoor growers. However, the aeroponics segment is estimated to portray the fastest CAGR of 24.0% from 2021 to 2030, owing to its environment-friendly nature, high yield of crops, and high investments from key players.
Asia-Pacific, followed by North America, to continue its dominant share by 2030
Based on region, Asia-Pacific, followed by North America, contributed to the highest share in 2020, accounting for nearly half of the global vertical farming market, and is estimated to continue its dominant share by 2030. This is attributed to upsurge in demand for organic food. However, Europe is projected to register the largest CAGR of 25.3% during the forecast period, owing to increase in building of Controlled Environment Agriculture (CEA) facilities.
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Leading Market Players
- 4D Bios Inc.
- Agrilution
- AeroFarms
- Everlight Electronics Co., Ltd.
- AMHYDRO (American Hydroponics)
- Illumitex Inc.
- Hort Americas
- Urban Crop Solutions
- Koninklijke Philips N.V.
- Sky Greens
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