Vertical Farming Market

According to a new report published by xResearch, titled, “Vertical Farming Market 2022– Industry Insights, Trends, Opportunity & Forecast, 2021–2030,” the global vertical farming market size is anticipated to witness exponential growth during the forecast period i.e.2022-2030.

 

The rising demand for food due to the ever-increasing population worldwide; the growing need for the adoption of environment-friendly production of fruits and vegetables; the surging demand for high-quality food; the burgeoning awareness regarding the benefits of vertical farming including ease of crop monitoring and harvesting; the snowballing concerns regarding shrinking arable land globally; the proliferating demand for sustainable agricultural ecosystems;  the increasing incidences of obesity and heart diseases among people across the globe, and the raising consumer concerns toward health are among the major factors contributing to the growth of the global vertical farming market.

 

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According to offerings, the hardware segment led the global vertical farming market in 2021. The segment is projected to maintain its position further in the market during the forecast period of 2022-2030. According to growth type, the hydroponics segment dominated the global vertical farming market in 2021. The segment slated to continue with its dominance throughout the forecast period of 2022-2030. On the other hand, the aeroponics segment is estimated to attain the highest CAGR in the market during the forecast period.  According to crop type, the lettuce segment held the largest share of the global vertical farming market in 2021. The segment’s position is expected to remain unchanged during the forecast period of 2022-2030.

 

Geographically, the Asia Pacific region commanded the global vertical farming market in 2021, followed by North America and Europe. The trend is expected to continue during the forecast period owing to the raising awareness regarding the importance of alternative farming, the presence of the largest vertical farms, the rising need to reduce the dependency on imported food, and the increasing operations of leading market players in the region. Countries such as India, China, Japan, South Korea, Australia, and Taiwan are among the key contributors to the growth of the market in the region.

 

Some of the major vertical farming companies profiled in the report include Heliospectra AB, Infarm, Altius Farms, Intelligent Growth Solutions, 4D BIOS INC., Green Sense Farms, Agrilution, American Hydroponics, Urban Crop solutions, and Signify.

 

The global vertical farming market is segmented into growth type, structure, crop type, offerings, and region. Based on growth type, the market is bifurcated into hydroponics, aeroponics, and aquaponics. Based on structure, it is classified into building-based vertical farm and shipping container-based vertical farm. Based on crop type, it is classified into lettuce, pepper, broccoli, cucumber, spinach, tomato, strawberry, pomegranate, and others. Base don offerings, it is classified into hardware, software, and services.

 

The global vertical farming market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa).

 

Key Insights of Vertical Farming Market

  • On the basis of offerings, the hardware segment led the global vertical farming market in 2021. The segment is projected to maintain its position further in the market during the forecast period of 2022-2030.
  • On the basis of growth type, the hydroponics segment dominated the global vertical farming market in 2021. The segment slated to continue with its dominance throughout the forecast period of 2022-2030. On the other hand, the aeroponics segment is estimated to attain the highest CAGR in the market during the forecast period.
  • On the basis of crop type, the lettuce segment held the largest share of the global vertical farming market in 2021. The segment’s position is expected to remain unchanged during the forecast period of 2022-2030.
  • On the basis of region, the Asia Pacific region commanded the global vertical farming market in 2021, followed by North America and Europe. The trend is expected to continue during the forecast period.

 

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xResearch is a market research and consulting organization that uses unique data, expert analysis, and new technologies to create trusted intelligence on industries. Our research is focused on delivering an informed and impartial view on essential market data of industry, and it is primarily driven by an in-depth study covering the following parameters: Market Sizing and Forecasting, Market Segmentation, Competitive Analysis, Strategic Assessment and Business Modelling.

 

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