Vertical Farming Market – Industry Overview, Key Player, Analysis and Forecast To 2024, LLC, Everlight Electronics Co., Ltd., Illumitex, Inc

The global vertical farming market is predicted to grow at 21.4% CAGR during the forecast period with the market size reaching USD 8.8 billion by 2024. The major factor fueling the growth of the market include increasing awareness regarding the consumption of high-quality food products, increasing demand for food-based on no herbicide and pesticide, limited agricultural land space. In addition. adoption of independent farming techniques with a focus on vegetables and fruits also supports the growth of the vertical farming market, globally.

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Growth Drivers

The increasing awareness regarding the consumption of high-quality food products, increasing demand for food-based on no herbicide and pesticide, limited agricultural land space are the key factors leading to the growth in the vertical farming market, globally. The vertical farm helps to increase the productivity of crops by growing them in a limited space and climate-controlled environment. The technological advancements in the lighting industry have significantly supported the growth of the industry. With the use of artificial lights including grow lights the production of fruits and vegetables increases manifold.

Geographic Overview

Geographically, North America is the largest vertical farming market, due to the technological advancements, increasing research and development and increasing demand for no or low herbicide and pesticide-based crops. Moreover, increasing awareness among farmers, an increasing number of independent farmers producing crops in minimum space is also supporting the growth of the market in the region. Similarly, owing to the limited land space and the huge investment for vertical farming techniques, the demand for these farms is also increasing considerable in the second largest vertical farm market, among all regions, Europe.

Asia-Pacific vertical farming market is anticipated to grow at the fastest rate during the forecast period. The large population base, increasing the development of smart cities, increasing urbanization are the key factors leading to the adoption of vertical farming in the different countries of these countries. The increasing urbanization and increasing population in the countries such as China and India are creating huge stress on agriculture sector to fulfill the needs of consumers. Building based vertical farms are increasingly being popular and are anticipated to gain more traction in the coming years to overcome the burden on the agriculture sector and to ensure food security.

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Competitive Insight

Market players in the vertical farming industry are focusing on the advancements for the providing controlled environment in the buildings to support conditions as close to nature. AeroFarms, Urban Crop Solutions, Sky Greens, agrilution GmbH, Vertical Farm Systems, Green Sense Farms, LLC, Everlight Electronics Co., Ltd., Illumitex, Inc., Koninklijke Philips N.V., and American Hydroponics are some of the key players offering solutions in the vertical farming industry.

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