Vertical farming is a technique of cultivating crops in vertically stacked layers or inclined surfaces with the help of hydroponics or hybrid hydroponic techniques. Crops are grown indoors in a controlled environment with the help of artificial lighting like LEDs and precise blending of nutrients which maximizes yield output per unit area and allows production of crops close to the consumers. Vertical farming offers advantages such as higher yields, year-round harvesting, lower water and land requirements compared to traditional agriculture. The growing needs of feeding the world’s rising population in a sustainable manner is expected to drive greater adoption of vertical farming practices.
The global Vertical Farming Market is estimated to be valued at US$ 16.19 Mn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The adoption of hydroponics cultivation methods is one of the key trends driving growth of the vertical farming market. Hydroponics is a method of growing crops without soil by placing plants in nutrient-rich water or mist solutions. With hydroponics, vertical farms are able to grow crops in multilayer shelving located in warehouse-type buildings or other indoor structures. This allows vertical farms to maximize their output per unit area by growing upwards rather than outwards. The ability of hydroponics to grow crops vertically in controlled indoor environments free from pests and diseases is boosting its popularity among commercial vertical farmers. Rising focus on maximizing productivity is expected to further propel adoption of hydroponics in vertical farming over the forecast period.
Segment Analysis
The global vertical farming market is dominated by the hydroponics sub-segment. Hydroponics is a method of growing plants without soil by using mineral nutrient solutions in an aqueous solvent. Hydroponics utilizes less water than traditional agriculture and provides consistent nutrient delivery to plants which results in higher yields using less space. Hydroponics allows precise control over parameters like temperature, pH, nutrient concentration, and lighting which aids in producing crops independent of outdoor conditions and agricultural seasons.
Key Takeaways
The Global Vertical Farming Market Size is expected to witness high growth over the forecast period. The demand for locally grown crops along with year-round harvest abilities of vertical farms is boosting the adoption of vertical farming especially in developed regions.
Regional analysis: Europe dominates the vertical farming market currently due to extensive R&D support and funding for new agricultural technologies from European governments. Countries like the Netherlands, Germany, France and the UK are frontrunners in adopting vertical farming systems. The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to growing urbanization and focus on limited arable land for agriculture in populous nations such as China and India.
Key players operating in the vertical farming market are BASF SE, Eastman Chemical Company, Shandong Acid Technology Co. Ltd, Gujarat Narmada Valley Fertilizers & Chemicals Limited, LUXI GROUP, Perstorp Holdings ABPOLIOLI SpA, PT Pupuk Kujang, Rashtriya Chemicals and Fertilizers Limited, and Wuhan Ruisunny Chemical Co. Ltd.
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