Vertical Farming Market Represents a CAGR of 23.7% from the year 2020 to 2026

Vertical Farming Market growth forecast during 2020 to 2026

Vertical Farming Market growth forecast during 2020 to 2026

2020 Future of Global Vertical Farming Market, Size, Share and Trend Analysis Report to 2026- Growth Opportunities, Competition, Forecasts and industry Outlook

SOUTHLAKE, TX, UNITED STATES, December 10, 2019 / — Based on the factors, increasing demand for pesticides free, high-quality food, sovereign agricultural technique with very little/no impact of climatic conditions to grow vegetation along with scarcity of land, the Vertical Farming Market is estimated to grow at 23.7% CAGR through 2026.

Further, increase awareness of healthy lifestyle worldwide by cumulative consumption of organic food to contribute to the vertical farming market growth. In addition, both quality and quantity vegetation obtained through vertical stacked farming aiding to fulfill the surplus food demand worldwide results in a positive impact on the vertical farming market growth.

Hydroponic method of technology tends to capture vertical farming, which ideally supports the raising of organic vegetation with more nutrients and less water consumption. In addition, the growing trend of urban agriculture activities, DIY farming, and indoor gardening are the factors helping in the expansion of vertical farming globally.

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Furthermore, being relatively nascent, the vertical farming industry is still in the process of mass awareness and acceptance of produce from vertical farms. In addition, controlled environment and providing artificial light with sustainable energy source remains areas of concern which challenges the market growth.

Insights on regional Vertical Farming Market growth during the forecast period through 2026

In the US, the vertical farming industry is witnessing growth with facilitation in terms of industry coordination, information exchange, innovation, and funding to reach masses. This training and education on vertical farming are becoming available at institutions which create strong market growth opportunities.

In addition, the active presence of key market players is enticing the market growth, for example, N.Y. Gotham Greens builds and operates ecologically sustainable greenhouses in cities across America.

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Whereas vertical farming becomes more mainstream across European countries, companies like LettUs Grow have seen more demand for their products. With the growth of stainable, tech-savvy alternatives as climate change increasingly impacts agriculture's profitability, market players are delivering solutions to meet the requirements. These efforts drive the vertical farming market growth in the years to come.

Across Asia Pacific, the populous countries are deeming hyperproductive indoor vertical farming built-in unused spaces to meet the demands of food consumption. Countries in Asia are observed to invest in food derived from vertical farming that is nutritious and safer without risk of food borne illnesses, pollution, allergens, and pesticides. For instance, deep beneath a South Korean mountain, a high-tech farm has been built inside a 2,000-feet-long tunnel to grow salads, leafy greens, and strawberries. This vertical farming method grows food without soil or natural light, in vertically stacked beds in a controlled environment with LED lights to grow crops all year round.

Furthermore, construction of a fully automated urban vertical farming facility in Australia is observed to be in process during the fiscal term. Accordingly, Fresh produce grower Freshero and agtech company RotoGro are set to agree on a joint venture to create footprint in the market growth by expanding and constructing similar facilities across South-East Asia, Middle East and the rest of the world.

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Active market players are observed to harness lucrative market growth opportunities during the forecast period

Key players are observed to capitalize on market growth through strategic partnerships and joint ventures Accordingly, Infarm, the Berlin-based vertical farming start-up is entering the US market by partnering with Kroger, a leading grocery retailer. In addition, in Europe, it is partnering with retailers including Marks and Spencer, Metro, Migros, Casino, and Intermarché, as well as with Amazon’s grocery delivery service AmazonFresh in Germany, Switzerland, France and Luxembourg.

Further, in November 2019, Marks & Spencer rolled out the first phase of its in-store urban farming trial to seven locations in London as part of its new partnership with Infarm.

Furthermore, in December 2019, Gotham Greens marked its move into the European region with the grand opening and first harvest of a new high-tech vertical farming facility.

Major market players of Vertical Farming Market include Sky Greens, FarmedHere, AeroFarms, Green Sense Farms LLC, Agrilution, American Hydroponics, Illumitex Inc., Koninklijke Philips N.V., Urban Crops, Everlight Electronics among others.

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Source: EIN Presswire