Vertical Farming Market Revenue Will Reach $8 Billion By 2024, Says Esticast Research and Consulting
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As per the report “Vertical Farming Market By Component (Irrigation Component, Lighting, Sensor, Climate Control, Building Material, Others), By growth Mechanism (Hydroponics, Aeroponics, Aquaponics), Industry trends, Estimation & forecast, 2016 – 2024.” the global vertical farming market was valued at $1.47 billion in 2016, and is projected to reach $8 billion by 2024, growing at a CAGR of 20.1% from 2017 to 2024.
In 2016, the lighting segment generated the highest revenue share in the global vertical farming market. Among major Asia-Pacific market was the highest revenue generating market valued at $720 million in 2016.
“Traditional agriculture makes it challenging to attain profitability and distances customers from their food. With the growing population, an upsurging requirement of food for the global population is going to spur the demand for agriculture produce. This will lead to an increase in the demand for new and efficient agricultural trends. The tendency of vertical farming to use less space and to high yields is going to bring a hike in the demand of this technique in the urban areas.”
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Smart or precision agriculture is rapidly emerging as a technology that will help farmers to enhance the deliverables in agriculture. In 2016, lighting devices garnered nearly 1/4th of the total market share of the global vertical farming market. However, climate control components show an impressive growth with the highest CAGR during the forecast period. This is because, the indoor farming requires all the environmental factors to be accurately controlled. Climate control components such as climate computers and actuators are the pioneer requirement for an effective indoor farming.
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Hydroponics growth mechanism segment is expected to grow at an impressive CAGR, pertaining to its use of adequate resources
Hydroponics was the largest segment accounting to approx. 40% of the total market share in 2016. Hydroponics require subsequently lesser water for growing crops and is less vulnerable to diseases and bugs. Additionally, the pumice used in hydroponics makes growing environment more cost effective and efficient and is the best alternative for soil. However, the Aeroponics segment will experience the highest CAGR of 21.1% during the forecast period of 2017-2024. Aeroponics does not require water or soil for the plant growth but nutrient rich solution. Nearly any plant can be successfully grown using aeroponics, especially vegetables. The plants grown by using aeroponics grow faster, yield more, and are generally healthier than those grown in soil.
Asia-Pacific is the largest market for vertical farming supported by growth from Singapore and Japan
The Asia-Pacific region led the global vertical farming market by holding nearly half of the total share. It is expected to dominate the vertical farming market during the forecasted period as well, aided by the demand from Singapore and Japan. Japan has more than 200 plant factories which grow twenty thousand lettuce heads per day, using the vertical farming technique. Additionally, growing population will increase the demand for food in the Asia-Pacific region, which in return will lead to new trends in smart farming through precision. This strong growth can be attributed to shifting of agricultural activities from farm operations to in house methods.
However, European vertical farming market is expected to grow at the highest CAGR of 21.8% during the forecast period owing to increasing consumer demand for organic foods in the region.
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VERTICAL FARMING MARKET KEY FINDINGS
• Hydroponics was the largest segment accounting to approx. 40% of the total market share in 2016.
• European vertical farming market is expected to grow with the highest CAGR of 21.8% during the forecast period.
• Asia-Pacific market was the highest revenue generating market valued at $720 million in 2016.
• The green house building material market held the largest share of more than 50% in 2016.
Among top five market players, Aerofarms holds the largest market share. Moreover, product launch and expansion are the most adopted strategies among the key market players of vertical farming market. Some major market players are, Aerofarms, Agrilution, American Hydroponics, Everlight Electronics, Farmedhere, Green Sense Farms, Hort Americas, Illumitex, Koninklijke Philips N.V and Sky Greens.