Vertical farming is an innovative agricultural method that helps grow produce such as leafy greens, herbs, and vegetables using vertically stacked layers or modular shelving systems with optimized lighting and controlled environmental conditions. Key features of vertical farming include optimal land usage, less water requirements, soil independence and all year produce availability.
Market key trends:
Increasing demand for locally produced fresh foods has been a major trend fueling the growth of vertical farming market. Rising health consciousness among consumers related to consuming fresh and chemical-free food has further propelled the demand. Moreover, vertical farms can grow produce near urban locations thus reducing the transportation time and ensuring availability of fresher foods. Installing vertical farms in and around cities allows year-round harvesting of several successive crops simultaneously in a contained, controlled environment independent of outdoor conditions. This results in consistent supply of agriculture produce for the urban population and catering to the growing demand for locally produced fresh foods.
Segment Analysis
The global vertical farming market is dominated by the hydroponics segment. Hydroponics vertical farming does not use soil and instead utilizes a nutrient-rich solution to provide all necessary nutrients to plants. This unique growing method allows year-round production of crops and maximizes yield from limited space. Hydroponics also reduces dependency on climate conditions and prevents diseases caused by pathogens in soil. It is easier to control different growing parameters like temperature, humidity, and lighting in hydroponics vertical farms compared to soil-based cultivation. These advantages have made hydroponics the preferred method in modern indoor vertical farms.
Key Takeaways
The Global Vertical Farming Market Demand is expected to witness high growth during the forecast period of 2023 to 2030. Increased population and rapid urbanization have boosted the demand for locally grown crops. Vertical farming helps address issues related to limited arable land and food security in cities by using indoor vertical layers to optimally cultivate plants. The global Vertical Farming Market is estimated to be valued at US$ 14.05 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030.
Regional analysis: Asia Pacific dominates the vertical farming market and is expected to continue its lead through 2030. Countries like China, Japan, and Singapore are increasingly adopting technological innovations in agriculture. Growing emphasis on smart urban farming to overcome shortage of land is fueling vertical farms development. China is a forerunner in terms of both attracting investments and operating the largest number of industrial vertical farms.
Key players: 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 . These companies are focusing on developing advanced nutrients, LED lighting technologies and intelligent software solutions to make vertical farming more productive and profitable. Partnerships with vertical farm operators is a key strategy being adopted.
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