The Vertical Farming market was estimated at USD$ 1.14 billion in 2015, and is anticipated to reach USD$ 4.35 billion by 2020, at a CAGR of 30.7% between 2016 and 2020. The factors which are driving the vertical farming market include need for high quality food with no use of pesticides, less dependency on the weather, increasing urban population, and need for year round production.
The emerging need of sustainable farming operations, decreasing arable land and scarcity of natural resources enabled the introduction of vertical farming at the global level. The market largely comprises of growth mechanisms, components and fixtures required for the viable vertical farming operations. The growth in the market is accredited to the overall cost effectiveness of the technology, increasing global food demand and the customization option provided to the users.
The promise of surplus food production and reduced wastage of resources has given the much needed impetus to vertical farming market globally. This alternative to conventional farming has emerged as an ideal solution for ensuring food sufficiency by growing plants in vertically stacked structures.
The market for hydroponics as a growth mechanism is expected to be the largest between 2015 and 2020. This is mainly because of the benefits associated with it such as quicker growth, faster harvest, higher yield, and low nutrient wastage as mineral nutrients are dissolved in water and are fed directly to a plant’s root system without any involvement of soil.
APAC expected to hold the largest market share and grow during the forecast period. The APAC vertical farming market is expected to hold the largest share by 2020 owing to major driving forces such as growth in urban population, less availability of cultivable land, government initiatives, and demand for food with low impact on environment, the vertical farming market is growing in this region.
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