According to the new market research report "Vertical Farming Market with COVID-19 Impact Analysis by Growth Mechanism (Hydroponics, Aeroponics, Aquaponics), Structure (Building-based vertical farm and Shipping container-based vertical farm), Crop Type, Offering, & Region - Global Forecast to 2026"The Vertical Farming market is expected to grow from USD 3.1 billion in 2021 to USD 9.7 billion by 2026; it is expected to grow at a CAGR of 25.0% during the forecast period. The vertical farming market witnessed a decline in 2020 owing to the spread of COVID-19. The market is seeing a decline due to the closure of multiple SMEs, logistic disruptions, lockdowns, and other problems arising due to the Covid-19 pandemic. The pandemic has compelled governments worldwide to shift their focus and spending to the health care sector. The demand from end users also declined significantly during 2020. The market would experience partial recovery by the end of 2021, followed by a growing upward movement in 2022 as markets start recovering. The increasing awareness on hygiene and safety also increases the demand for vertical farming and its products.
Browse 244 market data Tables and 53 Figures spread through 240 Pages and in-depth TOC on "Vertical Farming Market with COVID-19 Impact Analysis by Growth Mechanism (Hydroponics, Aeroponics, Aquaponics), Structure (Building-based vertical farm and Shipping container-based vertical farm), Crop Type, Offering, & Region - Global Forecast to 2026"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/vertical-farming-market-221795343.html
Hydroponics growth mechanism Segment to dominate vertical farming market during the forecast period.
The hydroponics growth mechanism is used widely by commercial growers. It is easier to set up, costs less than other mechanisms, and has a higher return on investments (ROI). Comparing the investments required to set up a hydroponics and aeroponics facility of the same size, aeroponics requires a higher initial investment. Moreover, the hydroponics mechanism recycles the maximum amount of water with minimal wastage, making it the most water-efficient farming method. Furthermore, the amount of nutrients to be delivered to plants can be controlled effectively, enabling control over the growth process and factors, such as the speed of growth and size of plants. Additionally, in the hydroponics mechanism, in case of a power outage, the plants can survive for a long time since the growing medium continues to supply water and nutrients, unlike aeroponics, where the plants can die in just a few hours due to malfunctioning or failure of mist spraying nozzles.
Building-based vertical farms Segment to exhibit higher growth during the forecast period.
The vertical farming market is primarily dominated by the building-based vertical farms’ segment as leading companies in the market are involved in this type of farming. Building-based vertical farms generate better per sq. ft. revenue than shipping container-based vertical farms, as the former uses lesser capital and incurs lower operating expenses (for the same area). On the contrary, shipping container-based vertical farms are ideal for serving small consumer bases since crops are grown inside containers that require large spaces to set up, making it ineffective and costly to serve a larger consumer base. However, the market for shipping container-based vertical farms is likely to register a higher CAGR as it is a ready-to-use (plug and play model) solution that helps cater to the rising demand for fresh and high-quality produce. Shipping container-based vertical farms are flexible, easy to operate, and portable. Consequently, the increasing demand for fresh produce is expected to create notable growth opportunities for this segment in the next few years.
Asia Pacific to dominate the vertical farming market during the forecast period.
In Asia Pacific, the companies involved in vertical farming are investing and expanding their operations in other countries. For instance, in November 2019, Sustenir (Singapore), an agritech company, launched a 30,000 sq. ft. hydroponics vertical farming facility in Tuen Mun, Hong Kong. Hong Kong is a densely populated country with limited availability of land for farming. The produce from conventional farming is not enough to serve the local demand, and hence the country relies highly on imported produce. Similar is the case with Singapore. To decrease the dependency on imported food and reduce food wastage in the transportation process, growing a significant amount of food locally, in limited space, is the solution offered by vertical farming, resulting in the expansion of farms by companies in this region.
The report profiles key players in the vertical farming market and analyzes their market shares. Players profiled in this report are Signify (Netherlands), Osram (Germany), Freight Farms (US), AeroFarms (US), sky Greens (Singapore), Spread (Japan), Plenty (US), Valoya (Finland), Everlight Electronics (Taiwan), Heliospectra AB (Sweden), Green Sense Farms (US), Agrilution (Germany), American Hydroponics (US), Urban Crop solutions (Belgium), Vertical Farm Systems (Australia), bowery Farming (US), Agricool (France), Sananbio (US), Growpod Solutions (US), Infarm (Germany), Altius Farms (US), Intelligent Growth Solutions (Scotland), 4D BIOS INC (US), Future Crops (Netherlands), Bright Farms (US), Swegreen (Sweden), and Vertical Future Ltd (UK).
Don’t miss out on business opportunities in Vertical Farming Market. Speak to our analyst and gain crucial industry insights that will help your business grow.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441