The global vertical farming market is predicted to generate around USD 6 billion by end 2022. It can witness a CAGR of 21 percent during 2016 to 2022 (forecast period). Through vertical farming, crops are raised in controlled environments. Vertical farming, primarily, aids “crop-growth” in the absence of water & soil. It exists in various sizes & shapes and employs mechanisms; like aeroponics, hydroponics, etc.
Some of the key drivers of the worldwide market are reduced dependence on soil & water, higher food demand, burgeoning population, and better-quality food. Moreover; the usage of novel technologies, implementation of artificial lights, and zero adoption of fertilizers & pesticides are anticipated to add market sales in the forecast period.
In addition to the above, the “food-purchasing” behavior of customers and adoption of “bio-friendly” vegetables & fruits affect the industry. Cardiac illnesses and obesity incidences are high among consumers. Changes in weather and shortage of ground water prompt traditional cultivators to employ “alternate farming.” These factors coupled with health awareness should propel the vertical farming industry.
In contrast to traditional farming, indoor cultivation results in wider crop-production throughout the year. Moreover, indoor farming saves crops from extreme climates. On the other hand; high spending across urban areas, production of high-quality crops, and greater consumption of “artificial-lighting” hamper the market.
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Major Key Players
The key players in the global vertical farming market include Agrilution (Germany), Aerofarms (U.S.), Indoor Harvest Corporation (U.S.), Koninklijke Philips N.V. (Netherlands), Everlight Electronics co.(Taiwan), Illumitex, Inc. (U.S.), Sky Greens (Singapore), Hort Americas (U.S.), Urban Crop Solutions (Belgium) among others.
Rising demand for organic ingredients in functional food and beverages and personal care products has been playing a key role in the growth of the global Vertical Farming market. Besides growing popularity of organic food owing to their potential applications in food industries as well as pharmaceutical industries is supporting their market growth on the global level. Rising disposable income coupled with the governmental pressure or initiatives across the globe, to produce organic food sustainably, to maintain production levels and preserve the environment have been playing a key role in the organic cultivation eventually resulting in the market growth of Vertical Farming from the last few years.
Although, Vertical Farming is a viable form of agricultural practice that supports effective and efficient harvest with only 5% of water usage for five times more the yield, with up to 350 times more greens than conventional farms of similar size, is yet not cost effective. Vertical Farming requires an initial capital investment of $200 to 500 million. Also, one of the biggest challenges associated with Vertical Farming is energy usage cost from the lighting technology, which coupled with the cost of purchase and implementation of solar tubes, LEDs, mirrors, drain & sewerage treatment plant, rotational carousels, robotics, sensors, and controlled environments is actually more of a commodity. This factor perhaps may hinder the market growth during the forecasted period. Adversely, increasing investments transpired in to R&D activities by vendors or companies operating to develop adept technology with unrivalled design and features coupled with technological advancement will provide impetus to the market growth depleting the issues such as federal budgeting etc. during the anticipated period.
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Characterized by the presence of well-established players; Vertical Farming market appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position. Vendors are focusing on improving their market performance and are expanding by acquiring promising companies in the fast-growing markets. Marketers employ a continuous improvement strategy to analyze and update the software, implementing improvements and launching new technologies to meet the changing needs of consumer. These manufactures develop a well-established infrastructure that allows seamless implementation of advanced technologies. They strive to develop unravel design and adept technology Heavy investments are transpired in R&D sector from the major players which is in turn helping the market to grow. In view of growth and immense revenue generation opportunities potential that market is currently demonstrating is in turn attracting several entrants to the market. However, those new comers find it challenging to survive in the market with the emerging new technologies.
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