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 major driving factors for the growth of the vertical farming market include high yield associated with vertical farming over conventional farming, year-round crop production irrespective of weather condition, advancements in light-emitting diode (LED) technology and requirement of minimum resources.
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Based on the growth mechanism, the vertical farming market has been segmented into hydroponics, aeroponics, and aquaponics. These growth mechanisms do not include the use of soil, enabling farmers to establish farms indoors and carry out farming at any location irrespective of the climate. In countries where the climate remains cold for the maximum time of the year and the quality of soil is not favorable for farming, these mechanisms have evolved as an efficient substitute to traditional or conventional farming methods.
Based on the structure, Vertical farming is carried out majorly in two structures: building-based vertical farms and shipping container-based vertical farms. Deep farm is another structure used in vertical farming. However, this structure has limited adoption; hence, only qualitative information is provided for the same.
The vertical farming market is broadly categorized into two crop typesâ€”vegetables and fruitsâ€”with market numbers given for lettuce, pepper, broccoli, cucumber, spinach, tomato, strawberry, pomegranate, and others. The others segment includes eggplant, kale, chard, basil, and oregano. Lettuce is extensively cultivated in vertical farming. It is quick and easy to grow, has a steady demand throughout the year, and is available in a wide variety, allowing farmers to switch products without changing to a whole new crop.
Based on Offering, Vertical farming requires a set of different hardware and software. Lighting, hydroponic components, and sensors are some of the electronic components used in a farm to assist crop growth. The vertical farming market is segmented based on offering into hardware, software, and services. The hardware segment is further sub-segmented into lighting, hydroponic components, climate control, and sensors. In the vertical farming market, hardware is the dominant segment in terms of market share throughout the forecast period. Vertical farming is a form of controlled environment agriculture practice carried out indoors with the artificial environment created to assist crop growth. The sunlight, required for the process of photosynthesis, is replaced with artificial lights in vertical farming. Hydroponics, one of the technologies of vertical farming, is the process of growing crops without soil, where a continuous supply of water with necessary nutrients is provided to the roots of crops.
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Asia Pacific to dominate 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.