The global vertical farming produce market is anticipated to value USD 6.46 billion until 2027. It is also expected to register a CAGR of 25.7% over the forecasted years, 2020 to 2027. The surging need to cater to increasing food demand across the globe is projected to drive market growth.
In 2019, the hydroponics segment dominated the global market with a share of more than 45.0% across the global market owing to the increasing awareness about the harmful effects of artificial ripening agents and pesticides. The aeroponics segment is expected to register significant growth from 2020 to 2027 due to the feature of no requirement of growing medium like plant roots.
The building-based segment accounted for the highest share across the global market in 2019 due to the fact that produce obtained from vertical farms located inside the buildings has a large customer base. On the other hand, the segment of shipping container is also projected to witness significant growth on account of the ability to grow crops in any geographic location across the globe.
North America accounted for the highest share of around 33.0% across the global market in 2019 due to the increasing consumption of fruits and vegetables and surging adoption of urban farming across this region. Middle East is also anticipated to witness a CAGR of 26.6% in the upcoming years on account of the rising presence of vertical farm builders, cultivators, and designers and unfavorable climatic conditions for conventional farming.
The global market for vertical farming produce includes key players such as Gotham Greens, Agricool, Bowery Farming Inc., AeroFarms, InFarms, and Plenty Unlimited Inc. Strategies like acquisitions, expansions and partnerships are being undertaken by these players for widening their geographical reach.
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Further key findings from the report suggest:
• In 2019, the tomatoes crop segment held a dominant share across the global vertical farming produce market.
• The hydroponics segment is projected to account for highest CAGR over the forecasted period, 2020 to 2027.
• North America accounted for the highest share of around 33.0% across the global market in 2019.
• The key players operating in this market are Gotham Greens, Agricool, Bowery Farming Inc., AeroFarms, InFarms, and Plenty Unlimited Inc.
Million Insights has segmented the global vertical farming produce market on the basis of technology, application, and region:
Vertical Farming Produce Crop Outlook (Revenue, USD Million, 2016 - 2027)
• Bell & Chili Peppers
• Leafy Greens (excluding lettuce)
• Other Crops
Vertical Farming Produce Structure Outlook (Revenue, USD Million, 2016 - 2027)
• Shipping Container
Vertical Farming Produce Growing Mechanism Outlook (Revenue, USD Million, 2016 - 2027)
Vertical Farming Produce Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Hong Kong
• South America
• The Middle East
• Saudi Arabia