Vertical Farming Market Scope
With the technological advancement, growing demand for food security owing to a reduction in arable land worldwide is driving the Global Vertical Farming market. The practice of cultivating food and medicinal plants which are stacked vertically or inclined vertically integrated into to structures such as a skyscraper, used warehouse or shipping container is defined as vertical farming. This type of farming provides high-quality nutritious food without depending on high soil fertility, skilled labor, and high water usage. Vertical Farming is equipped with modern technologies coupled with controlled-environment factors. Around 90% of crop production is anticipated to come from higher yields and the rest of the share is expected to come from farmland expansion.
The market appears to be moderately competitive and consolidated with players who are using advanced technology solutions to cultivate specific crops. A different approach and business models are adopted by these companies to sustain and make vertical farming a profitable business. On September 2018, Dubai has adopted a high-tech, low-water agriculture set of a new superlative world's largest vertical farm in a million dollar joint venture between agri-tech firm Crop One Holdings. and Emirates Flight Catering. Research Analyst at AMA estimates that United Kingdom Vendors will contribute to the maximum growth of Europe Vertical Farming market throughout the predicted period.
AeroFarm (United States), FarmedHere LLC (United States), Illumitex, Inc., (United States), Koninklijke Philips N.V.(Netherlands), American Hydroponics (United States), Fujitsu Limited (Japan), Agrilution GmbH (Germany), Vertical Farm Systems (Australia), Sky Greens Co. Ltd. (Singapore), Everlight Electronics Co., Limited (Taiwan), Green Sense Farms, LLC (United States), New Quantum Holdings Pte Limited (Singapore), Farmart Centre Pte Limited (Singapore), Freight Farms, Inc. (United States) and Crop One Holdings (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Golden Agri Resources Limited (Singapore), Urban Crops (Belgium), Mirai Co. Limited (Japan) and Hort America (United States).
Segmentation Overview
The study have segmented the market of Europe Vertical Farming market by Type (Outdoor and Indoor), by Application (Research Organizations, Commercial Greenhouses and Indoor Grown Facilities) and Region with country level break-up. On the basis of Type, Indoor are dominating the market in the year 2023
On the basis of geography, the market of Vertical Farming has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023.
Influencing Trend:
Increasing Demand for high-quality and Organic food and its Popularity, Growing Production of Biopharmaceutical companies to produce a variety of Medicinal Plants and Practice of Vertical farming in Retail Centers Reducing Transport Cost and Time
Market Growth Drivers:
Growing Adoption of Organic foods by Consumers, Rising Disposable Income and Urban population and Increasing Awareness among Consumers for Organic Food Adoption
Challenges:
Production of Vertical farming on large scale production is posing a challenge for the market
Restraints:
High price of Farmscraper cost of Organic Pesticides and Hardware cost and Increasing cost for Initial investment
Opportunities:
Highly Consolidated Market and Significant Acceptance of Nanotechnology and Robotics
Market Leaders and their Expansionary Development Strategies
On September 2018, Freight farms (Innovator of smart hydroponic software) announced ‘Grown’ world’s first onsite vertical farming service to its product line. With Grown, Freight Farms will not only install its signature hydroponic farm the Leafy Green Machine on site, but staff a designated farmer to operate, monitor, and maintain the farm completely.
Key Target Audience
Agriculture Crop Manufacturers, Government and Regulatory bodies, Venture Capitalists, Investors, Distributors and Suppliers and Vertical Farming Manufacturers
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.