With 24.7% CAGR, Vertical Farming Market Growth to Surpass USD 15.3 billion

Posted June 23, 2023 by asmitapatil77

Vertical Farming Market by Growth Mechanism (Hydroponics, Aeroponics, Aquaponics), Structure (Building-based and Shipping container-based), Crop Type, Offering
The vertical farming market is estimated to be USD 5.1 billion in 2023, and it is expected to reach USD 15.3 billion by 2028, growing at a CAGR of 24.7% from 2023 to 2028. Due to several key trends, vertical farming is poised for significant growth in the next decade. The global population is projected to reach 9.7 billion by 2050, placing strain on food supplies, and vertical farming offers a solution to meet this increasing demand. Urbanization is another factor driving the need for vertical farming, as more people move to cities, leaving less land available for traditional agriculture. Vertical farming’s ability to be implemented in urban areas makes it a sustainable option. Climate change is also a driving force, as it affects traditional farming methods, while vertical farming, being an indoor practice, remains unaffected by adverse weather conditions.

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Shipping container vertical farms have become increasingly popular because they offer several advantages over traditional farming methods. These farms are more sustainable, efficient, and controllable, which makes them well-suited for urban areas where space is limited. As the demand for local, fresh food continues to grow, shipping container vertical farms are expected to gain even more popularity in the future. One of the reasons driving their popularity is their scalability. Shipping container vertical farms can be easily adjusted to meet demand, making them suitable for small and large businesses. Additionally, the reusability of shipping containers sets them apart from traditional greenhouses, as they are durable and can be repurposed, making them a more sustainable option.

The rise of vertical farming services is a positive development that holds promise in tackling critical challenges like food insecurity, climate change, and environmental degradation. Vertical farms provide educational programs focusing on vertical farming, sustainable agriculture, and nutrition. Furthermore, companies specialize in selling essential equipment and supplies for vertical farming, such as grow lights, hydroponic systems, and aeroponic systems. As vertical farming technology advances, the demand for these services is expected to grow as they offer sustainable and innovative solutions to meet the increasing demand for fresh and nutritious food.

Hydroponics is a popular choice in vertical farming because it offers several advantages over other techniques. Hydroponics techniques use less water than other methods like aeroponics and aquaponics, making it highly water efficient. Hydroponic farms can be set up in different spaces, such as warehouses, shipping containers, or even apartments, making the most of the available space. The controlled environment in hydroponic farms allows precise control over growing conditions, leading to higher crop yields and better-quality produce. Moreover, the controlled environment reduces the need for pesticides since pests have a harder time surviving, resulting in less pesticide use. Overall, hydroponics is favored for its water efficiency, space efficiency, controlled environment, and ability to produce high-quality crops.

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The vertical farming market in the Middle East region is expected to witness significant growth in the years to come. The region has shown notable interest in vertical farming due to several factors. Firstly, the region faces water scarcity, making water conservation a crucial concern. Vertical farming offers a solution by utilizing less water than traditional farming methods, helping to address the scarcity issue. Secondly, the Middle East has limited arable land available for cultivation, prompting the exploration of alternative farming methods like vertical farming to enhance food production within a region with restricted land resources. Additionally, as urbanization continues to accelerate in the Middle East, there is a growing need for localized food production in urban areas. Vertical farming presents a viable approach to meet this demand by enabling food cultivation in limited spaces.

News also Covered: https://www.prnewswire.com/news-releases/vertical-farming-market-worth-15-3-billion-by-2028---exclusive-report-by-marketsandmarkets-301855038.html
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Last Updated June 23, 2023