Pune, March 21, 2023 (GLOBE NEWSWIRE) -- Xcellent Insights announces the release of the recent report "Vertical Farming Market Report 2028: A Comprehensive Assessment of Growth Drivers, Challenges, Size, Share, Trends, Opportunities, and Competitive Landscape". Key factors such as rising demand for high-quality food across the globe, growing preference for eco-friendly production of fruits and vegetables, and increasing awareness about vertical farming are expected to drive global market revenue growth during the forecast period.
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Vertical farming is the practice of growing crops in a controlled environment in order to optimize plant growth and soilless farming techniques such as aeroponics, hydroponics, and aquaponics. Vertical farming involves growing plants indoors in vertically stacked layers, using LED lighting and controlled nutrition systems. This type of farming is one of the highly effective and sustainable ways of producing more food in less space and eliminating pesticides. Such farming can be easily done in buildings, tunnels, shipping containers, and abandoned mine shafts. Vertical farming is rapidly gaining traction across the globe due to shrinking arable land, constantly changing climatic conditions, increasing global population, and growing demand for pesticide-free, fresh, and good-quality vegetables and fruits.
Key factors such as rapidly expanding agricultural sector, shortage of cultivable land, growing demand for pesticide-free and locally grown food, and increasing investments in vertical farming are expected to fuel global market growth going ahead.
However, high initial investments, dearth of experts, high maintenance cost, power consumption, problems associated with pest infestation and pollination, and low awareness about vertical farming technology are expected to hamper overall market growth to a certain extent during the forecast period.
Key Companies Operating in the Vertical farming Market:
- AeroFarms
- Gotham Greens
- Plenty (Bright Farms)
- Lufa Farms
- Beijing IEDA Protected Horticulture
- Green Sense Farms
- Garden Fresh Farms
- Mirai
- Sky Vegetables
- TruLeaf
- Urban Crops
- Sky Greens
- GreenLand
- Scatil
- Jingpeng
- Metropolis Farms
- Plantagon
- Spread
- Sanan Sino Science
- Nongzhong Wulian
- Vertical Harvest
- Infinite Harvest
- FarmedHere
- Metro Farms
- Green Spirit Farms
- Indoor Harvest
- Sundrop Farms
- Alegria Fresh
- Farmbox
- Greener Roots Farm
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Vertical farming Industry Recent Developments:
- In September 2022, Polaron announced the launch of vertical farming system that allows easy construction and connection of subsequent modules. The cost of each square meter is 2 to 3 times less that the classic vertical crops. In addition, the company aims to become one of the most reliable eco-friendly food suppliers.
- In September 2022, Nutrifresh, India’s largest hydroponic farms announced the launch of a project to provide doorstep delivery of hydroponically grown fruits and vegetables to its consumers.
The global vertical farming market has been segmented based on type, application, and region:
Market Segment by Type:
- Hydroponics
- Aeroponics
- Others
Hydroponics Segment To Register Rapid Revenue CAGR:
The hydroponics segment is expected to register rapid revenue CAGR over the forecast period. Factors such as increasing desertification across the globe, rising demand for organically grown vegetables and fruits, high adoption of hydroponics to gain independence from effects of climatic conditions, and rapid advancements in hydroponics technology are expected to drive segment revenue growth during the forecast period.
Market Segment by Application:
- Vegetable Cultivation
- Fruit Planting
- Others
Vegetable Cultivation Segment to Account for Significantly Larger Revenue Share:
The vegetable cultivation segment is expected to account for a significantly larger revenue share between 2022 and 2028. This can be attributed to rapidly expanding global population, rising demand for high-quality and fresh vegetables, and high adoption of vertical farming for vegetable cultivation for growing more food in less space, irrespective of climatic factors.
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Regional Analysis:
- North America (USA, Canada, Mexico)
- Europe (Germany, France, UK, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)
- South America (Brazil, Argentina, Columbia, Rest of South America)
- Middle East & Africa (Saudi Arabia, U.A.E, Egypt, Nigeria, South Africa, Rest of MEA)
Asia Pacific to Register Rapid Revenue Growth:
Asia Pacific market revenue is expected to expand at a rapid CAGR over the forecast period owing to rising focus on alternative farming, degrading less arable land, increasing demand for high-quality food, rapid adoption of advanced and sustainable farming techniques, and rising investments in R&D activities.
Key Highlights of the Report:
Chapter 1 mainly introduces the statistical scope of the report, market division standards, and market research methods.
Chapter 2 is an executive summary of different market segments (by region, product type, application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the Vertical Farming Market and its likely evolution in the short to mid-term, and long term.
Chapter 3 makes a detailed analysis of the Market's Competitive Landscape of the market and provides the market share, capacity, output, price, latest development plan, merger, and acquisition information of the main manufacturers in the market.
Chapter 4 is the analysis of the whole market industrial chain, including the upstream and downstream of the industry, as well as Porter's five forces analysis.
Chapter 5 introduces the latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 6 provides the analysis of various market segments according to product types, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 7 provides the analysis of various market segments according to application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 8 provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and capacity of each country in the world.
Chapter 9 introduces the basic situation of the main companies in the market in detail, including product sales revenue, sales volume, price, gross profit margin, market share, product introduction, recent development, etc.
Chapter 10 provides a quantitative analysis of the market size and development potential of each region in the next five years.
Chapter 11 provides a quantitative analysis of the market size and development potential of each market segment (product type and application) in the next five years.
Chapter 12 is the main points and conclusions of the report.
Key Questions Addressed in the Report:
- What revenue CAGR is the global market expected to register during the forecast period?
- Which regional segment is expected to lead in terms of revenue share between 2022 and 2028?
- Who are most well-known players in the global market?
- What are the key outcomes of Porter’s five force analysis and SWOT analysis?
- Which application segment is expected to register rapid revenue CAGR over the forecast period?
- What are some of the biggest challenges for the global vertical farming market?
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