DUBLIN–(BUSINESS WIRE)–The “Vertical Farming Market – Growth, Trends, and Forecast (2020 – 2025)” report has been added to ResearchAndMarkets.com’s offering.
The global vertical farming market is projected to register a CAGR of 8.9% during the forecast period (2020-2025).
The increased demand for organic products among the consumers fueled by the improved standard of living and higher disposable income has paved way for the development of vertical farming, wherein organic farming is practiced widely.
- Signify Holding (PHILIPS)
- Aerofarms LLC
- Sky Greens
- Illumitex Inc.
- Everlight Electronics Co., Ltd.
- Green Sense Farms Holdings. Inc
- Agrilution GmbH
- American Hydroponics
- Urban Crops Solutions
- Vertical Farm System
- Growup Farms Ltd.
- Vertical Future Ltd.
- Jones Food Company
- Future crops
Key Market Trends
Rapid Pace of Development of Precision Farming Technologies
The introduction of harvesting robots, automatic seed planters, and greenhouse roof washers have been instrumental in reducing operating costs and increasing revenues, in the vertical farming market. The automating movement of the plants is gaining popularity. It includes unit tasks of transplanting, seeding, packaging, harvesting, and cleaning, which, in turn, boosts the vertical farming market.
The use of hydroponics allows the long-term cultivation of a wide range of crops, grown in vertical farming. Recent developments in the field of hydroponics, to cater to casual indoor growers, simplifying technology, and economics are increasing this segment’s growth in the global vertical farming market. The development of customized lighting systems for research testing, comprising top-lighting, inter-lighting, and tissue culture, is accelerating the growth of the global market segment of the lighting devices. These plants are grown in stacks of hydroponic trays, under pink LED lights. The LED lightings’ reduced heat output and energy use have made this technology feasible. In April 2019, companies, such as Samsung, launched a wide range of horticultural LEDs, that produce a broad spectrum of light to support healthy plant growth.
North America Dominates the Market
The US market dominated the North American region. Growing concerns toward food security and nutrition are expected to open a number of novel opportunities for the industry to prosper. The United States is anticipated to invest a significant share in facilitating the ecosystem for future foods. As more of the consumer insights develop toward “fresh-from-farm-to-table”, the availability of freshly harvested vegetables across retail outlets is expected to increase in the country (which is also the pioneer in adopting this concept). The onset of urban population dwelling across cities, such as New York, Chicago, and Milwaukee, has propelled the environment for vertical farming with activities, such as revamping derailed vacant warehouses, derelict buildings, and high rises, which has, in turn, led to an increase in the production of fresh grown foods altogether.
Over the past few years, the vertical farming concept has laid its hands across the booming cannabis market, where companies are including alternative options to garner more revenues. Major players in the Canadian vertical farm industry are Canada’s Modular Farms, based in Toronto, and Nova Scotia’s TruLeaf, leading the trail followed by startups, such as Ecobain Gardens, that grew from a 1300 sq. ft. in 2013 to 6000 sq. ft. in 2018, by engaging the fresh herb mix concept.
Key Topics Covered:
1.1 Study Deliverables
1.2 Study Assumptions & Market Definition
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness – Porter’s Five Force Analysis
4.4.1 Bargaining Power of Suppliers?
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitutes
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Growth Mechanism
5.2.1 Building-based Vertical Farms
5.2.2 Shipping Container-based Vertical Farms
5.3 By Components
5.3.2 Climate Control
5.3.4 Other Hydroponic Components
5.4 By Crops
5.4.2 Lettuce & Leafy Vegetables
5.4.6 Other Crop types
5.5.1 North America
5.5.3 Asia Pacific
5.5.4 South America
5.5.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market-share Analysis
6.3 Company Profiles
6.3.1 Signify Holding (PHILIPS)
6.3.2 Aerofarms LLC
6.3.3 Sky Greens
6.3.4 Illumitex Inc.
6.3.5 Everlight Electronics Co., Ltd.
6.3.6 Green Sense Farms Holdings. Inc
6.3.7 Agrilution GmbH
6.3.8 American Hydroponics
6.3.9 Urban Crops Solutions
6.3.10 Vertical Farm System
6.3.13 Growup Farms Ltd.
6.3.14 Vertical Future Ltd.
6.3.16 Jones Food Compnay
6.3.19 Future crops
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19
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