Vertical Farming Market to Rise at 24.8% CAGR Till 2026; Growing Demand for Efficient Crop Produce Will Contribute to Market Growth, Says Fortune Business Insights™

Vertical farming is a type of indoor as well as outdoor farming that is used to produce food and medicinal plants. These farms are set up with the aim of growing food in challenging environment. The primary aim of vertical farming is to maximize the area per square meter. A vertical farming system involves the use of artificial temperature, light, humidity, and other gases. The constantly rising global population, coupled with the growing demand for plants and other vegetation. Increasing adoption of vertical farming is attributable to the growing demand for environment-friendly ways of producing vegetables and fruits. Increasing concerns regarding organic food will contribute to the growing demand for vertical farming.

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Increasing Number of Company Mergers Will Aid Growth

The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers have had the highest impact on market growth. The increasing investment in the development of newer vertical farming equipment, coupled with the efforts put in to acquire medium as well as small scale enterprises will contribute to the growth of the market. In 2017, Signify Holding. (Philips Lighting) announced a collaboration with Ecobain Gardens to build the first ever commercial vertical farm operation in Canada. This partnership offers customers attractive returns on investments via healthier, nutritious and rich foods that attract new customers. The report identifies a few of the leading company mergers of recent times and gauges their impact on the growth of the market.

Asia Pacific to Dominate the Market; Increasing Use of Technologically Advanced Equipment to Aid Growth

The report analyzes the ongoing vertical farming market trends across major regions including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The market in Asia Pacific is projected to dominate the market in the coming years, driven by growing incorporation of technologically advanced systems in vertical farming practices. Besides Asia Pacific, the market in North America will witness considerable growth in the coming years, owing to increasing investments in product R&D. As of 2018, the market in North America was worth USD 664.7 million and this value is likely to increase further in the coming years.

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List of the leading companies that are operating in the global vertical farming market are:

Key Industry Developments:

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Table of Content:

Continued…!!!

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