As a result of increase in population, which will lead to an imbalance in food supply, the Vertical Farming Market Size is estimated to reach USD 13 Billion, according to industry analysis report. This industry report was compiled by the Global Market Insights Inc, in a regional outlook on Price Trends, Growth Potential, Competitive Market Forecast and Shares in the US, Canada, UK, Germany, Belgium, India, Netherlands, Mexico, South Korea, Japan, Argentina, Brazil and South Africa.
Vertical Farming Market has brought about widespread development in the indoor farming sector due to the introduction of growth mechanisms such as hydroponics and aeroponics, and the newly introduced LED lights technology. This growth is triggered by the low cost of labor, accessibility to fresh produce, use of zero pesticides, the closeness of farms to the consumer base and other dynamics of the vertical farming market.
Many technology companies have started adopting small-scale vertical farming. Newcomers in the vertical farming market are constantly researching into the commercialization of their new technologies by installing their prototype models in research laboratories all over the world, and the current dominant technologies, also are working nonstop to maximize the quality and yield of crops despite the existing challenges.
Fruits, herbs, equipment, vegetables and aquatic species make up vertical farming products. The vegetables, fruits, and herbs market have lettuce as the dominant product; the fastest growing crops are the leafy greens; and the best selling aquatic species is tilapia.
Vertical market is growing rapidly in Asia due to the reduction in food self-sufficiency speed and crop growing land in Japan Singapore and China. By 2024, Asia Pacific vertical farming market will be worth more than USD 4 billion. The government of Asia has shown massive support to the indoor farming industry more than any other government in the world; and there is hope that the Middle East will soon appreciate and widely adopt vertical farming due to water scarcity and lack of space. In Europe, countries Belgium, Netherlands, Germany and the United Kingdom have become major shareholders in the vertical farming industry, and more countries are expected to join the trend soon.