The global vertical farming market is estimated to be valued at US$ 14.05 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Vertical farming allows year-round harvesting of crops regardless of season or weather. It significantly reduces the need for agricultural land and water used in traditional farming. Farming in vertically stacked layers allows for higher crop yields from the same footprint of land.
Weakness: High initial investments are required to set up vertical farms and maintain them. Start-up costs can be a barrier for small to medium scale farmers. Reliance on artificial lighting increases the electricity consumption and operational costs.
Opportunity: Rising global population is increasing the demand for food. Vertical farms can help overcome land and resource constraints for urban food production. They provide an alternative to traditional farming by utilizing vacant urban spaces. Growing crops vertically near cities shortens the supply chain and ensures fresher foods for local markets.
Threats: Disruptions to power supply can severely impact vertical farming. Failure of electricity or artificial lighting system makes the crops non-productive until repairs are done. Wide adoption depends on bringing down costs and proving economic viability at scale compared to traditional agriculture.
Key Takeaways
The Global Vertical Farming Market Size is expected to witness high growth driven by the need to maximize crop yields on limited land. The market size is forecasted to reach US$ 14.05 Bn by 2023, registering a CAGR of 4.9% during the forecast period.
Regional analysis: Asia Pacific region dominates the vertical farming market currently. Countries like Japan, China and Singapore are increasingly adopting the technology to grow crops in urban settings to overcome land scarcity. North America is another major regional market driven by demand in the US. European countries are also supporting vertical farming innovations through government initiatives and funding.
Key players: Key players operating in the vertical farming market are BASF SE, Eastman Chemical Company, Shandong Acid Technology Co. Ltd, Gujarat Narmada Valley Fertilizers & Chemicals Limited, LUXI GROUP, Perstorp Holdings ABPOLIOLI SpA, PT Pupuk Kujang, Rashtriya Chemicals and Fertilizers Limited, and Wuhan Ruisunny Chemical Co. Ltd. Major players are focusing on developing advanced farming systems, implementing automation, and bringing costs down to gain wider market acceptance.
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