The latest report by IMARC Group, titled “Vertical Farming Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the market. The vertical farming industry research report also includes competitor and regional analysis, and contemporary advancements in the market. The global vertical farming market size reached US$ 4.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 17.0 Billion by 2028, exhibiting a growth rate (CAGR) of 23% during 2023-2028.
Vertical Farming Market Overview:
Vertical farming is an innovative farming technique that includes growing medicinal plants and food vertically. It is used to produce crops with artificial control of light, humidity, temperature, and gases. Vertical farming uses a combination of procedures, including aeroponics, hydroponics and aquaponics, to grow crops without soil through mineral nutrient solutions, such as peat moss and coconut husk, or aquatic animals such as snail, fish, and pawns. It is extremely beneficial for crop cultivation on mountains, arid lands, indoors, and on rooftops of buildings. In recent years, vertical farming has gained momentum as it is sustainable and has lesser energy and water requirements as compared to conventional farming techniques.
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Global Vertical Farming Market Trends:
One of the primary factors driving the market is the rapid increase in the global population and the increasing scarcity of arable land. Additionally, the depleting ground water and rising need for stabilized crop production, irrespective of changing climatic conditions, have urged conventional farmers to adopt alternate farming methods like vertical farming to cater to the rising food demands.
Furthermore, various technological advancements in light emitting diode (LED) technology, and the integration of monitoring devices and the Internet of Things (IoT) with mobile and drones to provide real-time information on crop health are providing a thrust to the market growth. Other growth-inducing factors are expanding disposable incomes, the popularity of organic food, optimum utilization of vertical space and balanced energy, ease of crop monitoring and harvesting, and the implementation of stringent government policies.
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Key Market Segmentation:
Top Vertical Farming Companies Worldwide:
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