Global Vertical Farming Market 2021 (Includes Business Impact of COVID-19)

                                          
Report updated on 11th September, 2021: Global Vertical Farming Market 2021 (Includes Business Impact of COVID-19)
Global Vertical Farming Market Trends, Opportunities, Global Insights and Growth, and Industry Forecast till 2028 -a recently produced report by Trusted Business Insights research experts. The global vertical farming market has been categorized based on growth mechanism, structure, offering, and region/ country.
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The global Vertical Farming market size was valued at USD$ 3.40 billion in 2020 and is projected to reach $26.89 billion by 2030, and is anticipated to expand at a CAGR of 22.69% over the forecast period from 2020 to 2030.


Overview of Vertical Farming


Vertical farming or vertical agriculture is a method of growing crops or plants in a vertical orientation or integrated into structures such as skyscrapers, shipping containers, or used warehouses. It ensures stability in crop production and consists of the modern ideas of indoor farming techniques.


Driving and Limiting Elements: Vertical Farming Market


The target market is expected to be driven by major factors such as diminishing agricultural lands and increasing awareness regarding significance of alternative farming processes. In addition, growing demand for fresh and organic vegetarian food from the food industry and households, and safe production processes are factors anticipated to fuel vertical farming market growth. Vertical farming provides scenic beauty to the structure, absorbs pollutants around and gives cooling effect, and produces high-quality fruits and vegetables. Moreover, increasing popularity regarding vertical farming due to its features such as limited space requirement, and ease of crop harvesting and monitoring among other features, coupled with increasing number of high rise buildings and towers, and increasing awareness about eco-friendly construction practices are some of the key factors estimated to propel the target market growth. Also, favorable government initiatives such as providing rebates and subsidies to encourage farmers to adopt vertical farming approach is a factor that is anticipated to support global market growth. Furthermore, shifting preference towards modern techniques for safety, convenience, high-quality production, along with increasing investments for R&D activities by government and private players are factors that are estimated to augment the target market growth.

However, high initial set up costs and requirement of high capital investments, and limitations on the variety of crops that can be grown are factor that could hamper market growth.

Recent trend observed in the market is that individuals are opting for organic food products and non-GMO foods which is a factor that is expected to promote localized and organic farming concepts.

Segment Analysis:Vertical Farming Market By Growth Mechanism:

Amid the segments based on growth mechanism, the hydroponics segment is projected to record the largest share in terms of value in the market. Hydroponics farming is a method of growing plants without soil by replacing the mineral solution in a water solvent.

By Structure:

Amid the structure segments, the shipping container segment is anticipated to hold dominant share in the market over the 10-year forecast period. This growth is attributed to its key feature such as the ability to grow crops easily irrespective of the geographic locations.

By Component:

Among the component segments, the climate control segment is estimated to register substantial CAGR over the next 10-year period.


Region Analysis: Vertical Farming Market


The market in the Asia Pacific is anticipated to record major share in terms of value in the global vertical farming market. This is attributed to increasing importance of alternative farming techniques and acceptance of nanotechnology and robotics to improve food and crop life in countries such as China and India. In addition, government initiatives and investments for technological advancements in this field, rising requirement of high-quality agricultural production, along with increasing water stress in the region is anticipated to support market growth. Urban farm movement is the increasing consumer demand for chemical-free (pesticide- and herbicide-free) foods, this factor along with growing requirement to reduce carbon footprint from traditional agricultural practices are some factors that are anticipated to propel market growth in the region. Furthermore, depletion of water resources and changing climatic conditions have urged to adopt alternative farming methods. The North America and Europe markets are anticipated to record considerable market shares in the global market.


Below are the active patents related to Vertical Farming Market.


Patent Number: US8782948B2

Method and apparatus for aeroponic farming

Abstract

A system and method of aeroponic farming includes depositing seeds in a flat containing micro-fleece cloth and placing the flat within a growth chamber. The upper side of the flat is subjected to light of the proper frequencies to promote growth in plants. A nutrient solution is sprayed onto the micro-fleece cloth and the developing root mass of the plants, while controlling temperature, humidity, and carbon dioxide within the growth chamber. The plants are harvested resulting from the seeds at a desired stage of growth. The growth chambers can be stacked on each other and/or located side by side to save space within a facility, and to permit sharing the subsystems which control the nutrient solution, temperature, humidity, and carbon dioxide for the growth chambers.

Application filed by Date: 2008-08-11

Application Granted Date: 2014-07-22

Current Assignee: JUST GREENS LLC

Global Vertical Farming Market Segmentation:

Segmentation by Growth Mechanism:

  
Aeroponics
  
Hydroponics
  
Aquaponics

Segmentation by Structure:

  
Building-Based Vertical Farms
  
Shipping Container Vertical Farms

Segmentation by Component:

  
Lighting
  
Hydroponic Component / Irrigation Component
  
Climate Control


Key Market Players included in the report:


  
Aerofarms
  
AGM Services
  
Agrilution Systems GmbH
  
Altius Farms
  
American Hydroponic Systems Inc.
  
AMHYDRO
  
BOWERY FARMING INC.
  
BrightFarms Inc.
  
CropOne
  
CubicFarm Systems Corp.
  
Everlight Electronics Co.Ltd. (Taiwan)
  
Freight Farms Inc.
  
Gills N Claws Pte Ltd
  
Green Sense Farms Holdings Inc.
  
Heliospectra (Sweden)
  
Hort Americas
  
Illumitex Inc.
  
InFarm - Indoor Urban Farming GmbH
  
Osram (Germany)
  
Plenty (US)
  
Plenty Unlimited Inc.
  
SANANBIO
  
Signify Holding
  
Sky Greens PTE. LTD.
  
Spread Co.Ltd. (Japan)
  
Triton Foodworks
  
Urban Crop Solutions
  
Valoya (Finland)
  
Vertical Farm Systems
  
ZipGrow Inc.


Below are the key development related to Vertical Farming Market in 2020 and 2021.


June 2021: Vertical Roots Expands to Atlanta; Opens Third Indoor Farm Alongside Two of the Largest Southeastern Produce Distributors. Indoor farming leader continues to reduce transportation emissions and localize fresh produce for communities. Vertical Roots®, the largest hydroponic container farm in the U.S. sustainably growing fresh leafy greens year-round, opened its third indoor farm in Atlanta, Georgia this June. The company partnered with two of the leading Southeastern produce suppliers, Collins Brothers Produce and Phoenix Wholesale Foodservice, to place the farm directly at their facilities. The new Atlanta farm site will eliminate the need for produce transportation to the distributor and allow Vertical Roots lettuce to be delivered to local customers the same day its harvested. Source

May 2021: OnePointOne and Sakata Seed America partner to improve vertical farming. SAN JOSE, CA – OnePointOne and Sakata Seed America BB #:308948 announced a game-changing collaboration in the acceleration of vertical farming. Together, the two leading entities will share intelligence and analysis focused on maximizing plant outputs while minimizing environmental impact. Source


March 2021: AeroFarms, the World Leader in Indoor Vertical Farming, to Become Publicly Traded Company through Combination with Spring Valley Acquisition Corp.

February 2021: Kalera Acquires Vindara to Unlock the “Power of the Seed” and Drive Explosive Growth in the Vertical Farming Industry. Kalera (Euronext Growth Oslo ticker KAL, Bloomberg: KSLLF), one of the fastest-growing U.S. vertical farming companies in the world and a leader in plant science for producing high-quality produce in controlled environments, announced the acquisition of Vindara Inc. (“Vindara”), the first company to develop seeds specifically designed for use in vertical indoor farm environments as well as other controlled environment agriculture (CEA) farming methods. Vindara, based in Research Triangle, NC, uses genomics, machine learning, and computational biology along with traditional breeding methods to meet the market need for produce that is non-GMO, nutritious, high-yielding, and delicious. Explicitly intended for the new high-tech indoor growing environments, Vindara seeds offer growers the opportunity to capitalize on significantly higher yield potential, production efficiencies and product customization — in a fraction of the time through reducing the grow cycle. The company’s unprecedented breeding process shortens development time from the usual 5-7 years to just 12-18 months and shaves several days off of the plant grow cycle, resulting in increased output and optimizing yield and profitability. Source

December 2020: Pipp Horticulture acquires Vertical Air Solutions. This acquisition positions the company as a Mobile Vertical Grow Rack provider for indoor vertical farming and horticulture industries. Pipp Horticulture, a division of Pipp Mobile Storage Systems, Inc., announced that it has acquired Vertical Air Solutions LLC (“VAS”). Based in Santa Cruz, California, VAS is a leader in providing air circulation systems and related products to the global indoor vertical farming industry. Source

December 2019: Miele Acquires Consumer Indoor Vertical Farm Company Agrilution. Miele announced that it has acquired the assets of the German company, Agrilution, makers of the Plantcube indoor vertical farm. Terms of the deal were not disclosed. Agrilution’s Plantcubes look like wine fridges that are meant to be built directly into home kitchens. The automated systems regulate the lighting, climate, and water levels plants receive, all key parts of delivering the right “recipe” of nutrients to crops grown in vertical farms. Plantcubes cost €2,979 (~$3,300 USD) and are capable of growing a number of different greens including kale, leaf lettuce, basil and more. Source