Vertical Farming Will be $30.2 Billion Market by 2030, Says P&S Intelligence

NEW YORK, Dec. 8, 2022 /PRNewswire/ -- According to the recent market research study published by P&S Intelligence, in 2021, the vertical farming market had a total size of $3.98 billion, and it is predicted to hit $30.2 billion by 2030, progressing at a rate of 25.2% from 2021 to 2030. This would be a result of the benefits offered by this method of agriculture, including less requirement for water and land and a decreased washing and processing time for the produced crops.

Furthermore, the lack of agricultural land in certain countries and the snowballing demand for organic food are contributing to the market growth. Moreover, such enhanced agriculture methods support farmers in producing over 230 times larger yields than conventional techniques.

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Hydroponics Category Is Dominating Market

The hydroponics category holds the largest revenue share, of above 45%, and it is projected to continue its dominance in the years to come, due to its ease of implementation and cost-effective nature. Further, plants, when grown this way, yield better compared to when grown conventionally, in soil.

This method also comes with the benefit of a reduced hazard of soil-borne diseases. In this practice, the soil is replaced by a nutrient-infused aqueous solution, in which the roots of plants are dipped.

Aquaponics Category To Hold Significant Market Share in Future

The aquaponics category is projected to hold a significant market share in the years to come as well. Aquaponics is more of a combination of fish farming and hydroponics, to make an effective closed-loop arrangement, which supports the farming of several crops without hazardous pesticides. Common crops grown in an aquaponic system are cucumber, chives, lettuce, and pepper.

Shipping Container Category Dominates Market

In 2021, the shipping container category held a massive revenue share, of above 50%, and it is projected to continue its dominance in the years to come. The transportation of containers is fairly easy, and the land area requirement is also much less, as the crop production is carried out in a container.

Browse detailed report on  Vertical Farming Market Growth, Development and Demand Forecast to 2030

This type of cultivation delivers a nearly eight times more growing area than single-level agricultural land, thereby ensuring food security for larger communities over a longer time.

Rapid Adoption of Vertical Farming in APAC

in 2021, APAC held the largest revenue share, of above 32%. Moreover, in the region, the Indian vertical farming industry is projected to grow the rather swiftly in the coming years. Vertical agriculture is progressively being accepted in the region because of the lack of fertile agricultural land and surging population, which necessitates urban cultivation.

Global Vertical Farming Market Report Coverage

By Component

• Hardware
• Software
• Services

By Structure

• Building-Based Vertical Farms
• Shipping Container-Based Vertical Farm

By Growth mechanism 

• Hydroponics
• Aeroponics
• Aquaponics

By Crop Type

• Tomato
• Lettuce
• Bell & Chili Peppers
• Strawberry
• Cucumber
• Leafy Greens (excluding lettuce)
• Herbs

Regional Analysis

• North America
• U.S
• Canada
• Europe
• U.K.
• Netherland
• Sweden
• France
• Asia-Pacific
• Japan
• China
• Singapore
• Taiwan
• Latin America
• Brazil
• Middle East and Africa
• South Africa

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SOURCE P&S Intelligence