The Sky's The Limit: The Rapid Rise of Vertical Farming
Vertical farming is revolutionizing urban agriculture, with a projected market value of $1.3 billion by 2027. This innovative approach offers locally produced, fresh, and pesticide-free plants, meeting year-round demand while reducing environmental impact.
14 Feb 2024
The Sky's the Limit: The Rapid Rise of Vertical Farming
In the heart of urban landscapes, a revolution is taking root. Vertical farming, once a niche curiosity, is now a burgeoning industry projected to reach $1.3 billion by 2027. This growth is driven by increasing demand for locally produced, fresh, and pesticide-free plants, year-round demand for crops, and the ease of monitoring and harvesting crops in a controlled environment.
The Rise of Vertical Farming
The vertical farming crops market was valued at $212.4 million in 2019. By 2027, it's expected to grow at a compound annual growth rate (CAGR) of 26.2%. This surge in popularity can be attributed to several factors.
Local production: Consumers are increasingly seeking locally grown, fresh produce. Vertical farming allows for crops to be grown within city limits, reducing transportation costs and carbon emissions.
Pesticide-free plants: Indoor farming eliminates the need for pesticides, as crops are protected from pests and diseases common in traditional outdoor farming.
Year-round demand: With controlled environments, vertical farms can produce crops all year round, meeting the consistent demand for fresh produce.
Market Segments and Techniques
In 2019, leafy green crops were the dominant segment in the vertical farming market. However, the food service segment is expected to grow at a higher CAGR during the forecast period. This growth is likely due to the increasing demand for fresh, locally sourced ingredients in the restaurant industry.
Hydroponics was the most widely used farming technique in 2019. However, aeroponics is expected to grow at a higher CAGR during the forecast period. Aeroponics systems use less water than hydroponics, making them an attractive option for sustainable farming practices.
Regional Growth and Future Prospects
North America dominated the vertical farming market in 2019. However, Asia-Pacific is expected to witness significant growth during the forecast period. This growth can be attributed to increasing urbanization, rising population, and a growing awareness of the benefits of vertical farming in the region.
As the vertical farming crops market continues to grow, it's clear that this innovative approach to agriculture is more than just a passing trend. It's a sustainable solution to feeding our ever-growing population while reducing our environmental impact.
From leafy greens to herbs and microgreens, vertically farmed produce is not only marketable but also a symbol of our collective commitment to a greener future. As we continue to push the boundaries of controlled environment agriculture, the possibilities for growth and innovation are truly limitless.