The increasing technological advancements have allowed improved efficacies as well as enhanced output. The report, published by Fortune Business Insights, titled “Vertical Farming Market Size, Share & Industry Analysis, and Regional Forecast, 2019-2026,” shows that, the market was worth $2.13 billion in 2018 and will exhibit an annual growth of 25 per cent between 2019 and 2026 is projected to reach $12 billion.
Vertical farming is a type of indoor as well as outdoor farming that is used to produce food and medicinal plants. A vertical farming system involves the use of artificial temperature, light, humidity, and other gases. These farms are set up with the aim of growing food in challenging environment.
The primary aim of vertical farming is to maximize the area per square meter. Increasing adoption of vertical farming is attributable to the growing demand for environmentally-friendly ways of producing vegetables and fruits.
The constantly rising global inhabitants, coupled with the growing demand for plants and other vegetation. Increasing concerns regarding organic food will add to the growing request for vertical farming.
Vertical farming industry is the best practices for growing plants. Aside from creating fresh produce that is safer and tastes more vibrant it consumes our natural resources at the present pace.
The report incorporates numerous dynamics that have contributed to the development of the market in recent years. Factors such as the increasing number of company mergers have had the highest impact on market growth.
The aggregate investment in the growth of newer vertical farming equipment, coupled through the efforts put in to obtain medium as well as small scale enterprises will add to the development of the market.
Signify Holding (Philips Lighting) announced collaboration with Ecobain Gardens in 2017 to build the first ever commercial vertical farm operation in Canada. This trust bids for customers attractive returns on investments through healthy, nutritious and rich foods that attract new customers.
The report ascertains that a few of the leading companies, mergers of recent times and gauges their impact on the growth of the market.
The ongoing vertical farming market trends across major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa, report stated. The Asia Pacific market is expected to dominate the market in the coming years, driven by growing incorporation of technologically advanced systems in vertical farming practices.
Moreover, the Asia Pacific and North America market will witness significant growth in the coming years, due to growing investments in product research and development. In 2018, the North American market was worth $664.7 million and this value is likely to increase further in the coming years, the report stated.
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