Global Vertical Farming Industry was valued at USD 1.84 billion in the year 2017. Global Vertical Farming Industry is further estimated to grow at a CAGR of 22.61% from 2018 to reach USD 6.25 Billion by the year 2025.
Vertical farming is the latest innovation in food production destined to reinvent modern agriculture practices across the world. Considered as a part of precision farming, vertical farming is picking up steam across people living in cities and suburbs. Fueled by the soaring demand for organic foods worldwide and declining space to support traditional agriculture, vertical farming techniques have gained popularity over the years. Steady pace of urbanization in various developing nations has led a large number of health-conscious urban dwellers to cultivate crops indoors where the environmental conditions can be regulated or controlled. Owing to competing land resources and unpredictability of weather conditions, researchers and entrepreneurs are persistently seeking modern and advanced agricultural technologies and techniques to meet global demand for food.
The major Industry players are Aerofarms, Illumitex Inc., Koninklijke Philips N.V., Sky Greens, Agrilution, Everlight Electronics Co. Ltd., Green Sense Farms LLC, American Hydroponics, Vertical Farm System, Urban Crops (Other 9 companies detailed information is provided in the report). Acquisitions, collaboration, and new product development are their key business strategy to gain Industry share.
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Vertical Farming Industry Overview
By Growth Mechanism
By Growth Structure