Vertical Farming Market to Reach $6,372.5 Million by 2023: P&S Market Research

NEW YORK, June 21, 2017 -- According to a new market research report “Global Vertical Farming Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Hardware Type (Lighting, Hydroponics Components, Climate Control and Sensors), by Structure (Building-Based Vertical Farming and Shipping Container Vertical Farming), by Growth Mechanism (Aeroponics, Hydroponics and Aquaponics), by Crop Type (Lettuce, Pepper, Broccoli, Cucumber, Spinach, Tomato and Others) published by P&S Market Research, the global vertical farming market is projected to reach $6,372.5 million by 2023, growing at a CAGR of 24.2% during 2017 - 2023.

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As per the research, the global vertical farming market is expected to grow from $1,405.5 million in 2016 to $6,372.5 million by 2023. The global vertical farming market has been growing significantly, owing to its consistent and reliable growth cycle, which allows commercial growers to confidently deliver their supply contracts on time, and rising demand for environment-friendly production of fresh fruits and vegetables without the use of pesticides. Consumers of vertically-produced crops seek benefits such as improved taste and higher nutrient value.

Vertical farming is increasing the demand for organic food, faster than the domestic supply, since consumers see organically grown food as a healthier and more nutritious option, over the conventionally grown products. The use of highly efficient LED lighting technology helps in reducing power usage to obtain maximum growth of the plant. The photosynthetic wavelengths are managed with the computer in accordance with the period of crop growth. This further minimizes energy usage while ensuring optimized crop yields. Vertical farming technology is cost competitive and provides an automated growing system which provides automatic SMS alerts for any default.

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Geographically, North America has been the largest vertical farming market. Vertical farming creates huge opportunities for pharmaceutical companies in North America for developing its own patented products such as from seed to the production of finished products. The companies further provide those proprietary products to the medicinal, nutraceutical and cosmetic industries and help them to expand their customer base. This will provide a competitive edge to the pharmaceutical companies in the market and help them in creating their own identity.

The market is expected to witness the fastest growth in Asia-Pacific, during the forecast period. The growth is led by increasing urban population and augmented demand for environment-friendly production of fresh fruits and vegetables, which does not involve the use of pesticides. Japan has been the largest vertical farming market in Asia-Pacific, followed by China. During the forecast period, rapid adoption of indoor agriculture is expected in Asia-Pacific, which is supposed to increase the demand for pesticide-free food that is easily accessible to the rapidly growing urban population.

Increasing demand for environment-friendly production of fresh fruits and vegetables without the use of pesticides is driving the growth of the global vertical farming market. Vertical farming helps in producing organic foods, which are grown without the use of pesticides, artificial fertilizers and genetically modified organisms.

The overall intensity of competition is low in the global vertical farming market. The market witnessed a CAGR of 22.3% during 2013 - 2016. Owing to the high growth rate, the intensity of rivalry in the market is high. There are a few number of players in the global vertical farming market, owing to which the intensity of rivalry in the market is high. Some of the key players in the global market include Koninklijke Philips N.V., Aerofarms, Sky Greens, Illumitex, Inc., Everlight Electronics Co., Ltd., Green Sense Farms, LLC, Agrilution, American Hydroponics, Urban Crops and Vertical Farm Systems.

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