Latest News- Vertical Farming Market: Tomato is expected to lead the Product segment during 2024-2028

The Vertical Farming Market is being driven by Need to meet rising demand for food products

The Vertical Farming Market is expected to grow at a CAGR of 21.41% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 9327.6 million. Vertical farming is a sustainable and eco-friendly agricultural solution that significantly reduces the environmental impact of traditional farming methods. By utilizing less water and eliminating the need for herbicides and pesticides through the use of aquaponics, vertical farming minimizes water consumption and chemical usage. Additionally, the controlled environment of vertical farms shields crops from pests, obviating the requirement for harmful pesticides. The aquaponics system in vertical farming also offers a natural alternative to chemical fertilizers, utilizing fish waste as a nutrient source for plants. Overall, vertical farming is a business innovation that prioritizes sustainability, efficiency, and environmental stewardship. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Tomato
  • Lettuce
  • Bell and chili pepper
  • Strawberry
  • Others
• Geography
  • APAC
    • China
    • India
  • North America
    • Canada
    • US
  • Europe
    • Germany
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Need to meet rising demand for food products
• Growth in investments and funding in agricultural sector
• Declining arable land

However, the market also witnesses some limitations, which are as follows:

• Limitations of vertical farming
• High initial cost
• Lack of awareness and skilled labor for operating vertical farming

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Market Scope in Vertical Farming Market Research Report

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Research Analysis Overview

The agriculture sector is shifting towards vertical farming in response to urbanization, deforestation, and climate change. This innovative approach to farming utilizes less land, water, and chemicals compared to traditional methods. Vertical farming techniques such as hydroponics, aeroponics, and aquaponics reduce the need for pesticides and minimize environmental impacts. Energy consumption is optimized through the use of LED technology, artificial intelligence, and robotics. Vertical Harvest and shipping-container vertical farms are leading the way, employing sensors, LED lighting systems, and aerospring hydroponics for efficient space utilization. Despite these advancements, it's crucial to consider the potential energy consumption and environmental impacts of vertical farming, including desertification, flooding, and the overall carbon footprint.

Market Research Overview

In the agricultural sector, the market encompasses various segments, including food and non-food products and services. The primary agricultural activities are agriculture, aquaculture, floriculture, and horticulture. Pre-production in vertical farming involves strategic choices such as crop selection and optimizing land or greenhouse preparation. Innovative vertical farming techniques, like hydroponics and aeroponics, are revolutionizing agriculture through controlled environment systems. Urban agriculture solutions, including vertical farming innovations and smart irrigation systems, promote sustainable farming practices and resource efficiency. Automated farming systems and agriculture robotics further enhance productivity and yield optimization. Climate-controlled greenhouses and urban greenhouse farming ensure consistent crop production and eco-friendly farming techniques. These advancements contribute significantly to food security solutions and urban food production.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/