Global Vertical Farming Market to Garner $12.77 Billion by 2026, at 24.6% CAGR

Optimum usage of vertical space & energy utilization, ease in monitoring and harvesting of crops, and limited availability of arable land for carrying out traditional agriculture drive the growth of the global vertical farming market

PORTLAND, Oregon, Nov. 4, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Vertical Farming Market by Component (Irrigation Component, Lighting, Sensor, Climate Control, Building Material, and Others), Structure (Building Based Vertical Farms and Container Based Vertical Farms) and Growth Mechanism (Hydroponics, Aeroponics, and Aquaponics): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global vertical farming market generated $2.23 billion in 2018, and is estimated to generate $12.77 billion by 2026, growing at a CAGR of 24.6% from 2019 to 2026.

Optimum usage of vertical space & energy utilization, ease in monitoring and harvesting of crops, and limited availability of arable land for carrying out traditional agriculture drive the growth of the global vertical farming market. However, high investments and technologies in development phase restrain the market growth. On the other hand, rise in urban population and surge in prominence of organic foods create new opportunities in the industry.

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On the basis of structure, the building based vertical farms segment held the largest market share in the global vertical farming market in 2018, contributing for nearly three-fifths of the total market share, and is estimated to maintain its dominance during the forecast period. This is attributed to surge in urban population, shortage of arable land, and increase in the adoption of techniques of novel food production. However, the shipping container based vertical farms segment is estimated to register the highest growth rate with a CAGR of 28.1% from 2019 to 2026, owing to reduced costs and time taken for construction in comparison to conventional agriculture. 

Based on growth mechanism, the hydroponics and aquaponics segment together constituted nearly three-fourths of the total share of the global vertical farming market in 2018, and is estimated to maintain its lead position during the forecast period. On the other hand, the aeroponics segment is projected to grow at the largest CAGR of 25.6% from 2019 to 2026, owing to lowered waste generation, reduction in labor cost, and less water requirement to produce fruits and vegetables.