The "Vertical Farming Crops Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Crop Type, End-Use, and Farming Technique" report has been added to ResearchAndMarkets.com's offering.
The vertical farming crops market was valued at US$ 282.80 million in 2021 and is projected to reach US$ 1,057.75 million by 2028. It is expected to grow at a CAGR of 20.7% from 2021 to 2028.
Vertical farming crops are grown in vertically stacked containers or trays containing nutrient media. Vertical farming is gaining traction with rising urbanization and the growing uptake of modern agricultural practices that give better yield. In vertical farming, crops are grown under a controlled environment in soil-less mediums. Hydroponics, aquaponics, and aeroponics are some of the key vertical farming techniques.
In terms of the end-use industry, the vertical farming crops market has been categorized into food retail and food service. The food retail segment accounted for the larger market share in 2020, while the food service segment is expected to grow at the fastest CAGR from 2021 to 2028. The food service sector is rapidly expanding owing to people's hectic work schedules and busy lifestyles. Moreover, the rising number of cafes, eateries, and quick-service restaurants (QSRs) offering dine-in, takeaway, and home delivery services is also boosting the growth of the food service sector.
With the increasing number of health-conscious people, the demand for healthy and organic food is rising in the food service sector. This factor is projected to create profitable growth opportunities for the vertical farming market over the coming years.
Based on the region, the vertical farming crops market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. Europe held the largest share in the market in 2020, and Asia Pacific is expected to grow at a faster CAGR over the forecast period.
The factors propelling the growth of the Asia Pacific vertical farming crops market include the rising urbanization, improving lifestyles of people, rising per capita income, and government initiatives for the uptake of modern agricultural techniques. Moreover, the growing popularity of vertical farming across countries, such as Japan, India, and China, is also driving the region's growth. For instance, Japan has over 200 small-scale lettuce vertical farming factories utilizing artificial light, and the number of such factor factories is expected to double by 2025.
Key players in the global vertical farming crops market include AeroFarms; Agricool; Bowery Farming Inc.; CropOne; Infarm; Plantlab; Plenty Unlimited Inc.; Gotham Greens; MIRAI Co., Ltd.; and BrightFarms.
Reasons to Buy
Key Market Dynamics
For more information about this report visit https://www.researchandmarkets.com/r/le0ldp
These press releases may also interest you