Growing Population Aiding the Vertical Farming Market Growth

The surging population, increasing consumption of organic foods, and rising focus toward eco-friendly production of vegetables and fruits are some of the factors responsible for the growth of the vertical farming market. In 2016, the market generated a revenue of $1.4 billion, and it is predicted to attain a size of over $6.3 billion by 2023, progressing at a CAGR of 24.2% during the forecast period (2017–2023). Vertical farming is a technique of growing crops in the form of shipping containers, skyscrapers, and vertically stacked layers.

It is a combination of controlled-environment agriculture and indoor farming techniques, which aids in growing the crops in any climatic zone around the world, even in harsh weather. Based on structure, the vertical farming market is bifurcated into shipping container and building-based. Of these, during the 2017–2023 period, the building-based structure bifurcation is expected to advance at a CAGR of 24.6% in the market.

On the basis of growth mechanism, the vertical farming market is classified into hydroponics, aquaponics, and aeroponics. Out of these, during the forecast period, the hydroponics classification is predicted to hold the largest revenue share in the market. This is attributed to the increasing consumption of organic foods, growing demand for fresh fruits and vegetables, and rising focus on high yield, irrespective of the climate change. Further, owing to the surging population, the number of people migrating from rural to urban areas is on the rise. 

The increasing urban population has made farming land unsuitable for cultivation, due to which the introduction of alternative farming methods is being witnessed, thereby resulting in the progress of the vertical farming market. In addition, the dynamic lifestyle coupled with increasing disposable income, and rising health concerns are boosting the consumption of organic food. With the adoption of healthy habits, people have started to consume organically produced food. In vertical farming, the crops are grown without the use of pesticides, genetically modified organisms, and artificial fertilizers, which make them completely organic.

Read Press Relase on Vertical Farming Market At : https://www.psmarketresearch.com/press-release/global-vertical-farming-market

Organizations involved in manufacturing pharmaceutical products are adopting vertical farming for crop production. Many companies are using the indoor vertical farming technique for the cultivation of a variety of crops, which are used in the production numerous biopharmaceuticals products. For instance, Caliber Biotherapeutics, a Texas-based pharmaceutical company, launched the world’s largest plant-made pharmaceutical setting, which is spread in approximately 150,000 sq. feet and has the capacity to grow 2.2 million tobacco plants, stacked 50 feet high.

Thus, the surging population, expanding biopharmaceutical domain, and increasing consumption of organic foods are predicted to play a significant role in the growth of the market during the forecast period.

About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

Get More Information Visit: P&S Intelligence