Report : Vertical Farming Crops Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Crop Type (Tomato, Leafy Greens, Herbs, and Others), End-Use (Food Retail and Food Service), and Farming Technique (Hydroponics, Aeroponics, and Aquaponics)
Rise in Demand for Fresh, Pesticide-Free, and Locally Grown Produce
According to our latest market study, titled "Vertical Farming Crops Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Crop Type (Tomato, Leafy Greens, Herbs, and Others), End-Use (Food Retail and Food Service), and Farming Technique (Hydroponics, Aeroponics, and Aquaponics)," the 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. The report highlights key factors driving the market and prominent players and their developments.
As the name suggests, vertical farming crops are crops grown using vertical farming techniques such as hydroponics, aeroponics, and aquaponics. In this type of farming, crops are grown in vertically stacked trays or layers and use 90% less water than traditional agriculture practices. Moreover, plants grown in vertical farms are free from pesticides, chemical fertilizers, and genetically modified organisms (GMOs). These plants are cultivated in nutrient media in a controlled environment, which helps optimize plant growth and provide better yield.
The rising demand for organic food is expected to drive the market's growth during the forecast period. High usage of synthetic chemical fertilizers and pesticides in food products often leads to several health issues, including cancer, obesity, and other congenital disabilities. These factors are driving the consumers' inclination toward locally grown organic produce.
Furthermore, due to the increasing focus on health and nutrition, consumers' demand for pesticide-free food products has grown exponentially. This, in turn, is fuelling the demand for vertically farmed crops since they are cultivated with extreme hygiene, free of pesticides, and delivered to the retail stores within hours of harvest.
Some of the key players operating in the market are AeroFarms; Agricool; Bowery Farming Inc.; CropOne; Infarm; Plantlab; Plenty Unlimited Inc.; Gotham Greens; MIRAI Co., Ltd.; and BrightFarms.
Many sectors faced unprecedented challenges due to the outbreak of the COVID-19 pandemic. The food and beverage industry faced severe disruptions due to preventive measures taken by governments of different countries, including lockdowns, travel bans, and border restrictions. Moreover, due to the shortage of raw materials and labor, there was a shortfall in product supply which led to a decline in sales. However, the vertical farming crops market witnessed positive growth owing to the rising demand for fresh and organically produced agricultural products. Moreover, due to the rising health consciousness among people, the demand for vertical farming crops is projected to grow substantially over the coming years. With the rising vaccination rates and relaxation of restrictions imposed by the government, the market is expected to witness significant growth over the forecast period.
Based on the crop type, the vertical farming crops market is segmented into tomatoes, leafy greens, herbs, and others. Based on the end-use industry, the market is segmented into food retail and food service. Based on the farming technique, the market is segmented into hydroponics, aeroponics, and aquaponics. Based on the geography, the market is segmented into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South & Central America (SAM).
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