Rising demand for fresh, pesticide-free and locally grown produce, limited availability of arable land for conventional agriculture drive the market growth
PORTLAND, OR, USA, January 17, 2022 /EINPresswire.com/ — Vertical Agriculture Crops Market By Crop Type (Tomato, Leafy Greens, Herbs and Others), End User (Direct Retail and Food Service) and Agricultural Technique (Hydroponics, Aeroponics and Aquaponics): Global Opportunities Analysis and Industry Forecast, 2021 -2027. According to the report, the global Vertical Crop Farming Industry was estimated at USD 212.4 Million in 2019 and is projected to reach USD 1.38 Billion by 2027, registering a CAGR of 26.2% from 2021 to 2027.
Drivers, constraints and opportunities-
Rising demand for fresh, pesticide-free and locally grown produce, limited availability of arable land for conventional farming, and ease of monitoring and harvesting crops in vertical farming are fueling the growth of the global crop market vertical farms. On the other hand, high initial investment and limited varieties of crops compatible with cultivation hinder growth to some extent. However, the growing interest in specialty products from top chefs is expected to create multiple opportunities in the industry.
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The outbreak of the pandemic has led people to develop a greater interest in locally grown productions and as a result, there has been a tremendous increase in the trend of vertical farming among individuals across the globe.
On the other hand, several transport restrictions, during the first phase of containment, caused disruptions in the supply of equipment necessary for the process. However, government agencies in different regions have started to loosen the regulations. This has helped market players to revive their businesses.
The Direct Distribution Segment Will Dominate by 2027-
On an end-user basis, the direct retail segment contributed approximately two-thirds of the global vertical cropping market share in 2019 and is expected to lead the way by the end of 2027. he primary goal of agricultural vertical growers is to provide fresh, pesticide-free plants to local retailers so that end consumers can experience the benefits of the product within the first hours of harvest. Therefore, the majority of companies have an ultra-short supply chain and deliver products almost regularly to local retailers. This factor is driving the growth of the segment. The restaurant segment, on the other hand, would show the fastest CAGR of 26.4% throughout the forecast period. Growing demand, especially for year-round crops and specialty plants from local restaurants and cafes, food distributors, and small growers, is propelling the growth of the segment.
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The hydroponics segment will maintain its dominance by 2027-
Based on the agricultural technique, the hydroponics segment accounted for more than two-fifths of the global vertical agriculture market revenue in 2019 and is expected to retain the lion’s share till 2027. The fact that the process costs less and offers faster returns on investment segment growth. Simultaneously, the aeroponics segment would exhibit the fastest CAGR of 27.2% from 2021 to 2027. This is because crops grown aeroponics grow faster and are less prone to disease.
North America had the highest share in 2019-
Based on geography, North America held the largest share in 2019, attracting more than a third of the global vertical cropping market, owing to the alarming rate of water level depletion, the presence of drought-stricken states and increasing environmental concerns. Meanwhile, Asia-Pacific would show the fastest CAGR of 27.0% by 2027. This is attributed to the fact that several Asian countries have organizations whose goal is to encourage capable urban farmers to grow locally for sustainable food production.
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