Vertical Farming Crops Market Size & Share Hit USD 1,057.75 million by 2028, a recent study by The Insight Partners

Vertical Farming Crops Market is expected to reach US$ 1,057.75 million by 2028

NEW YORK, UNITED STATES, November 15, 2022 /EINPresswire.com/ -- The vertical farming crops market¹ 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.

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.

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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.

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.

AI-controlled vertical farms enable growers to optimize crop yield by providing data related to the growth patterns of crops, which crops give better yield, climatic conditions required for the crops, and other such factors. Growers can analyze this data and take required actions to improve their yield. Artificial intelligence (AI) can help the industry confront the biggest challenges, such as climatic changes and low availability of resources, from controlling major crop growth to predicting what crops would be delivering better yields. Artificial intelligence is also rising, with over 1,600 start-ups and total investments reaching tens of billions of dollars. The AI-controlled robots monitor the plant growth and continuously adjust the environmental factors to ensure more efficiency and economic output. Thus, artificial intelligence (AI) and the internet of things (IoT) are expected to be the key trends in the vertical farming crops market.

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Based on the crop type, the vertical farming crops market has been segmented into tomatoes, leafy greens, herbs, and others. The leafy greens segment accounted for the largest market share in 2019, and the herbs segment is expected to register the highest CAGR in the market during the forecast period. Leafy greens include lettuce, kale, collard greens, spinach, mizuna, beet greens, and microgreens. Leafy greens are suitable for indoor farming because they can be grown rapidly and in relatively small spaces. The rising demand for fresh leafy vegetables from food retail and the food service sector is one of the primary factors driving the segment’s growth. Moreover, the rising trend of “fresh-from-farm-to-table” is also propelling the demand for vertically farmed leafy greens. The surge in research expenditure for indoor cultivation of leafy greens crops is offering lucrative opportunities for market growth.

Based on the end-use industry, the vertical farming crops market has been segmented into food service and food retail. The food retail segment accounted for a larger market share in 2020. The food service segment is expected to register a higher CAGR during the forecast period due to increased demand for fresh and high-quality produce from local food distributors, restaurants and cafes, and quick service restaurants. Moreover, growing customer inclination towards consuming fresh salads in restaurants and cafes is driving the demand for vertical farming crops from the food service sector. Some market players are partnering with food service providers to expand the business. For instance, in January 2019, foodservice suppliers Van Gelder and PlantLab, entered into a partnership to produce various fresh vegetables in PlantLab’s fully controlled vertical farming unit. Such partnerships are expected to boost the market over the coming years further.

Report Spotlights

•Progressive industry trends in the vertical farming crops market to help players develop effective long-term strategies
•Business growth strategies adopted by developed and developing markets
•Quantitative analysis of the vertical farming crops market from 2019 to 2028
•Estimation of global demand for vertical farming crops
•PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
•Recent developments to understand the competitive market scenario
•Market trends and outlook as well as factors driving and restraining the growth of the vertical farming crops market
•Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
•The size of the vertical farming crops market size at various nodes
•Detailed overview and segmentation of the market, as well as the vertical farming crops industry dynamics
•Size of the vertical farming crops market in various regions with promising growth opportunities.

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