Global Vertical Farming Market Size, Share, Development, Growth and Demand Forecast to 2023

The global vertical farming market has been observing significant growth, owing to its consistent and reliable growing cycle, which allows the commercial growers to confidently deliver their supply contracts on time and rising demand for environment-friendly production of fresh fruits and vegetables without the use of pesticides. Purchase of such vertically produced crops provides benefits such as improved taste and higher nutrient value.

Commercial growers prefer using vertical farming solutions to involve less manpower and high efficiency LED to ensure minimum power usage. The aeroponics growth mechanism is expected to grow at the fastest rate in this industry, during the forecast period. Among the two structures of vertical farms, the building-based structure is expected to have the larger market during the forecast period. The building-based structure functions as a community garden hub that incorporates hydroponics and vertical farming in an outward tree-like design. It is expected to provide huge cost savings and food security to a city for a long period.

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Vertical farming is the method of producing food in the form of used warehouse, skyscraper, shipping container and vertically stacked layers. Vertical farming uses the method devised by indoor farming techniques and controlled-environment agriculture (CEA) technology. This technology possesses external environment factors and completely controls the environment. Also, this system controls the environmental conditions in an enclosed covering and protects the food from diseases, pest or predator attacks. This ensures that the farms in which crops are grown are independent and do not require fertile arable land for the growth of crops. It also helps in growing the farms in any climatic region across the globe, even in extreme temperatures.

Vertical farming is supporting the demand for organic food, which is witnessing faster growth than the domestic supply, since consumers see organically grown food as a healthier and more nutritious option over conventionally grown products. The adoption of vertical farming helps in reducing energy usage. The use of highly efficient LED lighting technology helps in reducing power usage to obtain maximum growth of the plant. The photosynthetic wavelengths are managed with the computer in accordance with the period of crop growth. This further minimizes energy use while ensuring optimized crop yields. Vertical farming technology is cost competitive and provides an automated growing system which provides automatic SMS alerts for any defaults. Moreover, vertical farming system requires manual labor for on-site harvesting, planting and packaging of crops. This further helps in eliminating the labor costs and enhancing productivity. Also, it helps in reducing the transportation costs, since vertical farming systems can be introduced in any geographic location with water supplies and suitable power. The strategic developments of these systems are usually placed closer to the point of sale or in distribution centers, which further incurs reduced cost of transport to the commercial grower and cuts refrigerated storage costs too.

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The vertical farming market is generating opportunities for the production of biopharmaceutical products. Biopharmaceuticals are drugs produced using biotechnology. Vertical design implementation in biopharmaceutical drugs will help the pharmaceutical companies to produce drugs in large quantities. It is enabling the companies to cultivate drugs containing high value compounds for health and medicinal needs. Since, vertical farming helps in solving the consumption needs related to food, thus, it creates huge opportunities for companies offering biopharmaceutical drugs to develop proprietary products. These companies provide proprietary products to the medicinal, nutraceutical and cosmetic industries and help them to expand their customer base.

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