Vertical farming is a massively promising agricultural technique that aims to produce more food to meet the growing population. Techniques include growing in vertical frames or even in high-rise farms, saving on the ground space, while moving farms into urban areas, and producing nutritious crops without topsoil.
Rising demand for healthy food among the global population would trigger the market’s growth during the forecast period. Increasing use 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 produce. Furthermore, due to increasing focus toward health awareness, the demand for pesticide-free food products by consumers worldwide has risen exponentially. This, in turn, is fueling the demand for vertically farmed crops since they are cultivated with extreme hygiene, free of pesticides, and delivered for direct retail within hours of harvest. Additionally, according to Whole Foods, one big driver of the vertical farming trend is people wanting to know where their food comes from, especially for people in urban areas.
RISE IN DEMAND FOR FRESH, PESTICIDE-FREE, AND LOCALLY GROWN PRODUCE INFLUENCE THIS MARKET GLOBALLY
Moreover, the essential nutrients in fruits and vegetables are reduced to a considerable extent during import and export. Also, majority of conventionally grown produce is sprayed with pesticides and fungicides. These factors drive the consumers’ inclination toward locally grown produce. Besides, the food produced in vertical farms is fresh, local, and suitable for environmental air quality. It is also pesticide-free. Further, vertical farming is an extension of controlled environment agriculture, and it often uses hydroponic growing techniques and implements biological controls. There is no need to contaminate crops with toxic chemicals. Therefore, rise in demand for fresh, pesticide-free, and locally grown produce is projected to provide huge market opportunities over the projected period.
Some of the major key players operating in the global vertical farming crops market include AeroFarms, Agricool, Bowery Farming Inc., CropOne, Infarm, Plantlab, Plenty Unlimited Inc., Gotham Greens, MIRAI Co., Ltd., and BrightFarms, among many others. The major players in the vertical farming crops market are focusing on strategies such as mergers and acquisitions and research and development to increase the geographical presence and consumer base globally.
