The vertical farming market size is expected to grow by USD 6.49 billion from 2021 to 2026, progressing at a CAGR of 16.55% as per the latest Technavio market research report. APAC is estimated to account for 43% of the market's growth during the forecast period. In APAC, China and India are the major markets for the vertical farming market. In this region, market growth will be faster than the growth of the market in other regions. Over the forecast period, the increasing population and less availability of fertile land will facilitate the vertical farming market growth in APAC.
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Vertical Farming Market Driver: need for a higher yield to drive growth
The need to meet the rising demand for food products is one of the major factors driving the vertical farming market growth. To produce high quantities of food products without depending on favorable climatic conditions, vertical farming offers a revolutionary approach. However, with the increasing population, the demand for food production is also increasing. Technologies used in vertical farming can significantly be used with different farming systems in multi-level designs and deliver more area than single-level systems. This leads to an increase in the crop yield and offers a high-profit agricultural activity for the end-users. Therefore, the maximum crop yield and minimum overhead offered by vertical farming are anticipated to satisfy the rising demand for food products and can positively impact the growth of the vertical farming market during the forecast period.
Source: prnewswire.com
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Categories: New York, Business, Crops