Growing Population Aiding the Vertical Farming Market Growth
The surging population, increasing consumption of organic foods, and rising focus toward eco-friendly production of vegetables and fruits are some of the factors responsible for the growth of the vertical farming market. In 2016, the market generated a revenue of $1.4 billion, and it is predicted to attain a size of over $6.3 billion by 2023, progressing at a CAGR of 24.2% during the forecast period (2017–2023). Vertical farming is a technique of growing crops in the form of shipping containers, skyscrapers, and vertically stacked layers.
On the basis of growth mechanism, the vertical farming market is classified into hydroponics, aquaponics, and aeroponics. Out of these, during the forecast period, the hydroponics classification is predicted to hold the largest revenue share in the market. This is attributed to the increasing consumption of organic foods, growing demand for fresh fruits and vegetables, and rising focus on high yield, irrespective of the climate change. Further, owing to the surging population, the number of people migrating from rural to urban areas is on the rise.
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Organizations involved in manufacturing pharmaceutical products are adopting vertical farming for crop production. Many companies are using the indoor vertical farming technique for the cultivation of a variety of crops, which are used in the production numerous biopharmaceuticals products. For instance, Caliber Biotherapeutics, a Texas-based pharmaceutical company, launched the world’s largest plant-made pharmaceutical setting, which is spread in approximately 150,000 sq. feet and has the capacity to grow 2.2 million tobacco plants, stacked 50 feet high.
Thus, the surging population, expanding biopharmaceutical domain, and increasing consumption of organic foods are predicted to play a significant role in the growth of the market during the forecast period.
