In a recent published report, Kenneth Research has updated the market report for Vertical Farming Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Vertical Farming Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on Vertical Farming Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Vertical Farming Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
The factors driving the growth of vertical farming market include ability to produce high quality crops throughout the year, lesser use of water for crop cultivation, and lower dependency on weather conditions. Organic and chemical free crops can be grown with the help of vertical farming in artificially controlled environments, which further increases its adoption. Other factors driving the market include growing urban population, and reduced environmental pollution. However, high initial investment and crop production of limited varieties restrict the growth of vertical farming market.
Asia-Pacific generated the highest revenue of $835 million in 2017, and is expected to lead the global market throughout the forecast period. This is owing to significant growth of population in the region. Lack of fertile land, Strong technical expertise in agricultural practices, and established R&D institutes in China and Japan further supplement the market growth.
The growing mechanisms used for vertical farming include hydroponics, aquaponics, and aeroponics. In 2017, hydroponics accounted for the largest share in the global market, and was estimated at USD 1,086 million in 2017, registering a CAGR of 23.3% during the forecast period. Hydroponics is a process of growing plants where the traditional soil medium is replaced by nutrient and mineral rich water solution. Hydroponics offer benefits such as availability of crops throughout the year, faster plant growth, and eliminate the growth of pesticides.
On the basis of offerings, the market is segmented into lighting solutions, sensors, climate control, and hydroponic components. In 2017, the lighting solutions accounted for the major share in the global market. Lighting solutions are used to provide uniform lighting conditions suitable for plant growth. The leading market players offering lighting solutions for vertical farming include Koninklijke Philips N.V., Illumitex, Inc., and Everlight Electronics Co. Ltd.
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The well-known companies profiled in the report include BrightFarms, Agrilution, Everlight Electronics Co., Ltd., American Hydroponics, Freight Farms, Illumitex, Inc., and Vertical Farm Systems among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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