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Much has been written about vertical farming in the past year or two. It is seen as an effective way to deal with the growing needs for food, coupled with the pressure on traditional agriculture. A report from Allied Market Research details what this will mean over the coming ten years or so. Put simply,  from $4.5 billion in 2022, the sector is projected to reach $42.5 billion by 2032.

Vertical farming is an innovative approach used to produce food in vertically stacked layers such as in used warehouses, or shipping containers. The benefits are easy to see. It facilitates the production of huge quantities of nutritious and quality fresh food without relying on favorable weather, high water usage, skilled labor, and high soil fertility. Moreover, it enables reliable yield and consistency along with climate control, and no effects of external environmental factors such as disease, pest, or predator attacks.

Substantial growth in vertical farming

In recent years, the global vertical farming industry has experienced substantial growth, propelled by the surge in urbanization, a high demand for sustainable agricultural methods, and the necessity for efficient food production. Cutting-edge technologies are used to grow crops in vertically stacked layers or inclined surfaces within controlled environments. The increase in global population and rapid urbanization have intensified the demand for food in urban areas. Agrotonomy (vertical farming using aeroponic towers) addresses this challenge by facilitating cultivation in close proximity to urban centers, thereby lowering transportation costs and mitigating environmental impact.

The sector has already attracted interest (and investment) from major players such as IBM Corporation, HRL Laboratories, LLC, SynSense, General Vision Inc., GrAI Matter Labs, SK HYNIX INC., QUALCOMM Incorporated, BrainChip, Inc, Samsung Electronics Co. Ltd and even Intel Corporation.

VERTICAL FARMING: KEY FINDINGS
• The vertical farming market growth is expected to grow significantly in the coming years, driven by the increase in popularity of organic foods.
• The market is expected to be driven by the demand for vertical farming in the aeroponics segment.
• The market is highly competitive, with several major players competing for vertical farming market share. The competition is expected to intensify in the coming years as new players enter the market. The Asia-Pacific region is expected to be a major market for Vertical farming market analysis owing to an increase in adoption of advanced technologies in the region.

For the full report, visit Allied Market Research.

(ML. Source Allied Market Research. Photo Pexels)