The growth opportunities for the vertical farming market players include cannabis cultivation through vertical farming and potential market opportunities in Asia Pacific and the Middle East. However, lack of skilled workforce and technical know-how and limited crop range are the factors restraining the market growth. The vertical farming market is primarily dominated by the building-based vertical farms’ segment as leading companies in the market are involved in this type of farming. Building-based vertical farms generate better per sq. ft. revenue than shipping container-based vertical farms, as the former uses lesser capital and incurs lower operating expenses (for the same area).

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The vertical farming market witnessed a decline in 2020 owing to the spread of COVID-19. The market is seeing a decline due to the closure of multiple SMEs, logistic disruptions, lockdowns, and other problems arising due to the Covid-19 pandemic. The pandemic has compelled governments worldwide to shift their focus and spending to the health care sector. The demand from end users also declined significantly during 2020. The market would experience partial recovery by the end of 2021, followed by a growing upward movement in 2022 as markets start recovering. The increasing awareness on hygiene and safety also increases the demand for vertical farming and its products.

Hardware is expected the dominant segment in vertical farming market during the forecast period

In the vertical farming market, hardware is the dominant segment in terms of market share throughout the forecast period. Vertical farming is a form of controlled environment agriculture practice carried out indoors with the artificial environment created to assist crop growth. The sunlight, required for the process of photosynthesis, is replaced with artificial lights in vertical farming. Hydroponics, one of the technologies of vertical farming, is the process of growing crops without soil, where a continuous supply of water with necessary nutrients is provided to the roots of crops. Likewise, to create a suitable environment for growth, climate control systems are installed, while to track and monitor the growth of crops, sensors are installed. Companies manufacturing these hardware components ensure to develop products highly suitable for the growth of crops indoors.

Asia Pacific to dominate the vertical farming market during the forecast period

In Asia Pacific, the companies involved in vertical farming are investing and expanding their operations in other countries. For instance, in November 2019, Sustenir (Singapore), an agritech company, launched a 30,000 sq. ft. hydroponics vertical farming facility in Tuen Mun, Hong Kong. Hong Kong is a densely populated country with limited availability of land for farming. The produce from conventional farming is not enough to serve the local demand, and hence the country relies highly on imported produce. Similar is the case with Singapore. To decrease the dependency on imported food and reduce food wastage in the transportation process, growing a significant amount of food locally, in limited space, is the solution offered by vertical farming, resulting in the expansion of farms by companies in this region.

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The report profiles key players in the vertical farming market and analyzes their market shares. Players profiled in this report are Signify (Netherlands), Osram (Germany), Freight Farms (US), AeroFarms (US), sky Greens (Singapore), Spread (Japan), Plenty (US), Valoya (Finland), Everlight Electronics (Taiwan), Heliospectra AB (Sweden), Green Sense Farms (US), Agrilution (Germany), American Hydroponics (US), Urban Crop solutions (Belgium), Vertical Farm Systems (Australia), bowery Farming (US), Agricool (France), Sananbio (US), Growpod Solutions (US), Infarm (Germany), Altius Farms (US), Intelligent Growth Solutions (Scotland), 4D BIOS INC (US), Future Crops (Netherlands), Bright Farms (US), Swegreen (Sweden), and Vertical Future Ltd (UK).