The need for fresh and locally sourced products will drive the demand for aquaponics in the US vertical farming market
Arizton’s recent market research report on the US vertical farming market identifies Aerofarm, Plenty, Green Spirit Farms, and Bowery Farming as the leading vendors that are likely to dominate the market during the forecast period. This research report provides a detailed analysis of marketsegmentation by growth systems (hydroponics, aeroponics, and aquaponics), by the environment (indoor and outdoor), and by technology (lighting devices, software, growth mechanism components, climate control, and sensing devices).
The US vertical farming market is anticipated to reach revenues of approximately $3 billion by 2024, growing at a CAGR of around 24% during 2018-2024.
The US vertical farming market is divided into three major segments that consist of growth systems, environment, and technology.
Aquaponics segment to grow at the fastest CAGR in the US vertical farming market during the forecast period
The US vertical farming market by growth systems is segmented into hydroponics, aeroponics, and aquaponics. Aquaponics is the fastest growing segment in the US market, at a CAGR of around 27% during the forecast period. Aquaponics offers a higher yield, the system provides residual income via two streams via the crops and the fish, thereby augmenting the growth of this segment in the US market. The larger influx of standardized systems will boost the adoption of aquaponic solutions in the US market. Aquaponic systems, through their self-regulating mechanism, have managed to keep the robustness of the crops intact, thereby building the right flavor profile and nutrition of the crops and propel sales in the US vertical farming market. High-end restaurants, catering outfits, and supermarket chains like Whole Foods are some of the largest consumers of crops from this system in the market. This method of vertical agriculture is apt for a short growing season for highly perishable, high-value crops such as herbs, arugula, and baby lettuces. The need for fresh and locally sourced products will drive the demand for aquaponics in the US vertical farming market over the next few years.
Indoor segment to grow at a significant CAGR in the US vertical farming market during the forecast period
The environment segment in the US vertical farming market is classified into indoor and outdoor. Indoor segment dominated the largest US market share in 2018, growing at a CAGR of over 23% during the forecast period. The growing requirement for high-quality produce on demand, food safety, and sustainability are some of the major factors attributing to the growth of this segment in the US market. The rapid changes in the urban landscape to suit a wide range of growers will create substantial potential in US vertical farming market. For instance, while warehouses are typically customizable to growth systems and crop needs and allow new players to create their tech, container farms. Shipping container and building-based vertical farms are the most common indoor farms in the US market. The increasing popularity of microgreens such as arugula, basil, and cilantro are driving the need for indoor farms in the US market. Microgreens and Cannabis are on top of the list of crops growers in terms of the perception of their profitability across indoor vertical farms. These farms are emerging as an economical and viable option for farmers in the US vertical farming market.
Software segment to grow at an impressive CAGR in the US vertical farming market during the forecast period
The US vertical farming market by technology is categorized into lighting devices, software, growth mechanism components, climate control, and sensing devices. Software segment occupied the second largest market share in 2018, growing at a CAGR of approximately 26% during the forecast period. The use of software solutions sped up the growing modularity of vertical farms and their ecosystems which warrant the use of a system and recipes that can offer optimal growing conditions across the board. The leading vendors are looking for perfect synergy between software and hardware in the US vertical farming market. The increasing efforts towards automating processes and creating an open exchange of data across systems will transform the US market during the forecast period. The use of software solutions will enable farmers to leverage real-time data inputs to determine the texture, quality, yield, and color of its plants in the US vertical farming market.
The other prominent vendors in the US vertical farming market are Acre In A Box, Altius Farms, Crop One Holdings, American Hydroponics (AMHYDRO), Dream Harvest Farming Company, Edenworks, Farm.One, Freight Farms, Green Girl Produce, Green Living Technologies International, GreenTechAgro, LA Urban Farms, Living Greens Farm, Moonflower Farms, Plant Chicago, Square Roots, Urban Crop Solutions, Urban Organics, and Oasis Biotech.
The complete overview of the latest market research report on the US vertical farming market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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