Urban agriculture with a flurry of activity in the space of vertical farms, rooftop greenhouses, and home to new farming-based startups will contribute to the growing revenues in the vertical farming market in US.
Arizton’s recent market research report on the vertical farming market in US provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by growth systems (hydroponics, aeroponics, and aquaponics), by the environment (indoor and outdoor), by technology (lighting devices, software, growth mechanism components, climate control, and sensing devices), and offers detailed competitive analysis.
The vertical farming market in US estimated to generate revenues of approximately $3 billion by 2024, growing at a CAGR of more than 24% during 2018-2024.
The increasing focus on food safety and sustainability are the main factors attributing to the growth of the US market. The emergence of urban agriculture with a flurry of activity in the space of vertical farms, rooftop greenhouses, and home to new farming-based startups will contribute to the growing revenues in the vertical farming market in US.
The top 3 drivers and trends propelling the growth of thevertical farming market in USare discussed below:
Need for a Sustainable Agricultural Operation
The growing need for sustainable agricultural operations that reduces the adverse impact on the environment will fuel the growth of the vertical farming market in US. The exponential levels of environmental pollution and production intensification with a monumental impact on earth’s resources will drive the need for sustainable agricultural practices in the US market. The inefficiencies in the supply chain amplify the scarcity effect and negatively impacts the harvesting, processing, and transportation process in the market. The implementation of vertical farming will reprocess inputs and uses resources sparingly, thereby maximizing sustainability in the vertical farming market in US. This technique helps to reduce the stress on arable lands and minimizes the time the product is in transit. The city limits of these farms allow flavor and nutrition to stay intact specifically for more delicate foods in the US market. Additionally, making the production localized largely decreases the ‘food miles,’ which bring down carbon footprint and this method can lower the overall release of CO2 by 65-90% in comparison with greenhouses in the market. Vendors are also incorporating organic waste and wastewater management solutions to minimize the wastage and promote sustainability in the vertical farming market in US.
Kitchen gardens fuel the concept of on-site farming
The increasing popularity of kitchen gardens that is fueling the concept of on-site farming is augmenting the growth of the vertical farming market in US. Kitchen gardens are cropping up everywhere from the lush countryside to resorts to gastropubs to community initiatives in the market. The increasing number of CSR activities that help to reduce pollution, energy consumption, and carbon footprint will propel the development of the vertical farming market in US. The restaurants are adding vertical farms to add value and aesthetic reasons in the market. Indoor farming is becoming a phenomenon, as the production process is closer, ensures higher freshness, and better taste compared to other products that are available in the market. With provenance and the desire to go local catching on, restaurants, universities, schools, and corporates are increasingly boasting fare that includes food coming from the backyard,and they are progressively using indoor farming methods in the market. Moreover, companies such as Microsoft are adding on-site hydroponic farming to their food supply on campus which grows lettuce and microgreens to promote sustainable practices in thevertical farming market in US.
An inclination to further automation + big data + AI
The trend of indoor farming industry moving towards autonomous operations will lead to the transformation of the vertical farming market in US. The leading vendors are incorporating automation and machine learning for disease detection and climate control and improving harvesting and post-harvesting operations in the US market. The introduction of harvesting robots, automatic seed planters, and greenhouse roof washers to reduce operating costs and boost revenues in the vertical farming market in US. The automating plant movement includes unit tasks of transplanting, seeding, transplanting, packaging, harvesting, and cleaning which are gaining immense traction in the US market. The leading players are integrating innovative technologies such as big data, predictive analytics,and IoT to protect them from crop losses and increase yields in the market. The launch of aquaculture monitoring and alert packages will revolutionize the vertical farming market in US during the forecast period.
The leading vendors in the vertical farming market in US are Aerofarm, Plenty, Green Spirit Farms, and Bowery Farming.
The complete overview of the latest market research report on the vertical farming market in US 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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