Global Vertical Farming and Plant Factory Market is estimated to be worth 637.21 million USD by 2023 QYRESEARCH FOCUS ON MARKET SURVEY AND RESEARCH
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Increasing inclination towards healthy food without pesticides, rising urban population and no weather-related crop failures are the factors favoring the market growth. However, limited variety of crops, high initial investment and lack of technical insights are the restraining factors for vertical farming market. Rapidly increasing city population has made farm land inadequate for cultivation, so there is need for alternative farming techniques which acts as opportunity for vertical farming.
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Vertical farms in urban areas are a relatively new phenomenon, but interest in this approach is growing, and the number of vertical farms is expanding every year. There are several variations of vertical farms being tested throughout the world, and new innovations and technology will likely increase the energy efficiency and profit margins of these farms in the future.
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QYResearch In the near term, most vertical farms will focus on high-return and shortrotation crops such as salad greens, with nearby restaurants often buying all of the production. Whether vertical farms will become more International is uncertain, but the innovative vertical farms currently under construction or already in production are being closely observed by urban planners and the sustainable agriculture community. The global vertical farming market is quite young till, despite all the frenzy and extremely positive message spreading on the internet. In terms of revenue, it was valued at 198.73 million USD in 2017, but it will surge rapidly in the future. It is estimated to be worth 637.21 million USD by 2023, with the average annual growth rate of 30.54% from 2017 to 2022. In terms of Acreage, the global vertical farming accounted for 52789 Sqm. in 2017, and is anticipated to reach 159438 Sqm by 2022. Overall, the longterm industry performance is positive. www.qyresearch.com
QYResearch North America, having a few early starters of vertical farming solution providers, is the dominate provider of vertical farming systems and vertical farm modules, the production is 15154 Sqm in terms of Acreage in 2015, accounting for about 61.24% of the total amount, followed by Asia, with the production market share of 17.11%. Due to the high cost of energy, and construction, the price of plants harvested from vertical farms is very high. Therefore, the market of vertical farming is limit. Although some farms can generate income through open to visitors, they are still in the situation of money-losing operation. The gross margin of most companies is negative.
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