The global Vertical Farming market reached US$3.9 billion in 2020. The market is forecasted to expand significantly in the coming years and reach US$31.2 billion in 2030. It is expected to grow at a CAGR of 23.1% during 2020-2030.
Some of the growth opportunities include the use of natural energy sources like geothermal energy and solar energy are being harnessed to reduce the huge energy costs involved. Favorable government policies with grants and subsidies will encourage large-scale adoption. The sophistication of proper infrastructure & technology (Big Data Analytics, Advanced IoT Systems, Simulation Modelling) further boosts the adoption of vertical farming. The demand for sustainability, precision, and productivity with respect to food production is rising exponentially. With the ongoing pandemic, there’s also growing demand for organic, non-GMOs, grass-fed, and non-caged products. Technological advancements that revolutionize farming practices such as automation, nanotechnology, etc. This is further attracting institutional investments. This is a capital-intensive method that requires high precision monitoring, and high energy usage making it elusive for small farmers. Also current Speciality Agri software is not mature & lacks proper infrastructure which limits the variety of crops grown.