The global vertical farming market is anticipated to make a significant USD 6.5 billion by 2024. Moreover, this figure is expected to be achieved at a CAGR of approximately 20% during the forecast period of 2019–2024. The major factor that is said to be influencing the growth of the market is said to be the growing demand for quality and greater volumes of food. This apart lowered environmental impact is also touted as one of the prime factors.
The prospect and scope for the global vertical farming market are said to be promising and are associated with its ability to address a lack of cultivable land area issues. Moreover, it encourages the cultivation of food in mass range within confined space. Through the process, it is capable of overcoming the key challenge of meeting the needs of global demand for food. In an era of empowered technical farming, this concept seems highly effective. With a growing emphasis on agriculture, the market is expected to grow even at a much greater rate.
The Vertical Farming Market is anticipated to be the most prolific and profitable for vendors around the globe. The prime reason behind this is said to be due to a grown level of awareness among the modern-day farmers regarding technology. To be specific, farmers in Asian domains are encouraging awareness of vertical farming, thus widening the scope of the market. Moreover, this aspect is expected to be even more encouraging in the upcoming future through the advent of high-end technologies and awareness.
The global vertical farming market is segmented on the basis of technology, structure, crop type, and region.
On the basis of technology, the global market is segmented further into aeroponics, hydroponics, and aquaponics.
The global vertical farming market is segmented further on the basis of the structure as well, into indoor vertical farming and outdoor vertical farming. Again, the indoor vertical farming market is again segmented into building-based vertical farming and shipping containers vertical farming.
In terms of crop type, the market is segmented further into a tomato, lettuce, leafy vegetables, strawberries, herbs, and others.
From a regional perspective, the global vertical farming market is segmented into four key regions, including North America, Europe, Asia-Pacific, and the rest of the world.
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From a regional perspective, the global vertical farming market is segmented into four key regions including North America, Europe, Asia-Pacific, and the rest of the world
The North American market is again segmented into the US, Canada, and Mexico. Coming to the European market, it can be segmented further into the UK, Germany, France, Italy, Spain, and the rest. Coming to the Asia-Pacific, the global vertical farming market is segmented into China, India, Japan, and Australia. Among others, the market is segmented into South America, the Middle East, and Africa. The US in North America, India, and China in Asia, the UK, and Germany in Europe are the leading players.
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