Vertical Farming Market - Technology, Revenue, Growth, Demand And Opportunities By 2023
- Sep 27, 2018-
Global vertical farming market is expected to reach $6,372.5 million by 2023, witnessing CAGR of 24.2% on account of increasing awareness levels among consumers and rising disposable income, leading to the consumption of high value crops.
Adoption of organic foods, rising urban population, growing focus towards efficient production of fresh fruits and vegetables among the consumers in the developing countries are expected to boost the growth of the vertical farming market during the forecast period.
Lettuce, spinach, broccoli, cucumber & pepper are the major types of crops that are grown through vertical farming technique. These crops contributed around 80% to the vertical farming market. The market for spinach is likely to register the highest growth during the forecast period.
North America is projected to remain the largest vertical farming market throughout the period of analysis. Although small residential urban farming in the region has been around for decades, commercial urban farming has gained traction in the last few years.
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