Vertical Farming Market is estimated to grow at a CAGR of 24.0% during the forecast period

During the projected period of 2022–2030, the global vertical farming market is anticipated to expand at a compound annual growth rate (CAGR) of 24.0%.

Growing crops in layers that are vertically stacked in a controlled environment—typically in old warehouses, skyscrapers, or shipping containers—is known as vertical farming. The procedure makes use of methods including aquaponics, hydroponics, and aeroponics as well as tools like grow lights, sensors, humidity controllers, coolers, etc.

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Growth Drivers:

Additionally, there are numerous growth prospects for the development of the global vertical farming market due to the growing trend, awareness, and adoption of precision farming techniques among farmers. Farmers may increase yields, improve time management, use less water and chemicals, increase productivity, and grow healthier crops thanks to precision farming. This, combined with the rising demand for food, is causing farmers and agriculturists to quickly transition to precision farming, creating new growth prospects for the worldwide vertical farming market.

Additionally, the use of vertical farming is becoming increasingly popular in many regions of the world. This covers the rate of resource recycling and conservation in vertical farming. In addition to reducing water use by over 90%, vertical farms help farmers produce crops consistently throughout the year, increase output in a compact space, and do away with the need for pesticides and fertilizers. With all these benefits, vertical farming is expected to significantly increase market size in the years to come.

But throughout the forecast period, issues including a lack of trained labor, technological know-how, and awareness; high startup costs; and restrictions on crop variety are anticipated to restrain the growth of the worldwide vertical farming market to some extent.

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