The vertical farming market in Asia-Pacific was pegged at USD 521.6 million in 2017 and is expected to reach USD 2,101.0 million by 2024. The vertical farming market in Asia-Pacific is poised to grow at CAGR of 22.1% during the forecast period.
The increasing demand for environment-friendly production of fresh fruits and vegetables with no use of pesticides is driving the demand for the vertical farming market in Asia-Pacific. The consumption of organic food is helping people to lessen their symptoms if they are suffering from allergies to foods or chemicals.
Moreover, the geographical opportunities of vertical farming in Asia-Pacific are creating enhanced opportunities for vertical farming market to grow exponentially. The region of Asia-Pacific is providing various opportunities to develop such building-based vertical farms and shipping container vertical farms. The high initial investments in vertical farming and limitations on the variety of crops grown are expected to hamper the growth of vertical farming market in this region.
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Vertical farming technique uses a (controlled-environment agriculture) CEA technology to preserve the environment and produce the crops even in densely populated areas of the city. The use of this technique is helping the region to reduce the use of water at minimum threshold. The technique is also helping the region to develop adequate produce in order to satisfy huge number of population.
Based on offering, the Asia-Pacific vertical farming market is categorized into hardware and software. Hardware type is further segmented into lighting, hydroponics component, climate control, and sensors. The vertical farming comprises of two structures building-based vertical farms and shipping container vertical farms. The vertical farming technique is used for developing leafy green vegetables in this region.
Asia-Pacific is observed to witness fastest growth in the market. The increasing disposable income of the population and large number of population require a technique that supports the manufacturer in meeting the demand of this ever increasing population. Moreover, in a recent report it was observed that Japan is considered to be very adaptive in implementing vertical farming technique and any new technology in the region. Thus, the demand for vertical farming in the region is expected to expand significantly in the near future.
Japan contributes largest revenue is expected to reach USD 616.4 million by 2024. Lighting dominates the vertical farming market by the hardware type in this region that is contributing USD 395.4 million by 2024.
Koninklijke Philips N.V., OSRAM GmbH, Illumitex, GE, Valoya Oy, Everlight Electronics Co. Ltd., Epistar Corporation, LumiGrow Inc., LEDHydroponics, Fionia Lighting, NET LED Limited, Apollo Horticulture, Grow LED Hydro, California LightWorks, Kessil, Kind LED Grow Lights, Spectrum King LED Grow Lights, Sunprou Opto-Technology Co. Ltd. and Shenzhen Jing Chuang Xing Technology Co., Ltd. are some of the major players operating in the vertical farming market in Asia-Pacific.
Asia-Pacific Vertical Farming Market Coverage
Offering Insight and Forecast 2014–2024
Growth Mechanism Insight and Forecast 2014–2024
Structure Insight and Forecast 2014–2024
Crop Type Insight and Forecast 2014–2024
Vertical Farming Market by Country