The vertical farming market in Europe was pegged at USD 588.2 million in 2017 and is expected to reach USD 2,298.3 million by 2024. The vertical farming market is poised to grow at CAGR of 21.6% during the forecast period (2018–2024).
The primary factors aiding the growth of vertical farming market in the recent years have been the increasing demand for environment-friendly production of fresh fruits and vegetables with no use of pesticides is driving the demand for vertical farming market in Europe. The demand for organic foods is increasing as it provides more nutrients such as antioxidants than those of conventionally grown counterparts. The consumption of organic food is helping the people to lessen their symptoms if they are suffering from allergies to foods or chemicals.
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Moreover, the increasing urban population and reliable production of crops irrespective of climatic change are also fuelling the growth of vertical farming market. However, high initial cost and restrictions in the variety of crops grown are hampering the growth of this market in Europe.
The vertical farming helps in producing the perfect arrangement of lettuce varieties and growing formulas that helps in enhancing the quality and yields of crop. With the implementation of precise growing formulas will help the manufacturers to achieve increased yield on their investments. The technique is excessively used in Europe to grow lettuce varieties in order to efficiency of crop production in a farm. This technique is also helping the manufacturers to effectively lessen radiations and transport associated costs. This technique causes less ecological influence and enables the manufacturer to utilize reduced water and energy than the customary farms. The manufacturers can efficiently utilize their resources and produce significantly more food with minimum consumption of land.
Based on offering, the European 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 technique is largely used for growing several crops such as lettuce in this region.
Netherlands is expected to contribute largest revenue of USD 607.0 million by 2024 in vertical farming market in this region. In terms of hardware type, lighting is generating largest revenue for the vertical farming market in this region. Lighting is expected to grow at a CAGR of 22.4% during 2018–2024. On the contrary, lettuce accounted largest share in the European vertical farming market.
AeroFarms, Gotham Greens, Bright Farms Inc., Vertical Harvest, Home Town Farms, Infinite Harvest Inc., Lufa Farms Inc., Beijing IEDA Protected Horticulture Co., Ltd., Farmed Here LLC, Garden Fresh Farms CSA, Metropolitan Farms, Green Sense Farms, and Green Spirit Farms are some of the major players operating in the vertical farming market in Europe.
Europe 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