North America Vertical Farming Market to Grow at a Formidable Rate During Forecast Period
Growing urbanization coupled with increasing popularity of
organic food to drive North America vertical farming market during forecast period
According to
TechSci Research report, “North America Vertical Farming Market By Growth Mechanism, By
Structure, By Offering, By Application, By Crop Type, By Country, Competition,
Forecast & Opportunities, 2024”, North America vertical
farming market is expected to grow at a CAGR of around 10% during the forecast
period owing to the growing demand for higher agricultural yields, scarcity of
arable land, growing urbanization and rising population. Additionally, rooftop
hydroponic gardens in urban set-ups are also positively influencing the market.
Moreover, rising concerns among consumers pertaining to health is increasing
the demand for organic food and safer farming methods, which do not use
pesticides and other chemical fertilizers, thereby further propelling growth of
the market. However, high initial investments and
involvement of nascent technology can hamper the growth of the market during
forecast period.
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North
America vertical farming market is segmented based on growth mechanism,
structure, offering, application, crop type, country and company. Based on
growth mechanism, the market can be categorized into aeroponics, hydroponics,
aquaponics and others. The aeroponics growth mechanism is expected to register
significant growth during forecast period since it facilitates faster plant
growth, wherein large number of plants could be grown in lesser time than under
normal conditions. On the basis of structure, the market can be divided into building
based vertical farms and shipping container vertical farms. The shipping
container vertical farms structure is expected to dominate the market during
forecast period. This can be attributed to the fact that these containers
feature innovative climate technology and growing equipment, along with the
perfect environment throughout the year, regardless of geographic location for
high-volume and consistent harvests. Based on offerings, the market can be
categorized into hardware, software and service. The service segment is
expected to witness significant growth during forecast period owing to the growing
research and technological advancements related to robotics and automation in
vertical farming which in turn is increasing the demand for consulting,
integration, and support services. Based on application, the market can be
divided into indoor and outdoor. The outdoor application segment is expected to
grow at a considerable pace due to the region’s with low agricultural yields are
generally preferring this technique to address deforestation. Based on crop
type, the market can be divided into fruits and vegetables & herbs. The
fruits are expected to register growth during forecast period since certain
fruits such as strawberries and others can be available throughout the year.
Green Spirit Farms,
Aerofarms, American Hydroponics, General Hydroponics, Illumitex, Inc., Green
Sense Farms, LLC, Hort Americas, LLC, Plenty Unlimited, Inc., Bowery Farming
Inc., Freight Farms and others are some of the leading players operating in North
America vertical farming market. The companies operating in the market are
using organic strategies such as product launches, mergers and collaborations
to boost their share.
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“The vertical
farming market in North America is expected to witness exponential growth
during the forecast period on account rising popularity of greenhouse
horticulture and agriculture in the region. Additionally, growing concerns
towards food security and nutrition are expected to open several novel
opportunities for the industry to prosper in the region especially in the
United States. Further, the onset of urban population dwelling across cities,
such as New York, Chicago, and Milwaukee, has propelled the environment for vertical
farming with activities, such as revamping derailed vacant warehouses, derelict
buildings, and high rises, which in turn, led to an increase in the production
of fresh grown foods.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based Global management consulting firm.
“North America Vertical Farming Market By Growth
Mechanism, By Structure, By Offering, By Application, By Crop Type, By Country,
Competition, Forecast & Opportunities, 2024” has evaluated
the future growth potential of North America vertical farming market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in North America vertical farming market.
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