Saudi Arabia Vertical Farming Market to Grow at 7.81% CAGR over 2024 to 2029
According
to TechSci Research report, “Saudi Arabia Vertical Farming Market –Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2019-2029F”,
the Saudi Arabia Vertical Farming Market stood at USD 35.40 Million in 2023 and is
anticipated to project steady growth in the forecast period with a CAGR of 7.81%
through 2029. The drivers of the Saudi Arabia Vertical Farming Market are
numerous and multi-faceted. Foremost amongst them is the increasing need for
food security amidst a growing population and limited arable land.
Additionally, the region's harsh climatic conditions make traditional farming
challenging, leading to the adoption of vertical farming technologies.
Government support through favorable policies and subsidies also stimulates the
market.
Furthermore,
advancements in technology, such as hydroponics and aeroponics, have made
vertical farming more efficient and cost-effective, driving its adoption. An
increased awareness about sustainable farming methods and the demand for
organic produce are also significant growth drivers.
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"Saudi Arabia Vertical Farming Market”
The
Saudi Arabia Vertical Farming Market is experiencing a significant surge,
driven by the country's bid to achieve agricultural self-sufficiency and reduce
its dependence on food imports. Innovative technologies, such as hydroponics
and aeroponics, are being introduced, enabling crops to be grown in an environment-controlled,
space-efficient manner with reduced water usage. Increased government support
in the form of investment and favorable policies is a key factor driving this
growth. The Saudi Vision 2030 plan, which aims to diversify the country's
economy beyond oil, has earmarked agriculture, and specifically vertical
farming, as a crucial area of development. The state-owned Saudi Agricultural
and Livestock Investment Company (SALIC) has been actively investing in
vertical farming projects, both domestically and internationally.
Furthermore,
the harsh climatic conditions in Saudi Arabia, characterized by high
temperatures and scarce water resources, make traditional farming methods
untenable. Vertical farming offers a viable solution as it requires significantly
less water than conventional farming and allows for year-round production
irrespective of external weather conditions.
A
notable player in the market is the Riyadh-based vertical farm startup, Red Sea
Farms, which has received substantial investment for its unique technology that
uses saltwater to grow crops. This innovation is particularly important in
Saudi Arabia, where freshwater resources are limited. However, the vertical
farming market in Saudi Arabia is not without its challenges. High setup and
operational costs, coupled with a lack of skilled labor, are barriers to entry.
There are also concerns about the market's long-term sustainability given the
country's heavy reliance on imported technology and expertise.
Despite
these challenges, the future outlook for the Saudi Arabia Vertical Farming
Market is promising. As technology continues to evolve and become more
affordable, and as the benefits of vertical farming become more widely
recognized, the market is anticipated to grow at an accelerated pace.
The
scenario of the Saudi Arabia Vertical Farming Market is one of robust growth
and vast potential. While challenges remain, the combination of government
support, innovative technologies, and the country's unique climatic conditions
position Saudi Arabia as a burgeoning hub for vertical farming.
The Saudi
Arabia Vertical Farming Market is segmented into structure, growth mechanism, application,
regional distribution, and company
Based
on growth mechanism, Hydroponics, the dominant method in the Saudi Arabia
vertical farming market, has revolutionized agriculture in the region. This
innovative technique involves cultivating plants without soil, utilizing
mineral nutrient solutions in water. The efficient utilization of water and
space makes hydroponics a popular choice, especially in an arid environment
with limited arable land. By eliminating the need for traditional soil-based
farming, hydroponics offers a sustainable solution for food production,
ensuring a consistent and reliable supply of fresh produce. Its precise control
over nutrient delivery and environmental factors allows for optimized plant
growth and increased crop yields. This means that farmers can grow more crops
in a smaller space, maximizing productivity and efficiency.
Moreover,
hydroponics provides an opportunity for year-round farming, regardless of
external conditions. With the ability to control factors like temperature, pH
levels, and lighting, farmers can create the ideal growing environment for
their plants. This level of precision and customization allows for better crop
quality and reduced reliance on external factors such as weather or pests. With
its numerous advantages, hydroponics has become a cornerstone of the
agricultural landscape in Saudi Arabia, paving the way for a greener and more
self-sufficient future. It not only addresses the challenges posed by limited
arable land and water scarcity but also promotes sustainable and
resource-efficient farming practices. As the demand for fresh and locally grown
produce continues to rise, hydroponics offers a promising solution to meet
these needs while minimizing environmental impact.
Based
on region, the central region of Saudi Arabia, known for its arid climate and
limited water resources, is rapidly establishing itself as a frontrunner in the
vertical farming market. By strategically embracing advanced agricultural
technologies, such as hydroponics and aeroponics, the region is overcoming
these challenges and paving the way for sustainable food production. Vertical
farming, a method that utilizes vertical space and advanced cultivation
techniques, requires significantly less water and land compared to traditional
farming. This not only mitigates the strain on scarce resources but also
reduces the environmental impact associated with agriculture.
The
Saudi government's proactive support and investment in agri-tech innovations
have played a pivotal role in driving the growth of the vertical farming
industry in the region. This forward-thinking approach demonstrates their commitment
to ensuring food security and promoting economic diversification for a
sustainable future. With its unique blend of advanced technologies, strategic
planning, and governmental support, the central region of Saudi Arabia is
poised to become a global leader in the field of vertical farming, setting an
example for other regions facing similar challenges in agriculture and resource
management.
Major
companies operating in the Saudi Arabia Vertical Farming Market are:
- Mowreq Specialized Agriculture Company
- GrowGroup IFS
- Signify Saudi Arabia
- Kalera AS
- AeroFarms, LLC
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“The
future of the Saudi Arabia Vertical Farming Market appears promising due to the
nation's increasing focus on food security and technological advancements. With
the harsh desert climate and scarcity of arable land, vertical farming offers a
sustainable solution to enhance local food production. Moreover, the government's
Vision 2030 plan supports agricultural development, which will likely boost
growth in the vertical farming sector. Technological advancements such as
hydroponics and aeroponics further fuel this trend, promising higher yields and
efficient use of resources. As urbanization increases, the demand for fresh,
local produce is expected to drive the vertical farming market in Saudi Arabia.,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Saudi Arabia
Vertical Farming Market
By Structure (Building-Based Vertical Farms and
Shipping Container Vertical Farms), By Growth Mechanism (Hydroponics,
Aeroponics, Aquaponics), By Application (Indoor and Outdoor), By Region,
Competition, Forecast and& Opportunities, 2019-2029F”,
has evaluated the future growth potential of Saudi Arabia 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 Saudi Arabia Vertical
Farming Market.
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