Canada Vertical Farming Market to be Dominated by Building-Based Vertical Farms Segment Through 2028
Increasing
demand for fresh produce and locally grown fruits & vegetables, rising
urbanization, and limited availability of land for traditional farming are factors
driving the Canada vertical
farming market in the forecast period 2024-2028.
According to TechSci Research
report, “Canada Vertical Farming Market-
By Region, Competition, Forecast and Opportunities, 2028”, Canada vertical farming market size is anticipated
to increase at a substantial rate in the forecast period. The
increasing demand for fresh, locally grown produce is a key driver of the
growth of vertical
farming market in Canada. As this trend continues, it is expected that the
market will continue to grow, driven by consumer demand, technological
advancements, and government support. Vertical farming has the potential to
transform the way we produce and consume fresh produce, providing a
sustainable, reliable, and safe source of food for Canadian consumers. Apart
from these, the limited availability of agricultural land is driving the demand
for Canada's vertical farming market. As the population grows, the need for
food production will continue to increase, and innovative solutions such as
vertical farming will become increasingly important. With technological
advancements, government support, and growing investor interest, vertical
farming is poised to play a significant role in the future of agriculture and
food production in Canada and around the world.
Furthermore, vertical farming
is a relatively new and emerging technology that involves growing crops in
stacked layers or vertical racks in a controlled environment. While this
technology has significant potential for addressing food security and
sustainability challenges, the Canadian vertical farming market faces several
challenges that can hinder its growth. High capital costs, limited crop variety,
lack of skilled labor, and regulatory environment are the major challenges that
Canada vertical farming market is facing currently. Vertical farming is best
suited for growing leafy greens and herbs, which have a short growing cycle and
require less space. This limited crop variety can make it difficult for
vertical farming to compete with traditional agriculture, which can grow a
wider range of crops. Hence, such factors are creating significant impact on
the market and impending Canada vertical farming market growth in the
forecasted period.
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Canada
vertical farming market is segmented based on structure, growth mechanism,
application, and region.
Based on the structure, the market is
categorized into building-based vertical farms, and shipping container vertical
farms. The building-based vertical farms segment is expected to hold the
largest market share in the forecast period. Building-based vertical farms can
produce more food in less space, use less water and energy, and reduce
greenhouse gas emissions and food waste. They can provide fresh, local, and
pesticide-free produce year-round, regardless of weather conditions or seasons.
Based on the
growth mechanism, the market is categorized into hydroponics, aeroponics, and
aquaponics. The aquaponics segment is expected to hold the largest market share
in the forecast period. Aquaponics is a system that combines aquaculture
(raising fish) and hydroponics (growing plants in water) in a closed-loop
cycle. The fish waste provides nutrients for the plants, and the plants filter
the water for the fish. This reduces the need for external inputs such as
fertilizers, pesticides, and water. Aquaponics allows for the cultivation of a
variety of crops and fish species, which can increase the profitability and
resilience of vertical farms. Moreover, aquaponics can help address some of the
environmental and social challenges that Canada faces, such as food insecurity,
climate change, and water scarcity.
Major
companies operating in the Canada vertical farming market are:
- Green Sense Farms
Holdings Inc
- Agricool SAS
- Valoya Oy
- GoodLeaf Farms
- UP Vertical Farms
Ltd.
- TruLeaf Sustainable
Agriculture Ltd.
- Atom-Jet Industries
2002 Ltd
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“The
vertical farming market in Canada has been experiencing significant growth in
recent years, driven by several trends such as, increasing demand for locally
grown, fresh produce that is free from pesticides and herbicides, and growing
concern about the environmental impact of traditional agriculture, particularly
in terms of water use and greenhouse gas emissions. Vertical farming can be
more sustainable as it uses less water and produces fewer emissions. Advancements in technology have made vertical
farming more efficient and cost-effective. Innovations in lighting, automation,
and data analytics have improved yields and reduced operating costs. Moreover, the
COVID-19 pandemic has highlighted the vulnerabilities of global supply chains
and increased the demand for local food production. Vertical farming can help
to address these supply chain challenges by producing fresh, local produce in
urban areas. Hence, large companies and investors are recognizing the potential
of vertical farming to address food security and sustainability challenges and
driving the Canada vertical farming market growth.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
Canada Vertical Farming
Market By Structure (Building-Based Vertical Farms, Shipping Container Vertical
Farms), By Growth Mechanism (Hydroponics, Aeroponics, Aquaponics), By
Application (Indoor, Outdoor), By Region, Competition, Forecast and
Opportunities, 2028, has evaluated the future
growth potential of Canada 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 Canada vertical farming market.”
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