India Vertical Farming Market to be Dominated by Advancements in Technological Factors through 2028
The variability in climate is
expected to drive the growth of India vertical farming market in the forecast
period, 2024-2028.
According
to TechSci Research report, “Indian Vertical Farming Market - By Region,
Competition, Forecast and Opportunities, 2028”, India vertical
farming market is anticipated to grow at an impressive rate in the forecast
period. The Indian government has launched several schemes and subsidies
to promote vertical farming in the country farmer will get a 75% subsidy on the
complete expense of vertical farming setup and the farmer will get 25% of the
expense will be borne by them. For example, the National Horticulture Board
offers financial assistance to farmers for setting up vertical farms. The
government is investing in research and development to improve vertical farming
techniques and promote innovation in the sector. The Indian Council of Agricultural
Research has launched several research projects to study the feasibility and
sustainability of vertical farming The government is providing training and
skill development programs to farmers and entrepreneurs interested in vertical
farming. The Ministry of Agriculture and Farmers' Welfare has launched a
program to train farmers in modern farming techniques, including vertical
farming these may be the factors which may increase the growth of India
vertical farming during the forecasted period.
Climate change
has made traditional farming more difficult due to unpredictable weather
patterns and increased frequency of natural disasters. Vertical farming, with
its controlled environment, offers a solution to this problem by allowing
farmers to grow crops in a climate-independent manner. Climate
change has also led to an increased frequency of natural disasters such as
hurricanes, floods, and wildfires. These disasters can devastate traditional
farms, but vertical farms, which are typically located indoors, are protected
from such disasters.
Overall,
climate change has made traditional farming more difficult, leading farmers to
look for alternative solutions such as vertical farming. As climate change
continues to be a major concern in India and around the world, the demand for
sustainable and climate-independent farming methods like vertical farming is
expected to grow. In context of growing these factors also promotes the market
of India vertical farming.
Vertical farms
require a lot of energy to operate the lighting, ventilation, and irrigation
systems. This can result in high electricity bills and can make the operation
of a vertical farm financially unviable.
While there is
growing interest in vertical farming in India, the market for fresh produce is
still relatively limited, and there may not be enough demand to support
large-scale vertical farming operations.
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The
India vertical farming market can be segmented by structure type, growth
mechanics, application type, end user, and region. Based on structure, the
India vertical farming market can be segmented into building based vertical farms, container based
vertical farms, and rack based vertical farms. Based on growth
mechanics, the India vertical farming market can be segmented into hydroponics,
aeroponics, and aquaponics. Based on application, the market can be grouped
into indoor and outdoor. Based on end user, the market is segmented into retail, food service, residential, and
institutional.
The rack based vertical farms segment is
expected to dominate during the forecast period on account of the rack-based
stacked layers of growing trays to maximize space and crop yields. Rack-based
vertical farming is becoming increasingly popular in India and is promoting
vertical farming in several ways: space optimization, increases crop yields,
reduced water usage, controlled environment, and reduced labor cost. Overall,
the rack-based vertical farming is promoting vertical farming in India by
offering a sustainable and efficient alternative to traditional farming
methods. As the demand for locally grown, fresh produce continues to increase
in India, rack-based vertical farming is expected to play an increasingly
important role in meeting this demand.
Major companies operating in India vertical
farming market are:
- Sky Green Pvt. Ltd
- Edible Routes Pvt. Ltd.
- Future Farms Pvt. Ltd.
- Letcetra Agritech Pvt. Ltd.
In November 2021, the Indian Institute of
Technology (IIT) Delhi set up a vertical farm with the capacity to grow up to
5,000 plants. The farm is equipped with advanced sensors and automation systems
to optimize crop growth and minimize resource usage.
In February 2020, the Indian agtech startup,
Arya Collateral, announced plans to launch a vertical farming venture to
produce high-value crops, such as exotic fruits and herbs.
In 2021, the Indian startup, Clover, announced
plans to set up a 50,000 sq ft vertical farm in Bangalore. The farm is expected
to have a production capacity of over 3,500 kg of leafy greens per month.
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“India
vertical farming market is expected to dominate the market during the forecast
period on account due to the rising demand for fresh and cut transportation
along with growing preference for personalized nutrition across the region.
Furthermore, trend of personalized nutrition is growing, particularly among
individuals with gut-related medical conditions, where generic treatment is not
which will further contributing to demand for India vertical farming market
during the forecast period. Besides, increasing concern about healthy lifestyles
and increasing expenditure on health and wellness is further expected to create
lucrative opportunities for the market growth” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“India Vertical Farming Market By Structure (Building
Based Vertical Farms, Container Based Vertical Farms, and Rack Based Vertical
Farms), By Growth Mechanics (Hydroponics, Aeroponics, and Aquaponics) By
Application Type (Indoor and Outdoor), By End User (Retail, Food Service, Residential, and
Institutional), By Region, Competition,
Forecast and Opportunities, 2018- 2028F
”, has
evaluated the future growth potential of India 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 India vertical farming market.
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