Asia Pacific Vertical Farming Market was valued at USD 0.78 billion in 2019 and is estimated to be growing at a CAGR of 29%, to reach USD 2.77 billion by 2024.
Vertical Farming techniques control factors such as environmental influences like temperature, humidity, gases, etc., amount of light, and fertigation factors which include the use of fertilizers and other soil products. In some Vertical Farms, natural light is used in combination with artificial lighting and metal reflectors, analogous to greenhouses.
Vertical Farming is the latest advance in farming, in which all environmental factors can be precisely controlled. Generally, foods and medicines are produced in upright stacked layers, vertically inclined surfaces and/or in assimilated structures like warehouses, shipping containers, skyscrapers, etc. in the Vertical Farming process
The efficacy of artificial lighting to enhance the yield, health and growth rate of plants coupled with lower dependency on the weather for production is driving the market from the producer side. The above factors accompanied by the growth in use of technology such as the Internet of Things in Vertical Farming, rapidly expanding populace and increase in the annual production of crops are predicted to exponentially boost the market growth. Increasing consumer demand for organic foods, foods free from pesticides and genetically modified organisms (GMOs) is the major driving force of the market. High costs of lighting equipment and continuous maintenance requirement are the constraints faced by the Vertical Farming market.
The Asia Pacific Vertical Farming market is segmented by Growth Mechanism, Structure, Offering, Crop Type, and Geography. By the Growth Mechanism Type, the market is classified into Hydroponics, Aeroponics, and Aquaponics. By the Structure used, the market is separated into Buildings and Shipping Containers. By the type of Offering, the market is classified into Hardware, Software, and Service. The Vertical Farming market is further segmented on the basis of Crop Type and Geography.
The Asia Pacific region is geographically segmented into China, India, Japan, South Korea, and Australia. Asia Pacific is one of the most lucrative markets for the growth of the Vertical Farming market and is projected to grow with the highest CAGR of 29% during the forecast period. Factors such as growing demand for pesticide-free foods, limited land availability for feeding the swelling populace and the emerging economies in countries such as India and China are predicted to lead the growth of the market in this region.
Key Players :
Key players involved in the development of the Asia Pacific vertical farming market are Illumitex Inc. (U.S.), Aerofarms (U.S.), Koninklijke Philips N.V. (The Netherlands), and Sky Greens (Singapore) among others.
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Growth Mechanism
5.1.1 Introduction
5.1.2 Hydroponics
5.1.3 Aeroponics
5.1.4 Aquaponics
5.1.5 Y-o-Y Growth Analysis, By Growth Mechanism
5.1.6 Market Attractiveness Analysis, By Growth Mechanism
5.1.7 Market Share Analysis, By Growth Mechanism
5.2 Structure
5.2.1 Introduction
5.2.2 Building Based
5.2.3 Shipping Container
5.2.4 Y-o-Y Growth Analysis, By Structure
5.2.5 Market Attractiveness Analysis, By Structure
5.2.6 Market Share Analysis, By Structure
5.3 Offering
5.3.1 Introduction
5.3.2 Hardware
5.3.3 Software
5.3.4 Service
5.3.5 Y-o-Y Growth Analysis, By Offering
5.3.6 Market Attractiveness Analysis, By Offering
5.3.7 Market Share Analysis, By Offering
5.4 Crop Type
5.4.1 Introduction
5.4.2 Y-o-Y Growth Analysis, By Crop Type
5.4.3 Market Attractiveness Analysis, By Crop Type
5.4.4 Market Share Analysis, By Crop Type
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Growth Mechanism
6.1.3.3 By Structure
6.1.3.4 By Offering
6.1.3.5 By Crop Type
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Growth Mechanism
6.1.4.3 By Structure
6.1.4.4 By Offering
6.1.4.5 By Crop Type
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Growth Mechanism
6.1.5.3 By Structure
6.1.5.4 By Offering
6.1.5.5 By Crop Type
6.2 China
6.3 India
6.4 Japan
6.5 South Korea
6.6 Australia
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Sky Greens
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Aerofarms
8.3 Illumitex
8.4 Koninklijke Philips N.V
8.5 Everlight Electronics
8.6 Green Sense Farms LLC
8.7 Agrilution
8.8 American Hydroponics
8.9 Urban Crops
8.10 Vertical Farm Systems
8.11 Indoor Harvest Corporation
8.12 American Hydroponics
8.13 Moflo Aeroponics
8.14 SPREAD
8.15 Mirai
8.16 Freight Farms
8.17 Bright Farms
8.18 Plantagon International AB
8.19 Gills N Claws Pte Ltd
8.20 Alesca Life
8.21 General Hydroponics
8.22 Heliospectra AB
8.23 GrowUp Urban Farms
8.24 Ecobains Gardens
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
