A new report reveals that the global vertical farming market size is projected to reach USD 12.04 Billion by 2026. Increasing technological advancements have allowed improved efficacies as well as enhanced output.
The report, published by Fortune Business Insights, reveals that the market was worth USD 2.13 billion in 2018 and will exhibit a CAGR of 24.8% during the forecast period, 2019-2026.
A typical vertical farming system involves the use of artificial temperature, light, humidity, and other gases. The constantly rising global population, coupled with the growing demand for plants and other vegetation. The primary aim of vertical farming is to maximize the area per square meter.
Increasing adoption of agritech is attributable to the growing demand for environment-friendly ways of producing vegetables and fruits. Increasing concerns regarding organic food will contribute to the growing demand for vertical farming.
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers have had the highest impact on market growth.
The increasing investment in the development of newer vertical farming equipment, coupled with the efforts put in to acquire medium as well as small scale enterprises will contribute to the growth of the market.