Vertical farming market is expected to grow at a CAGR of 24.2% during the forecast period.

Globally, the Asia-Pacific (APAC) region is forecast to record the fastest growth in the vertical farming market in the coming years. The major factor contributing toward this rapid advance would be the rapid reduction in the fertile agricultural land in this region.

In densely populated countries, such as India and China, the available farming land is witnessing a massive reduction, owing to the burgeoning population level. Furthermore, the increase in the per capita income in these countries is causing rapid progress in the market.

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On the basis of growth mechanism, the vertical farming market is categorized into hydroponics, aeroponics, and aquaponics. Amongst these, the hydroponics category accounted for the largest market share, in terms of revenue, historically.

The aquaponics category is expected to register the highest CAGR in the future. This is attributed to this growth mechanisms useful characteristic of combining aquaculture and hydroponics together, in order to develop a closed-loop system, which allows for the efficient production of different types of crops.

Among the biggest opportunities for the vertical farming market players are the increasing utilization of internet of things (IoT) sensors for the production of crops. The vertical farming industry is shifting toward the implementation of complex sensors for the automated production of crops, in order to increase the yield and also reduce the wastage of water during the farming process.

The information collected from the sensors is used for analysis, thereby leading to improved production cycles and processes.

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Due to the increasing awareness amongst the people about the various health benefits of organic foods and shift in the focus toward reliable and climate-friendly production methods, the vertical farming market is set to flourish in the coming years. In addition to this, the increasing support for organic farming by governments across the world is also driving its adoption.

The expanding global demand for unseasonal fruits and vegetables is also contributing toward the rapid surge in the usage of this agricultural technique.

Therefore, the market, due to the decreasing farming area and ballooning demand for organic food items, is expected to witness significant growth in the coming years.

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Increasing adoption of Organic Foods is major driver of vertical farming market - WhaTech Technology and Markets News