Asia Pacific Vertical Farming Market: Industry Analysis and Forecast (2023-2029) by Technology, Application, Type, and Region
Asia Pacific Vertical Farming Market size was valued at US$ 1.13 Bn. in 2022 and expected grow at a CAGR of 29.2% during the forecast period.
Format : PDF | Report ID : SMR_193
Asia Pacific Vertical Farming Market Dynamics:
The effectiveness of artificial lighting in improving the yield, health and growth rate of crops, along with less dependence on weather conditions for production, is driving market growth from the outside. The above factors, coupled with the growth in the use of technologies such as the Internet of Things in vertical farming, rapidly expanding populations and increasing annual crop yields, are expected to drive the growth of the market leader. The growing consumer demand for organic, pesticide-free and genetically modified organisms (GMOs) is the main driver of the market. The rise in demand for clean organic food is another factor fuelling the growth of the market. However, Pollution has major economic consequences in terms of health, lack of productivity, health care costs, and environmental disruption. Hence, the growing concern about a pollution-free environment is also fuelling the growth of the vertical farming market.
The limited variety of crops grown in vertical farming leads to economic viability, hindering the growth of vertical farming markets. High energy consumption and pollination problems are the major factors that are hampering the growth of the market. The problem with many traditional vertical farms is that they use too much electricity and are too dependent on fossil fuels for growth in the APAC region. In conventional soil-based agriculture, plants grow outdoors, with the help of sunlight which creates a major restraining factor for the Asia pacific Vertical Farming Market.
Factors such as growing demand for pesticide-free products, limited land availability to feed growing populations and emerging economies of various countries such as India and China project expected to be a major market opportunity in this region. The increasing use of IoT sensors in agriculture has provided many opportunities for the growth of the vertical farming market in APAC. However, maintaining the increasing airflow in vertical farming is a major challenge for the vertical farming market. Another Challenging factor of vertical farming in this region is that the initial construction and installation costs can be quite high. Since vertical farming systems are often quite complex and require a lot of planning and the initial costs can be huge.
Asia Pacific Vertical Farming Market Segment Analysis:
By Component, the market is segmented as Lighting, Hydroponic, Climate Control, Sensors and Others. The lighting segment dominated the market with a 32.2% share in 2020. The major reason for driving the growth of this segment is it helps the plant grow faster. There may be various lights used for vertical farming in the APAC region such as violet LED’s are very commonly used in modern vertical farming. Purple light is the result of a combination of blue and red wavelengths. Blue light promotes the development of chlorophyll, shortening but thickening the stems and leaves.
However, The Sensor segment is expected to grow at a CAGR of 15.4% through the forecast period. Vertical farming uses smart sensors to monitor technical variables such as temperature, carbon dioxide, oxygen, lighting, humidity, nutritional levels, pH, pest control, irrigation, and harvesting which is the major reason for driving the growth of this segment.
Market Regional Insights:
According to a document through the United Nations, Department of Economic and Social Affairs, the range of towns with 500,000 populations or greater is predicted to develop by 31.2% in Asia through 2030. The growing urbanization and the populace feeding necessities in various countries which include India, South Korea, Taiwan and others will propel the marketplace over the forecast period. Vertical farming enterprise individuals which include Sky Greens, Ever light Electronics Co. Ltd., Spread Co. Ltd, Mirai Co. Ltd., Gills N Claws Pte Ltd, Fujitsu Factory and others will propel the Asia Pacific vertical farming enterprise through 2024.
Regional key Insights:
- Japan`s biggest vertical farm, Spread produces about 20,000 lettuce heads an afternoon in its 3000-rectangular-metres premise out of doors Kyoto.
- Tokyo primarily based Pasona Ltd. has devoted 20% of their 215,000-rectangular foot workplace to developing sparkling vegetables.
- Governments of nations in the Asia Pacific had been helping the indoor agriculture enterprise in current years.
- The aid degrees from countrywide coverage tasks to subsidies.
- In Japan, almost 1/2 of the plant factories have obtained both a subsidy and a loan (20%) and to set up operations, they have obtained loans of as much as 35%.
The objective of the report is to present a comprehensive analysis of the Asia Pacific Vertical Farming market to the stakeholders in the industry. The report provides trends that are most dominant in the Asia Pacific Vertical Farming market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Asia Pacific Vertical Farming Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.
The qualitative and quantitative data provided in the Asia Pacific Vertical Farming market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Asia Pacific Vertical Farming market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Asia Pacific Vertical Farming market.
The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the Asia Pacific Vertical Farming market. The report also analyses if the Asia Pacific Vertical Farming market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few
The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Asia Pacific Vertical Farming market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Asia Pacific Vertical Farming market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Asia Pacific Vertical Farming market is aided by legal factors.
Asia Pacific Vertical Farming Market Scope:
Asia Pacific Vertical Farming Market Scope
Market Size in 2022
USD 1.13 Bn.
Market Size in 2029
USD 6.82 Bn.
By Structure Type
North America- United States, Canada, and Mexico
Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe
Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC
Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa
South America – Brazil, Argentina, Rest of South America
- The Toro Company
- Valmont Industries, Inc.
- Lindsay Corporation
- Orbia Advance Corporation (Netafilm Ltd.)
- Hunter Industries, Inc.
- Rain Bird Corporation
- Jain Irrigation Systems Limited
- Rubicon Water
- Galcon Ltd.
- Telsco Industries, Inc.
Frequently Asked Questions
The segments covered in the Asia Pacific Vertical farming Market report are based on Components.
Japan is expected to hold the highest share in the Asia Pacific Vertical farming Market.
The market size of the Asia Pacific Vertical farming Market is expected to be 6.82 Bn by 2027.
The forecast period for the Asia Pacific Vertical farming Market is 2022-2029.
The market size of the Asia Pacific Vertical farming Market in 2022 was US$ 1.13 Bn.
Chapter 1 Scope of the Report
Chapter 2 Research Methodology
2.1. Research Process
2.2. Asia Pacific Vertical Farming Market: Target Audience
2.3. Asia Pacific Vertical Farming Market: Primary Research (As per Client Requirement)
2.4. Asia Pacific Vertical Farming Market: Secondary Research
Chapter 3 Executive Summary
Chapter 4 Competitive Landscape
4.1. Market Share Analysis, By Value, 2022-2029
4.1.1. Asia Pacific Market Share Analysis, By Structure Type, By Value, 2022-2029 (In %)
188.8.131.52. China Market Share Analysis, By Structure Type, By Value, 2022-2029 (In %)
184.108.40.206. India Market Share Analysis, By Structure Type, By Value, 2022-2029 (In %)
220.127.116.11. Japan Market Share Analysis, By Structure Type, By Value, 2022-2029 (In %)
18.104.22.168. South Korea Market Share Analysis, By Structure Type, By Value, 2022-2029 (In %)
22.214.171.124. Australia Market Share Analysis, By Structure Type, By Value, 2022-2029 (In %)
126.96.36.199. ASEAN Market Share Analysis, By Structure Type, By Value, 2022-2029 (In %)
188.8.131.52. Rest of APAC Market Share Analysis, By Structure Type, By Value, 2022-2029 (In %)
4.2. Stellar Competition matrix
4.2.1. Asia Pacific Stellar Competition Matrix
4.3. Key Players Benchmarking
4.3.1. Key Players Benchmarking By Structure Type, Pricing, Market Share, Investments, Expansion Plans, Physical Presence and Presence in the Market.
4.4. Mergers and Acquisitions in Industry
4.4.1. M&A by Region, Value and Strategic Intent
4.5. Market Dynamics
4.5.1. Market Drivers
4.5.2. Market Restraints
4.5.3. Market Opportunities
4.5.4. Market Challenges
4.5.5. PESTLE Analysis
4.5.6. PORTERS Five Force Analysis
4.5.7. Value Chain Analysis
Chapter 5 Asia Pacific Vertical Farming Market Segmentation: By Structure Type
5.1. Asia Pacific Vertical Farming Market, By Structure Type, Overview/Analysis, 2022-2029
5.2. Asia Pacific Vertical Farming Market, By Structure Type, By Value, Market Share (%), 2022-2029 (USD Million)
5.3. Asia Pacific Vertical Farming Market, By Structure Type, By Value, -
5.3.1. Building-based vertical farming
5.3.2. Shipping container-based vertical farming
Chapter 6 Asia Pacific Vertical Farming Market Size, By Value, 2022-2029 (USD Million)
6.1.4. South Korea
6.1.7. Rest of APAC
Chapter 7 Company Profiles
7.1. Key Players
7.1.1. The Toro Company
184.108.40.206. Company Overview
220.127.116.11. Source Portfolio
18.104.22.168. Financial Overview
22.214.171.124. Business Strategy
126.96.36.199. Key Developments
7.1.2. Valmont Industries, Inc.
7.1.3. Lindsay Corporation
7.1.4. Orbia Advance Corporation (Netafilm Ltd.)
7.1.5. Hunter Industries, Inc.
7.1.6. Rain Bird Corporation
7.1.7. Jain Irrigation Systems Limited
7.1.8. Rubicon Water
7.1.9. Galcon Ltd.
7.1.10 Telsco Industries, Inc.
7.2. Key Findings