Vertical Farming Market Expected to Reach $6,372.5 Million by 2023
Global vertical farming market is expected to reach $6,372.5 million by 2023, witnessing CAGR of 24.2% on account of increasing awareness levels among consumers and rising disposable income, leading to the consumption of high value crops. The global vertical farming market stood at $1.4 billion in 2016, which is expected to grow at a CAGR of 24.2% during the forecast period. Benefits imparted by vertical farming, such as low water requirement, low transportation cost, and reduced washing and processing of produce are the growth drivers for this market. Vertical farming uses controlled environment agriculture (CEA) technology and produces food through skyscraper, shipping container, and vertically stacked layers. This type of farming is also known as indoor farming or urban farming and is witnessing widespread adoption globally.
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