Urban Farming Market by Growth (Aquaponics, Hydroponics, Aeroponics), Structure (Container-Based Urban Farms, Building-Based Urban Farms), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast to 2027
Newark, NJ, May 23, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global urban farming market is expected to grow from USD 2.77 billion in 2019 to USD 16.14 billion by 2027, at a CAGR of 24.6% during the forecast period 2020-2027. In North America, increased supply from retail stores of fresh vegetables is expected to drive the market in this region. Increased urban population is a contributing factor in urban farming activities such as derelict buildings and revamping derailed warehouses, which has increased the production of food.
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Key players in the global urban farming market are AeroFarms, AMHYDRO, Hort Americas, Koninklijke Philips N.V., Sky Greens, 4D Bios Inc., Everlight Electronics Co. Ltd, Urban Crop Solutions, Agrilution and Illumitex Inc. Key players are focusing mainly on technological advancements such as advanced electronic traceability systems and hydroponic systems, along with high capital expenditure. Partnership strategy is expected to generate the demand for urban farming.
The growth segment includes aquaponics, hydroponics and aeroponics. Hydroponics enables a wide range of crops the long-term cultivation of in vertical farming. The hydroponics segment is driven by increased economics, technological advancements and casual indoor growers. The structure segment includes container-based urban farms and building-based urban farms. Container-based urban farms are expected to show significant growth. The shipping container acts as a modular and standardized chamber for urban farming. It consists of monitoring systems, smart climate controls, vertically stacked hydroponics and LED lighting. It is beneficial to obtain a higher yield by saving space.
Urban farming has changed the traditional agriculture. Buildings can be re-used for urban agriculture which reduces the cost of construction needed in agriculture field. It also reduces spending on land purchases, thereby increasing the productivity. The urban farming market is driven by an increased popularity of organic food, minimized traditional machinery. Also, it enables a grower to keep track on a harvesting and growth of the plants. Technological advancements and rise in the urban population are contributing factors in the growth of the market. Growth mechanisms are beneficial in urban farming, thereby controlling the environment for artificial growth. It also minimizes human intervention, thereby reducing the material wastage and labour cost.