Vertical farming will be $30.2B market by 2030

Vertical farming will be $30.2B market by 2030

NEW YORK, Dec. 8, 2022 /PRNewswire/ -- According to the recent market research study published by P&S Intelligence, in 2021, the vertical farming market had a total size of $3.98 billion, and it is predicted to hit $30.2 billion by 2030, progressing at a rate of 25.2% from 2021 to 2030. This would be a result of the benefits offered by this method of agriculture, including less requirement for water and land and a decreased washing and processing time for the produced crops.

Furthermore, the lack of agricultural land in certain countries and the snowballing demand for organic food are contributing to the market growth. Moreover, such enhanced agriculture methods support farmers in producing over 230 times larger yields than conventional techniques.

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Hydroponics Category Is Dominating Market

The hydroponics category holds the largest revenue share, of above 45%, and it is projected to continue its dominance in the years to come, due to its ease of implementation and cost-effective nature. Further, plants, when grown this way, yield better compared to when grown conventionally, in soil.

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Photo by Petr Magera on Unsplash



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