March 18, 2020
According to the research report titled ‘Asia Pacific Vertical Farming Market Size, Industry Analysis Report, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, Asia-Pacific vertical farming market is expected to surpass USD 5 billion by the year 2024.
As per the report, rapid urbanization and declining size of arable land are major factors driving the vertical farming market growth in Asia-Pacific. Vertical farming helps in reducing the reliability on field farming. It also assists in minimizing the need for additional farmlands in order to meet the growing food demand. Moreover, vertical farming not only supports in conserving natural resources but also aids in avoiding deforestation and desertification caused by agricultural encroachment.
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The report states that the Chinese government reportedly emphasized on the significance of green agriculture and controlled environment. There has been an upsurge in number of research activities regarding plant factory production technology such as National High Science & Technology Project, which unites around fifteen companies, universities and institutes and is backed by the Ministry of Science & Technology of China. Favorable government initiatives which promote vertical farming in order to expand their production capacities is stimulating the industry outlook.
Scarcity of water, conversion of land for other uses, growing population of elderly farmers, and soil erosion has reduced the food self-sufficiency across nations like Japan. Rising focus towards enhancing self-sufficiency with regards to food and favorable regulatory scenario which supports indoor agriculture to reduce environmental impact are also fueling the growth of Asia-Pacific vertical farming industry.
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