Portland, OR -- (SBWIRE) -- 06/01/2018 -- Global Vertical Farming Market was valued at $1.5 billion in 2016, and is projected to reach $6.4 billion by 2023, growing at a CAGR of 23.6% from 2017 to 2023.Growth in population has fueled the demand for both more food and more land to grow food; however, availability of arable land is limited and expensive. Vertical farming is an innovative way to grow crop in cities without the need of soil, with minimum water usage and almost no need of pesticides. Crops grown through vertical farming are organic, environmentally safe, and healthy to consume.

Get sample copy of vertical farming market study: https://www.alliedmarketresearch.com/request-sample/2288

Presently, nearly 54% of the world's population resides in urban areas, and is expected to reach 66% by 2050. The future cities are expected to produce their own food due to increase in global population and limited area of arable land. Vertical farming permits farmers to harvest fresh organic crops in ever-growing cities with additional advantages such as high yield, pesticides, and low water requirement. Presently, food supplies from traditional farming is used by the urban population. These farmers use pesticides to achieve higher yield and use preservatives to extend shelf life of foods. Rise in demand for fresh, home-grown organic food has fueled the growth of the vertical farming market.

Hydroponics accounts for the majority of market share in the growth mechanism segment, owing to its capability to produce more nutritious eatables in less space consumption. Moreover, this growth mechanism uses 10 times less water than conventional agriculture. Aeroponics is anticipated to grow with a fast-paced rate in the forthcoming years.

North America is the second highest revenue contributor to the global vertical farming market, after Asia-Pacific. The market growth is attributed to factors such as alarming rate of water level depletion, presence of drought-stricken states, and increase in environmental concerns.

Make an purchase inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/2288

Key players :-

AeroFarm, FarmedHere, Illumitex, Inc., Koninklijke Philips N.V., Sky Green, Everlight Electronics, Green Sense Farms, American Hydroponics, Hort Americas, Agrilution, and others.

Contact
Pankaj Kumar
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Direct: +1-503-894-6022
Toll Free: +1-(800)-792-5285 (U.S. & Canada)
Fax: +1-(855)-550-5975
E-mail: sales@alliedmarketresearch.com

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. The data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online
and offline research and discussion with knowledgeable professionals and analysts in the industry.