Vertical farming market to accrue sizable gains from indoor farm installations over 2018-2024, APAC to emerge as a highly lucrative regional avenue
Low availability of land and fluctuating weather conditions will lead vertical farming market to generate a sizable revenue over the next seven years. Of late, the issues of excess population, water conservation, crop production, and recycling have been plaguing the world, on the grounds of which vertical farming has been garnering traction as a feasible solution for these problems. Being the latest phenomenon in urban farming, vertical farming is secured with biosecurity procedures that prevent pest attacks on crops and restrict plant disease. Additionally, there is no concept of seasonal crop or run-offs, which eliminates crop spoilage and transport costs, thereby fueling vertical farming industry expansion. A report by Global Market Insights, Inc., states that vertical farming market size stood at a modest USD 2 billion in 2017.
North America Vertical Farming Market Size, By Application, 2013 – 2024 (USD Million)
Vertical farming essentially involves plants being grown in vertical layers, stacked one after the other in warehouses, barren lands, deserts, high-rise buildings, and shipping containers. Given that it reduces the necessity of pesticides, sprays, and herbicides in cropping systems and helps farmers deliver their produce on time, vertical farming market is expected to massively proliferate the farming domain in the ensuing years.
Unveiling vertical farming market trends from indoor farming techniques
While outdoor vertical farms are a rather common phenomenon, the concept of farming indoors on account of lack of space in urbane locales has been gaining momentum lately. Basically, indoor farms is inclusive of growing fruits, fish, and vegetables in a controlled environment, such as freight containers, parking spaces, and warehouses. Driven by the fact that this type of farming consumes less water, minimum land, and provides high yield, indoor farming accounted for only slightly lesser than 70% of the overall market share in 2017.
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Being a massively practiced controlled environment agriculture technique, indoor farming plays a vital role in combating the rising food demand for the ever-increasing populace. Another pivotal advantage of this type of farming is that it is controlled from external adverse climatic changes and thereby lends extra protection to crops. On account of the fact that it helps produce feed in substantially higher quantities without crop damage, vertical farming market size from indoor farming is expected to depict a CAGR of 28% over 2018-2024.
Asia Pacific is expected to emerge as one of the most popular regional grounds for vertical farming market, primarily aided by countries such as Singapore and Japan where land scarcity has become an issue of national concern plaguing the country. Other countries such as China, India, South Korea, and Taiwan are also touted to become highly lucrative revenue pockets for APAC vertical farming market. Indeed, APAC accounted for 30% of the overall vertical farming market share in 2017. Powered by changing food patterns, rising population, and lack of arable land, APAC is expected to become the largest vertical farming market in the years to come. for vertical farming in coming years. Japan and Singapore are the major markets for vertical farming and it is expected to rise in future due to rising land scarcity.
Prominent players operating in this market often engage in collaborations to enhance crop yield and provide a positive impetus to vertical farming market. For instance, Philips Lighting, one of the global lighting technology leaders, announced last year that it has completed the installation of Philips GreenPower LED Production Modules at Ecobain Gardens, the largest commercial vertical farm operation in Canada. Through this venture of upgrading the previously used lighting in the facility from fluorescent to LED, Philips Lighting aims to help the vertical farming industry major enhance production on a commercial scale, improve growing cycles, and help to grow healthier plants. The move had been touted to save close to CAD 30,000 in energy costs per year.
Author Name :Saipriya Iyer
APAC aquafeed market to witness phenomenal proceeds over 2017-2024, India and Australia to be major revenue pockets
In an era of rising level of awareness and health consciousness among the global population, the aquafeed market share has recorded an unprecedented progression over the recent years. An overwhelming upsurge in the instances of lifestyle diseases such as diabetes, obesity, and other cardiovascular ailments has necessitated consumption of fish among a diverse set of populaces residing in varied geographical regions world over. This explains the escalating demand for fish since they are a rich source of omega-3 fatty acid and lean protein, which has, in turn, boosted the frequency of fish harvesting across the globe. In consequence, a marked uptick in fish intake invariably calls for their healthiness as well – a factor that would further contribute toward the global aquafeed industry share expansion in the ensuing years. The testament to the aforementioned statements is the estimate noted in a recent study undertaken by Global Market Insights, Inc., which claims that the overall aquafeed market share exceeded a valuation of around USD 80 billion in the year 2016.
Europe Aquafeed Market Size, By End-Use, 2016 & 2024, (USD Million)
How Asia Pacific region has been making strong headways in the global aquafeed market
Accounting for over 65 percent of the total global fish production, the Asia Pacific aquafeed market dominated the regional landscape in the year 2016. Furthermore, it would be prudent to mention that the APAC region is projected to witness massive demand for seafood in the forthcoming years owing to freshwater availability and ease of farming technology across the region. Moreover, rising disposable incomes coupled with ambient environmental conditions, inexpensive labor, and bountiful resource availability are a few factors that would stimulate the overall APAC aquafeed industry amplification in the next seven years. Following is a brief overview of how prominent Asian economies are emerging as the growth drivers of the overall APAC aquafeed market in the recent times:
- India – As per the statistics published by the United Nation’s Food and Agriculture Organization (FAO), India now acquires the second position globally in terms of annual fisheries and aquaculture production. The dominant standing of India in the global aquafeed industry can apparently be comprehended from the fact that the South Asian nation boasts of a coastline of about 7,517 km and a staggering 195,210 km of river and canal network which consists of 14 major rivers and 44 other medium to small rivers and streams. Needless to say, numerous aquafeed market giants have set their sights on India to fortify their presence in this highly combative business space. For instance, Cargill Inc. has recently inaugurated its first aquafeed production mill in Andhra Pradesh, India. The latest plant would reportedly triple the American conglomerate’s aquafeed production capacity in the nation up to 90,000 tons per year. Apparently, the aforementioned declarations go on to demonstrate the endless growth opportunities awaiting the leading market participants in India’s resurgent aquafeed industry.
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- Australia – Amidst the league of preeminent countries in the region, Australia has been gradually acquiring a significant place in the APAC aquafeed industry. Over the past few years, a slew of major industry stakeholders have been investing massively to build large aquafeed production facilities in the nation. To cite an instance of the same, BioMar Australia has recently announced to construct a $56 million plant in the Tasmanian region, providing a significant boost to the local aquafeed market and the nation’s burgeoning aquaculture industry. Reportedly, the facility would produce up to 110,000 tons of aquafeed products per annum. Hence, the growing interest of foremost market giants highlights an exceptionally bright picture of the overall aquafeed industry share expansion in Australia.
Concurrently, in a bid to retain their prominence in this ever-evolving and rapidly transforming business space, industry participants have been prioritizing consumer satisfaction in the past few years. Considering the aforementioned aspects, it is fairly evident that the leading market players would focus on enhancing their product quality through investments in capacity expansion plans and R&D activities, which would drive the growth potential of aquafeed industry over the estimated timespan. All in all, it is quite undeniable that the overall aquafeed market, which is expected to surpass a total consumption volume in excess of 115 million tons by 2024, would establish itself as one of most significant verticals of the swiftly progressing food, nutrition, and animal feed industry.
Author Name : Saif Ali Bepari