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India Vertical Farming Market to Grow at 26.93% During 2022-2027, Bolstered by Increasing Demand for Sustainable Farming

Published on Oct 18, 2022

According to the latest report by IMARC Group, titled “India Vertical Farming Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the India vertical farming market is expected to grow at a CAGR of 26.93% during 2022-2027. Vertical farming is a non-traditional agricultural technique involving growing food and medicinal plants in vertically stacked layers. It employs various methods, such as hydroponics, aeroponics, and aquaponics, to artificially control temperature, light, and humidity and produce the perfect micro-climate for farming. Vertical farming is widely used to grow crops, such as lettuces, chards, collard greens, kales, chives, mint, basil, and small woody herbs. It is an eco-friendly farming technique that saves space, lowers energy consumption, minimizes water usage, mitigates transportation costs, and reduces manual labor. As compared to traditional farming, vertical farming can produce crops throughout the year in a controlled space.  

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

India Vertical Farming Market Trends:

The increasing demand for sustainable farming to grow organic and nutritious food crops is one of the key factors driving the market growth. Vertical farming is widely adopted to cultivate crops as it requires less water and mitigates the use of chemicals and the need for massive farming equipment that runs on fossil fuels. In addition, the rising scarcity of arable land, coupled with escalating requirements for stabilized crop production to meet the increasing food demands, is favoring the market growth. Furthermore, the Government of India (GOI) is promoting vertical farming by providing subsidies to farmers through the vertical garden scheme launched under the Mission of Integrated Development of Horticulture (MIDH), which, in turn, is providing a considerable boost to the market growth. Apart from this, the rising adoption of the Internet of Things (IoT) to develop advanced monitoring systems that track the physical conditions of the crops and offer remote functions for operating water systems and light-emitting diode (LED) lights is creating a positive outlook for the market. Other factors, including the integration of robotics and artificial intelligence (AI) to track the development of plants and the rising environmental concerns associated with traditional farming practices, are anticipated to drive the market growth.

Market Summary:

  • On the basis of the component, the market has been divided into irrigation component, lighting, sensor, climate control, building material (glass and plastic greenhouse), and others.
  • Based on the structure, the market has been bifurcated into building- and container-based vertical farms.
  • On the basis of the growth mechanism, the market has been categorized into hydroponics, aeroponics, and aquaponics.
  • Based on the application, the market has been bifurcated into indoor and outdoor.
  • On a regional basis, the market has been categorized into North, West and Central, South, and East India.?
  • The competitive landscape of the industry has also been examined along with the profiles of some key players.
     

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