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Vertical Farming Will be $30.2 Billion Market by 2030, Says P&S Intelligence
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.
This method also comes with the benefit of a reduced hazard of soil-borne diseases. In this practice, the soil is replaced by a nutrient-infused aqueous solution, in which the roots of plants are dipped.
The aquaponics category is projected to hold a significant market share in the years to come as well. Aquaponics is more of a combination of fish farming and hydroponics, to make an effective closed-loop arrangement, which supports the farming of several crops without hazardous pesticides. Common crops grown in an aquaponic system are cucumber, chives, lettuce, and pepper.
In 2021, the shipping container category held a massive revenue share, of above 50%, and it is projected to continue its dominance in the years to come. The transportation of containers is fairly easy, and the land area requirement is also much less, as the crop production is carried out in a container.
This type of cultivation delivers a nearly eight times more growing area than single-level agricultural land, thereby ensuring food security for larger communities over a longer time.
in 2021, APAC held the largest revenue share, of above 32%. Moreover, in the region, the Indian vertical farming industry is projected to grow the rather swiftly in the coming years. Vertical agriculture is progressively being accepted in the region because of the lack of fertile agricultural land and surging population, which necessitates urban cultivation.
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Prajneesh Kumar
P&S Intelligence
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