Business Impacts of COVID-19 on Vertical Farming Market Strategies of Major Industry Competitors

Vertical farming or indoor farming offers advantages like less-water consumption, low-transportation cost, and minimized washing and processing of food products. These have led to the increasing adoption of this farming technique, in recent years. This cultivation method uses controlled environment agriculture (CEA) technology and produces food products through shipping containers, vertically stacked layers, and skyscrapers. These benefits will help the vertical farming market to grow at 24.2% CAGR during forecast period.

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Vertical farming allows for the development of organic products that are effective in creating natural organic micro-greens. Currently, the world is witnessing a surge in the migration from rural to urban areas, on account of the booming population. This has led to robust change in lifestyle, increase in per capita income, and growth in health consciousness among customers. Owing to these changes, consumption of organic foods, produced through vertical farming, have increased significantly.

Another growth driver of the vertical farming market is the expansion of the pharmaceutical industry across the globe. In recent years, the production of pharmaceutical products has tremendously increased, on account of the high prevalence of diseases and high demand for personal care products. Pharmaceutical companies are opting for indoor farming to produce a range of medicinal plants, which are required for the production of pharmaceutical products.

With the increasing shift toward organic food and the environment-friendly cultivation methods, individuals and corporates are switching toward vertical farming, globally.

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