Sellbyville, DE -- (SBWIRE) -- 05/21/2019 -- Asia Pacific shows the highest growth rate of about 30% in vertical farming market from 2018 to 2024. The product market has been popular in southeast Asia for the regional difficulties such as land scarcity and high food imports. According to a report by the United Nations, Department of Economic and Social Affairs, the number of cities with 500,000 inhabitants or more is expected to grow by 30% in Asia by 2030. Rising urbanization and the population feeding requirements in countries like India, South Korea, Taiwan and others will propel the Asia-Pacific vertical farming industry over the forecast period.

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 industry share in 2017. Powered by changing food patterns, rising population, and lack of arable land, APAC is expected to become the largest vertical farming industry 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.

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According to United States Department of Agriculture, in 2007 farmland in the U.S. reduces from 922 million acres to 915 million acres in 2012. Increasing climatic changes and suboptimal nature of geological and meteorological events such as floods, draughts, hailstorms, tornadoes effect crop yields. This will result in adoption of innovative method of farming such as vertical farming where optimum utilization of faming space and negligible effect of climatic conditions on crop yields are observed. Such trends will bolster vertical farming market growth in coming years.

Based on application, there are indoor and outdoor vertical farms. Indoor vertical farming market is extensively practiced in parking, warehouses, shipping containers, controlled environment agriculture (CEA), etc. It plays a vital role in meeting the rising food demand, primarily in the emerging economies, as indoor vertical farming applications help produce 75 times more food per square foot as compared to the traditional farming.

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 vertical farming market share in 2017.

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Based on product, the vertical farming market is segmented into aquatic species, equipment, fruits, vegetables & herbs. Equipment segment includes atmosphere controllers, led grow lights, irrigation systems & pipes. This segment will show a 33% CAGR from 2018 to 2024 as these will help to monitor the farm atmosphere, help crop growth and control the amount of nutrients in solutions.

Vertical Farming Market in aeroponics technology is projected to showcase significant growth over the forecast timespan as this technique helps in growing plants in an air/mist environment without soil and minimal water. It is gradually gaining momentum as it is among one the most suited ways for vertical farming by utilizing 90% less water than the hydroponic system.

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