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Vertical Farming Looking Up

Vertical Farming Looking Up

Things are looking up for the vertical farming industry, according to data collection organization Research and Markets. The market is expected to reach $3.88-billion US by 2020, up from $1.01-billion US in 2015. The major driving factors for the growth of this market are: rising demands for high-quality food grown without pesticides; no crop failures due to extreme weather conditions; increasing urban populations; diminishing agricultural lands; and the ability to grow crops year-round. Lettuce crops hold the largest market share in the vertical farming industry. Increasing health concerns are driving the demand for green vegetables, and the market for peppers and chilies is expected to grow at the highest rate during the forecast period. High initial investments and limitations on the variety of crops grown are restraining factors for the vertical farming market.