Report : Asia Pacific Vertical Farming Crops Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Crop Type (Tomato, Leafy Greens, Herbs, and Others), End-Use (Food Retail, and Food Service), and Farming Technique (Hydroponics, Aeroponics, and Aquaponics)
Hydroponics segment to dominate the Asia Pacific Vertical Farming Crops Market during 2020–2028
According to a new market research study on “Asia Pacific Vertical Farming Crops Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Crop Type, End-Use, and Farming Technique” is expected to reach US$ 200.87 million by 2028 from US$ 41.29 million in 2021. The market is estimated to grow at a CAGR of 25.4% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific vertical farming crops market along with the drivers and restraints pertaining to the market growth. Raising demand for vertical farming in highly populated urban countries, AI-controlled vertical farms, and growing demand for fresh, pesticide-free, and locally grown produce are the major factor driving the growth of the Asia Pacific vertical farming crops market. However, higher initial investment hinders the growth of Asia Pacific vertical farming crops market.
The COVID-19 pandemic severely impacted the Asia-Pacific economies including China, India, Japan, South Korea, among others. Due to labor shortage and supply chain disruption, many sectors including the food and beverage industry in the region got adversely affected. However, the COVID-19 outbreak has led several opportunities in the vertical farming industry. The pandemic has led to increased interest in urban agriculture. For instance, Singapore, in April 2020, announced that it would take steps to accelerate local food output because COVID-19 underscores the need for local food production. Moreover, in February 2020, East Japan Railway Company (JR East) partnered with Infarm to deliver fresh produce grown and harvested in retail stores. The partnership is Infarm’s first in Asia. Such developments are expected to boost the market growth even further, moreover, as the global marketplace is recovering from the losses, the vertical farming market is projected to grow exponentially over the coming years.
The Asia Pacific vertical farming crops market is segmented on the basis of crop type, end-use, farming technique, and country. Based on crop type, the market is segmented into tomato, leafy greens, herbs, and others. In 2020, leafy greens segment held the largest share in the market, and herbs is expected to be the fastest growing segment during the forecast period. Based on end-use, the market is segmented into food service and food retail. In 2020, food retail segment held the largest share in the market, and food service is expected to be the fastest growing segment during the forecast period. Based on farming technique, the market is segmented into hydroponics, aeroponics, and aquaponics. In 2020, hydroponics segment held the largest share in the market, and aeroponics is expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into Australia, China, India, Japan, South Korea, and Rest of APAC. In 2020, Rest of APAC held the largest share in the market, and Japan is expected to be the fastest growing country during the forecast period.
AeroFarms; CropOne; Plantlab; Gotham Greens; MIRAI Co., Ltd.; and Infarm are among the leading companies in the Asia Pacific vertical farming crops market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, MIRAI Co., Ltd. and CHIYODA CORPORATION have concluded a business partnership agreement in the field of closed type artificial light vertical farming business, to respond to the increasing demand for vegetable products and production systems.
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