Report : Europe 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)
Leafy Greens Segment to Dominate Europe Vertical Farming Crops Market during 2019–2027
According to a new market research study on “Europe Vertical Farming Crops Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast – by Crop Type, End-Use, Farming Technique and Country,” is expected to reach US$ 520.88 Mn by 2027 from US$ 89.72 Mn in 2019. The market is estimated to grow at a CAGR of 24.7% from 2020 to 2027. The report provides trends prevailing in the Europe vertical farming crops market along with the drivers and restraints pertaining to the market growth. Increase in demand for fresh, pesticide-free, and locally grown produce and lack in availability of arable land for conventional agriculture are the major factors driving the growth of the Europe vertical farming crops market. However, high initial and maintenance cost may hinder the growth of Europe vertical farming crops market.
In case of COVID-19, in Europe, especially France, witnessed an unprecedented rise in number of coronavirus cases, which led to the discontinuation of food and beverages producing activities; other horticulture producing sector has subsequently impacted the demand for vertical farming crops during the early months of 2020. Moreover, decline in the overall production activities has led to discontinuation of food and beverages producing projects, thereby reducing the demand for vertical farming crops. Similar trend was witnessed in other European countries, i.e., Russia, UK, Italy, and Spain. However, the countries are likely to overcome thus drop in demand with the economic activities regaining their pace, especially in the beginning of the 2021.
The market for Europe vertical farming crops is segmented into crop type, end-use, farming technique and country. Based on crop type, the market is segmented into tomato, leafy greens, herbs, and others. In 2019, the leafy greens segment held the largest share in Europe vertical farming crops market. Based on end-use, the Europe vertical farming crops market is divided into food service and food retail. The food service segment is expected to be the fastest growing segment over the forecast period. Based on farming technique, the Europe vertical farming crops market is bifurcated into hydroponics, aeroponics and aquaponics. The aeroponics segment is expected to be the fastest growing segment over the forecast period Furthermore, in this present scenario of COVID 19 pandemic, the Europe vertical farming crops market has been facing difficulties and several countries have suffered heavily. France, Russia, UK, Italy, and Spain are some of the countries that have incurred a huge loss. The manufacturing sectors in the countries mentioned above have been experiencing low production and a weak supply chain.
Agricool, Bowery Farming Inc., Infarm, Plantlab and Gotham Greens are among the leading companies in the Europe 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.
The report segments the Europe Vertical Farming Crops market as follows:Europe Vertical Farming Crops Market – By Crop Type
- Leafy Greens
- Food Retail
- Food Service
- Rest of Europe
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