The value of the global vertical farming market is forecast to soar from $3 billion in 2018 to $22 billion by 2026.
That’s the forecast made in a new study published by Global Market Insights, which notes this would involve an annual compound growth rate (CAGR) of 27% over these years.
It suggests the rapid growth of the sector will be driven by ever-increasing environmental and climate concerns – the technology, which uses a range of methods to grow plants on top of each other, allows small urban spaces to be used for food production.
It can make use of unused property such as warehouses, decrease the use of fossil fuels to transport fruit and vegetables and boost the range of products immediately available to a local area.
The report notes due to these factors, vertical farming will help meet increasing food demand in the future while also helping to tackle climate change in the long term.