Three years ago, the global vertical farming market size hovered at $2.23 billion. Within the next five years, by 2026, it is projected to reach an incredible $12.77 billion.
The demand for products from vertical farms is partly due to the indisputable benefits of this type of revolutionary farming. Low water use, independence from external conditions like weather and soil quality are able to produce hyper-local, nutritious, fresh food. Another reason the industry is rising so quickly is the increased demand for organic food. While the market hasn’t quite settled on the precise ability to define hydroponically-grown produce as organic, the same selling points are there for the consumer who are increasingly seeking out produce without synthetic fertilisers, pesticides or growth regulators.
The past few years have also seen a renewed awareness about the source of food and a surge in focus on how healthy food choices can positively impact overall health and wellbeing, driven in part by the COVID-19 pandemic.
There has also been a positive surge in investments in technology-driven agriculture. For investors within the vertical farming sector, this is expected to provide lucrative growth opportunities, as this industry is founded on cutting-edge technologies. Indoors, technology allows for precise tracking of growth and harvesting, allowing farmers access to increased data analytics and even better returns.
Growing vertically and indoors requires operators to specialise in either hydroponics, aeroponics or aquaponics. At Urban Health Farms, we’ve chosen hydroponics for our farms, which is expected to be the market-leading technology by 2026, giving us access to a wide range of technologies so we can produce the freshest, most nutritious products.
Supporting our hydroponic technology, Urban Health Farms will also focus our growth on industrial-scale indoor vertical farms, which is projected to be one of the most lucrative segments within the vertical farming market by 2026. Focusing on industrial-scale farms allows us the ability to develop underutilised properties, allowing facilities to be built close to urban centres and reducing the cost of construction.
Another recent projection working in our favour is our initial focus on the European market. This region is expected to grow at the highest CAGR through 2026, mostly due to the overall dedication to achieving the UN Sustainable Development Goals, especially reducing water use and ensuring food security in urban areas that have traditionally relied upon long, complicated supply chains with produce imported from other countries.
For more information on getting involved with Urban Health Farms at this exciting phase in our development, please contact us today and join us as we revolutionise the food industry.