Asia Pacific Vertical Farming Market size crossed $740.9 thousand in 2017 and is growing at CAGR of 31.5% from 2018 to 2024.
Asia Pacific Vertical Farming Market size is likely to witness prominent growth during the forecast period. This technology has developed on years of research and advancements in photosynthesis and growth medium combinations. There is a diminished or no need for soil and fertilizers, presenting the eco-friendly production of fresh fruits and vegetables without pesticides. The region is likely to be the fastest growing market for vertical farming over the forecast duration. Japan accounted for more than quarter of overall Asia Pacific vertical farming market in 2017. The product market has been popular in southeast Asia for the regional difficulties such as land scarcity and high food imports.
According to a report by the United Nations, Department of Economic and Social Affairs, the number of cities with 500,000 inhabitants or more is expected to grow by 30% in Asia by 2030. The rising urbanization and the population feeding requirements in countries such as India, South Korea, Taiwan and others will propel the Asia Pacific vertical farming market over the forecast period. Vertical farming industry participants such as Sky Greens, Everlight Electronics Co. Ltd., Spread Co. Ltd, Mirai Co. Ltd., Gills N Claws Pte Ltd, Fujitsu Factory and others will propel the Asia Pacific vertical farming industry by 2024. Japan’s largest vertical farm, Spread produces approximately 20,000 lettuce heads a day in its 3000-square-metres premise outside Kyoto. Tokyo based Pasona Ltd., has dedicated 20% of their 215,000-square foot office to growing fresh vegetables. Governments of countries in Asia Pacific have been supporting the indoor agriculture industry in recent years. The support ranges from national policy initiatives to subsidies. In Japan, nearly half of the plant factories have received either a subsidy or a loan (20%) and to establish operations, they have received loans of up to 35%.
Segments we Cover:
Asia Pacific Vertical Farming Market by Product
Fruits, vegetables & herbs
Asia Pacific Vertical Farming Market by Technology
Asia Pacific Vertical Farming Market by Application
The above information is provided on a country basis for the following: