Increasing urbanization and continuous risein population have resulted in the globally growing demand for food. Governments all around the globe have started grasping the importance of food security for their respective nations. Due to limited arable land availability and land being an exhaustive resource, while the population is rising meteorically every moment, it is imperative that new sources of food production (that is new ways of farming) are devised.
This problem of increasing demand for food and limited land availability can be solved with the help of vertical farming, which acts as a substitute for traditional farming, produces more yield and removes dependency on land, pesticides, fertilizers and other chemicals. The need for vertical farming has become more imminent by growing concern over declining water levels and growing severity of drought problem. By producing 70% more crop despite using around 90% less water as compared to conventional farming, vertical farming has reiterated its importance. Independence from usage of chemicals to increase productivity due to vertical farming has also led to alleviating concerns of people regarding harmful effects of chemicals used and meeting increased demand for organic farm produce.
However, there are several market growth deterrents present as well, such as the technology used to set up a vertical farm is still in the developmental phase and there is high initial investment which is needed to set up even a single farm. This has restrained the market from growing at its full potential. Further, at present not all crops can be grown by this method and thus it is needed that investment is done in research and development in this market to find out innovative ways to grow all crops by vertical farming.
Research report titled “North America Vertical Farming Market by Manufacturers, Countries, Type and Application, Forecast to 2022” says, with the help of strong R&D established there, sound technical expertise, ample availability of capital through venture capitalists, North America provides ample opportunities for the Vertical Farming market to grow. North America, especially the US, is already known to invest heavily in food production and agriculture to remain self-sufficient in food availability. The advancement in Vertical Farming provides ample opportunities for the North American countries to shift their focus from traditional farming and divert their investments in the field of vertical farming in order to develop new and innovative ways to cultivate all kinds of crops. Whatever be the case, the necessity of food security is going to ensure that there is tremendous growth in Vertical Farming Market in future.
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