BRICS Vertical Farming Market: Increased Demand from Industry to Spell Growth for Market, Says IGR

 The Infinium Global Research analyzes the BRICS Vertical Farming Market over the period of 2021 to 2027. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in brics vertical farming market. It will help a lot of decision makers to develop strategies and find new opportunities in the brics markets of vertical farming. The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the vertical farming market during the period. The BRICS vertical farming market is projected to grow at a healthy CAGR over the forecast period of 2021-2027.

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By using vertical farming methods, the cultivation of food crops in urban areas is possible and convenient.  The crops are cultivated in vertically stacked layers in vertical farming. Thus, allowing to the cultivation of crops with minimum irrigation and energy resources and saving space. In Virtual Farming the use of controlled environment agriculture technology is prominent. The user-controlled environment agriculture technology reduces the dependence on the weather for crop cultivation. The costs of transportation of vertical farming food products are low as Vertical Farming is done in an urban setup within the confined limits of the city. India and China among BRICS nations house 40% of the total world population.

Also, the growth rate of population is high in other BRICS countries along with India and China. The demand for food supply is expected to grow sharply as the population grows. The falling productivity of agricultural land in BRICS nations provides a challenge for meeting their food production objectives. Thus, Vertical Farming is a viable solution to overcome this challenge and achieve the food production objectives to feed the growing population. New opportunities are expected to arise in the market as investments are growing.

The Covid-19 pandemic affected severely the BRICS countries. The covid-19 virus has its origin in the Wuhan City of China and then its further spread in other countries of the world.  The virus was successfully contained in its early stage in China. Other BRICS nations such as Brazil, Russia, India, and South Africa though felt repercussions of the Covid-19 pandemic. The Covid-19 pandemic overwhelmed the healthcare system in these countries followed by the economy consequences. In BRICS nation vertical Farming industry suffered heavy losses. Thus, hampering the R&D of new vertical farming technologies. Newly founded vertical farming start-ups declared bankruptcy and collapsed. Construction of new vertical farming projects experienced cost overruns and delays in completion. The other challenges faced by the market were a shortage of manpower, disruptions in supply chains. Thus, affecting the production and supply of critical virtual farming components. The operations in the vertical farming market are expected to return to pre-covid levels as the covid-19 pandemic is subsiding in BRICS countries.

Building Based Structure to Dominate the Farm Structure of Vertical Farming

The Building Based Structure sub-segment among the farm structure accounted for the largest share in the BRICS Vertical Farming market. The other sub-segment of farm structure is Container-Based Structure. Similarly, to container-based structures, the Building Based Structure doesn’t need to be constructed newly. Vertical farming facilities can be created by converting urban spaces such as deserted commercial spaces old warehouses, abandoned buildings. The conversion of these spaces is the best cost-effective alternative to totally constructing new facilities. There are several advantages offered by Building based structures offer such as room for further expansion of vertical farming components and systems and large space for vertical farming, Similarly, different types of vertical farming technologies can be installed and configured simultaneously. Thus, enabling to undertake cultivation of a large and diverse variety of food crops.

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China to be the Dominant Country in the Vertical Farming Market

In terms of country, China generated the highest revenue in the   Vertical Farming market in 2020 and is expected to continue its dominance over the forecast years. In China, the technological base is highly advanced and challenges that of developed countries. Global companies are also expanding their footprint in China apart from local vertical farming companies such as Alesca Life Technologies Limited. The primary motive of global companies is to expand their business in China as well make china their manufacturing hub for exporting vertical farming products to other countries. The reducing agricultural land and its falling productivity has also compelled the government to look for new innovative farming methods. India on the other hand is projected to grow at the fastest rate among BRICS nations. New start-ups offering innovative vertical farming solutions are growing in India. Thus, further assisting the growth of the market in the country.

Major Players Operating in the Vertical Farming Market Focusing on Partnerships

The BRICS Vertical Farming Market is highly contested. The major players in the market include Samsung Electronics Co., Ltd., UrbanKisaan, Triton Foodworks, Trinog-xs (Xiamen) Greenhouse Tech Co., Ltd., SananBio, and Others. The companies are focusing on building strategic partnerships to increase their market share. In October 2021, Mary Agrotechnologies Inc. entered into a strategic partnership with one of the largest vertical farms in China, The Changzhi Yufeng Agricultural Technology Development Co. Ltd. According to this partnership, both companies will work on a pilot project covering 700 sq.mt. using the automation technologies of Mary Agrotechnologies Inc.  

Infinium Global Research’s recent report on the BRICS   Vertical Farming market is an encompassment of such recent developments in the BRICS marketplace. The report delivers insights into the recent developments by leading players that have contributed to the growth of the market and also estimates the impact of recent developments in the BRICS market.

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Reasons to Buy this Report:

=> Comprehensive analysis of global as well as regional markets of vertical farming.

=> Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2027.

=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company. 

 => Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.