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A recent report published by Infinium Global Research on BRICS vertical farming market provides in-depth analysis of segments and sub-segments in the BRICS as well as regional BRICS vertical farming market. The study also highlights the impact of drivers, restraints, and macro indicators on the BRICS and regional BRICS vertical farming market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the BRICS vertical farming market. According to the report, the BRICS vertical farming market is projected to grow at a healthy CAGR over the forecast period of 2021-2027.
The cultivation of food crops is easy in urban areas using vertical farming methods. In vertical farming, the crops are cultivated in vertically stacked layers. This allows to save space and grow crops with minimal irrigation and energy resources. The use of controlled environment agriculture technology is prominent in vertical farming. The different technologies or techniques used in vertical farming are Hydroponics, Aeroponics, and Aquaponics. By using controlled agriculture technology the dependence upon natural weather is eliminated. Vertical Farming needs very less land and the consumption of water is 80% less. Vertical Farming is mostly done in urban setup within the confined city limits which further enables easy transportation and saves up the cost of transportation. The agricultural land in the BRICS countries is shrinking due to rapid urbanization and industrialization. Thus, vertical farming is the best alternative for maintaining the food supplies by BRICS countries.
BRICS countries were among the worst hit due to the Covid-19 pandemic. The covid-19 virus originated in the Wuhan City of China and then spread to other parts of the world. China was successful in containing the virus in the early stage itself. Though Brazil, Russia, India, and South Africa were not so lucky. The healthcare system of these countries was overwhelmed due to the pandemic accompanied by the economic fallout. The vertical Farming industry also took a hit in BRICS nations. The R&D of new vertical farming technologies was critically hampered. New startups offering innovative vertical farming technologies and systems collapsed and declared bankruptcy. Construction projects of vertical farming facilities faced delays in completion and cost overruns. Shortage of manpower is the other challenge faced by the market. The disruptions in supply chains affected the supply of critical vertical farming components. Shortages in the supply of raw materials were also observed. The subsiding of the covid-19 pandemic in BRICS is expected to resume operations in the Vertical farming market and raise demand to the pre-covid-19 levels. China and India are alone home to over 40% of the world population. Also, the growth of population is high in India and China, and other BRICS countries. Therefore, the demand for food supply is also expected to grow exponentially. Raising the food production dramatically to meet the increased demand will be a complex task for the countries. Also, the falling productivity levels of the agricultural land in BRICS countries will act as a major challenge while increasing food production. In BRICS countries specifically in China and India, the land is being cultivated for over 1000 years. Thus, continuous cultivation of land has led to a drop in productivity levels. Brazil is also facing a similar issue. Vertical Farming is emerging as the best option to counter this challenge and also meet the objective of increasing food production. Thus, these two factors are primarily driving the market. Most of the BRICS countries are developing and other than China have decent financial resources. The high-cost vertical farming may hinder the adoption of the same by BRICS countries. Thus, this factor is expected to be the major restraining factor. New opportunities are expected to arise in the market investment in the virtual market are growing rapidly.
China is expected to be the leading country in the BRICS countries. Followed by India, which is expected to be the fastest-growing country in BRICS. The technological base in China is highly advanced and rivals that of developed countries. Apart from local vertical farming companies such as Alesca Life Technologies Limited, global companies are also expanding their market in China. The main objective of global companies' expansion in China is to increase their business in the country and make china the manufacturing base for exporting their products to other countries. India is expected to be the fastest-growing country among BRICS nations. Recently vertical farming startups such as UrbanKisaan have emerged offering new innovative vertical farming technologies.
The report on BRICS vertical farming market covers segments such as farm structure, component, and technology. On the basis of farm structure, the sub-markets include building based structure, and container-based structure. On the basis of component, the sub-markets include irrigation component, lighting, sensor, building material, and other components. On the basis of technology, the sub-markets include hydroponics, aeroponics, and aquaponics.
The report provides profiles of the companies in the market such as Samsung Electronics Co., Ltd., UrbanKisaan, Triton Foodworks, Trinog-xs (Xiamen) Greenhouse Tech Co., Ltd., Urban Green Fate, Qingzhou Shengqiang Greenhouse Technology Engineering Co., Ltd., SananBio, Noonty Greenhouse co.,Ltd, ASOLUM AGRICULTURA TECNOLOGICA SA, and Alesca Life Technologies Limited.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of BRICS vertical farming market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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