Report Ocean recently published an extensive intelligence report titled “Urban Farming Market Report: Size, Share, Competitive Landscape, Technology, Latest Updates, and Forecasts to 2031.” This report provides a comprehensive analysis of the market at a micro-level, focusing on insurers, major market sectors, products, and distribution methods within the industry.
The competitive segment of the report offers a summary of key competitors, their financial conditions, recent developments, competitive analysis, and market advancements. This analysis enables market participants to effectively identify relevant opportunities by assessing the strengths and weaknesses of major competitors.
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The global urban farming market size was US$ 137.5 billion in 2021. The global urban farming market is forecast to grow to US$ 281.9 billion by 2030 by registering a compound annual growth rate (CAGR) of 3.1% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Urban agriculture is the processing and distribution of food in and around cities as an indoor and outdoor crop for local residents. Globally increasing urbanization is primarily driving the demand for urban farming. In addition, urban farming is gaining popularity due to lower transportation costs and fresh nutritious products available at feasible prices.
The rapidly declining prices of light-emitting diodes (LEDs), which are available at significantly affordable enough to reduce farmers’ overall costs, will also contribute to the growth of the global urban farming market.
Rising demand for local food, combined with the increasing awareness about health and nutrition, food safety, and transparency, will offer ample growth opportunities for the global urban farming market.
The growing global population and declining range of lands available for farming practices will also hamper the growth of the global urban farming market during the study period.
Lack of technological knowledge may limit the growth of the urban farming market during the study period.
COVID-19 Impact Analysis
Urban farming practices increased due to the COVID-19 outbreak. Due to the pandemic, the demand for grocery and food shopping decreased in order to prevent the further spread of the virus. In addition, the shortage of laborers and food crisis surged the demand for urban farming even more, which had been beneficial for the overall market. Moreover, the focus of urban agriculture has majorly been on high-value (nutrient) vegetables, with the aim to boost the immune system. Thus, such factors have contributed to the growth of the global urban farming market.
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Regional Analysis
The Asia-Pacific urban farming market is forecast to emerge as the largest market in terms of region. The growth of this region is attributable to many factors, including the rapidly growing rate of the population. In addition, shortening the range of lands for farming practices is also up surging the demand for alternative practices. Thus, the urban farming market is forecast to witness lucrative growth opportunities during the study period.
The region is also investing highly in this sector in order to cater to the demands of the population. Sustenir (Singapore), an agritech manufacturer, unveiled its 30,000 square foot vertical hydroponic farm in Hong Kong. Moreover, the adoption of agricultural equipment like steering systems, guided systems, sensors, display devices, etc., is also growing in this region, which will contribute to the growth of the Asia-Pacific urban farming market during the study period.
Competitors in the Market
Signify
Osram
Freight Farms
AeroFarms
Sky Greens
Spread Co., Ltd.
Plenty
Valoya
Everlight Electronics Co., Ltd.
Heliospectra
Other Prominent Players
Market Segmentation
The global urban farming market segmentation focuses on Growing Medium, Component, and Region.
By Growing Medium
Hydroponics
Aeroponics
Aquaponics
By Component
Irrigation Component
Lighting
Sensor
Climate Control
Building Material
Others
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By Region
? North America
o The U.S.
o Canada
o Mexico
? Europe
? Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
? Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America
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Furthermore, years considered for the study are as follows:
Historical year 2017, 2020
Base year 2021
Forecast period 2022 to 2030.
Target Audience of the Market in This Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
Key Reasons to Purchase this Report:
Strategic Direction: This research report provides insightful analysis and strategic advice for senior executives, decision-makers, professionals, sales managers, and other market stakeholders working in this space. It aids in decision-making and offers strategic recommendations for product advancements.
Comprehensive Analysis: Both economic and non-economic aspects are taken into account in the report’s thorough qualitative and quantitative analysis of the market. For a complete knowledge of market dynamics, it contains a segment breakdown with market evaluations expressed in terms of value (USD Billion) for each segment.
Growth Opportunities: The research highlights the geographies and market categories predicted to expand at the highest rates, potentially positioning them to dominate their respective markets. It offers a thorough examination of consumption trends in various geographic areas and highlights the variables affecting regional market trends.
Competitive Landscape: The competitive landscape section lists the top market rivals and discusses current business expansions, collaborations, product launches, and acquisitions. This data makes it easier to evaluate significant players’ market positions.
Detailed Company Profiles: These include their company description, insights, product benchmarking, and SWOT analysis, providing a thorough picture of the major market participants. Stakeholders are able to assess the advantages and disadvantages of the leading market players due to these profiles.
Future Market Outlook: The study presents recent trends, growth prospects, drivers, challenges, and restraints in both emerging and developed regions. It also includes current and future market outlooks. It gives stakeholders knowledge of potential industry trends and aids in their prediction of upcoming market dynamics.
Industry Analysis: Using Porter’s Five Forces Analysis, the research provides a comprehensive analysis of the industry, looking at factors such as the bargaining power of customers and suppliers, rivalry among businesses, the threat of alternative products, and the threat of new entrants. This research helps to comprehend how fiercely the market is competitive.
Value Chain Insights: Through a thorough examination of the value chain, the research offers insightful information about the market. This aids stakeholders in comprehending the main processes and actors involved in the creation and supply of the good or service.
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