PUBLISHER: Bonafide Research | PRODUCT CODE: 1101002
PUBLISHER: Bonafide Research | PRODUCT CODE: 1101002
Vertical farming, in its most basic form, is the technique of growing crops in vertically stacked layers or incorporated into other structures such as a skyscraper or an abandoned warehouse with little water and no soil. Indoor farming techniques and controlled-environment agriculture (CEA) technology are used in modern vertical farming ideas, where all environmental factors can be controlled, such as artificial light, humidity, and temperature, as well as bio fortification, which is the process of breeding crops to increase their nutritional value. One of the most significant difficulties is meeting rising food demand due to a rising population, which will cross the 9 billion mark by the year 2050 and shrinking arable land. The high-yield farming practises that feed our massive population are marked by inconsistency in their use of our finite resources of fresh water, fossil fuels, and soil. Vertical farming is the urban growing of crops within a building in a city or urban centre where the floors are specifically constructed to accommodate specific crops.
According to Bonafide Research's report titled "Canada Vertical Farming Market Overview, 2027," the vertical farming market in Canada is expected to grow with a CAGR of 20.93% from the year 2022 to 2027. The multiple reasons for the growth of the overall market are: increments in food demand, shifting mind-set towards organic food, higher production compared to traditional farming and production being independent of climate change. Climate change will present both difficulties and possibilities for Canada's agricultural industry, with rising temperatures, extended growing seasons, altered precipitation patterns, and an increase in the frequency and severity of severe events. Aside from all this, Canada understands the importance of vertical farming, techniques and methods of vertical farming. Three methods by which vertical farming can be done are hydroponics, aeroponics, and aquaponics. On vertical farms, hydroponics is the most common growth system. Plants are cultivated in nutrient solutions instead of dirt in this approach. The roots of the plants are cultivated in a nutritional solution enclosed in a grow tray with the roots submerged in the solution.
In the Canadian market, aeroponics is the fastest growing method with a CAGR of 25% for the purpose of vertical farming. Two major structures that are used for vertical farming are the building-based vertical farming structure and the shipping container-based vertical farming structure. Container farming is a revolutionary agricultural approach that uses shipping containers to replace traditional fields. Any area with level and sturdy ground can be used to store shipping containers. In order to supplement the growth of products, it also requires a consistent supply of water and power. Vertical Roots Canada, Stewart Farms, AquaVerti Farms, and other Canadian farmers prefer shipping container-based vertical farming. Vertical farming is a high-energy crop production method that combines numerous technologies such as big data analytics, robots, and the internet of things. Farm automation, sometimes known as "smart farming," is a type of technology that improves farm efficiency by automating the crop or livestock production cycle. The other components which are used in vertical farming are lighting, climate controls, sensors, and other hydroponics components.
Vertical farming's main purpose is to produce more food per square metre by stacking crops vertically. Second, to keep the ideal light level in the space, a perfect blend of natural and artificial lighting is employed. To boost illumination efficiency, technologies such as revolving beds are employed. Finally, instead of soil, we'll use hydroponics (plant roots immersed in nutritional solution) or aeroponics (plant roots suspended in air) (spray-misting the plant roots). The media utilised are aquaponic. In vertical farming, non-soil media like peat moss or coconut husks are frequently used. Finally, to counterbalance the energy cost of farming, the vertical farming system incorporates several sustainability characteristics. Vertical farming, in reality, consumes 90% less water than ordinary agriculture. Instead of sunshine, LEDs are used to grow everything. The lights are made by a local firm and use less energy than traditional light bulbs. The LEDs emit light at a precise frequency, which stimulates the plants to grow rapidly. In Canada, the cost of lighting for vertical farming exceeds USD 180 million.
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The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to agricultural industry, food & beverage industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
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Figure-8: Porter's Five Forces Meter of Vertical Farming Industry in Canada
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