Technological advancements in agriculture are expected to drive the growth of the India vertical farming market during the forecast period of 2024-2028.
According to TechSci Research report, “Indian Vertical Farming Market – By Region, Competition, Forecast and Opportunities, 2028”, India vertical farming market is anticipated to grow at an impressive rate in the forecast period. The Indian government has launched several schemes and subsidies to promote vertical farming in the country farmer will get a 75% subsidy on the complete expense of vertical farming setup and the farmer will get 25% of the expense will be borne by them. For example, the National Horticulture Board offers financial assistance to farmers for setting up vertical farms. The government is investing in research and development to improve vertical farming techniques and promote innovation in the sector.
The Indian Council of Agricultural Research has launched several research projects to study the feasibility and sustainability of vertical farming The government is providing training and skill development programs to farmers and entrepreneurs interested in vertical farming. The Ministry of Agriculture and Farmers’ Welfare has launched a program to train farmers in modern farming techniques, including vertical farming these may be the factors which may increase the growth of India vertical farming during the forecasted period.
Climate change has made traditional farming more difficult due to unpredictable weather patterns and increased frequency of natural disasters. Vertical farming, with its controlled environment, offers a solution to this problem by allowing farmers to grow crops in a climate-independent manner. Climate change has also led to an increased frequency of natural disasters such as hurricanes, floods, and wildfires. These disasters can devastate traditional farms, but vertical farms, which are typically located indoors, are protected from such disasters.
Overall, climate change has made traditional farming more difficult, leading farmers to look for alternative solutions such as vertical farming. As climate change continues to be a major concern in India and around the world, the demand for sustainable and climate-independent farming methods like vertical farming is expected to grow. In context of growing these factors also promotes the market of India vertical farming.
Vertical farms require a lot of energy to operate the lighting, ventilation, and irrigation systems. This can result in high electricity bills and can make the operation of a vertical farm financially unviable.
While there is growing interest in vertical farming in India, the market for fresh produce is still relatively limited, and there may not be enough demand to support large-scale vertical farming operations.
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The India vertical farming market can be segmented by structure type, growth mechanics, application type, end user, and region. Based on structure, the India vertical farming market can be segmented into building based vertical farms, container based vertical farms, and rack based vertical farms. Based on growth mechanics, the India vertical farming market can be segmented into hydroponics, aeroponics, and aquaponics. Based on application, the market can be grouped into indoor and outdoor. Based on end user, the market is segmented into retail, food service, residential, and institutional.
The rack based vertical farms segment is expected to dominate during the forecast period on account of the rack-based stacked layers of growing trays to maximize space and crop yields. Rack-based vertical farming is becoming increasingly popular in India and is promoting vertical farming in several ways: space optimization, increases crop yields, reduced water usage, controlled environment, and reduced labor cost.
Overall, the rack-based vertical farming is promoting vertical farming in India by offering a sustainable and efficient alternative to traditional farming methods. As the demand for locally grown, fresh produce continues to increase in India, rack-based vertical farming is expected to play an increasingly important role in meeting this demand.
Major companies operating in India vertical farming market are:
- Sky Green Pvt. Ltd
- Edible Routes Pvt. Ltd.
- Future Farms Pvt. Ltd.
- Letcetra Agritech Pvt. Ltd.
In November 2021, the Indian Institute of Technology (IIT) Delhi set up a vertical farm with the capacity to grow up to 5,000 plants. The farm is equipped with advanced sensors and automation systems to optimize crop growth and minimize resource usage.
In February 2020, the Indian agtech startup, Arya Collateral, announced plans to launch a vertical farming venture to produce high-value crops, such as exotic fruits and herbs.
In 2021, the Indian startup, Clover, announced plans to set up a 50,000 sq ft vertical farm in Bangalore. The farm is expected to have a production capacity of over 3,500 kg of leafy greens per month.
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“India vertical farming market is expected to dominate the market during the forecast period on account due to the rising demand for fresh and cut transportation along with growing preference for personalized nutrition across the region. Furthermore, trend of personalized nutrition is growing, particularly among individuals with gut-related medical conditions, where generic treatment is not which will further contributing to demand for India vertical farming market during the forecast period.
Besides, increasing concern about healthy lifestyles and increasing expenditure on health and wellness is further expected to create lucrative opportunities for the market growth” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Vertical Farming Market By Structure (Building Based Vertical Farms, Container Based Vertical Farms, and Rack Based Vertical Farms), By Growth Mechanics (Hydroponics, Aeroponics, and Aquaponics) By Application Type (Indoor and Outdoor), By End User (Retail, Food Service, Residential, and Institutional), By Region, Competition, Forecast and Opportunities, 2018- 2028F ”, has evaluated the future growth potential of India vertical farming market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India vertical farming market.
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