Global vertical farming market expected to reach almost $13B in 2026

What: The vertical farming market volume is forecast to grow to $12.77 billion by 2026, a new report says.

For comparison, the value of the market was estimated at $2.23 billion in 2018. The vertical farming industry is set to grow at a compound annual growth rate (CAGR) of 24.6% between 2019 and 2026.

Why: The upsides of growing plants vertically include ease of harvesting, higher crop yield, and many positive effects on the environment like less land requirement. The method has the potential to save up to 95% of the water used.

One hectare of vertical farming translates to nine hectares of traditional farming, saving up to 200 tons of water daily, according to the same report.

How: One innovative technique, for example, uses stacks of vertical farming trays which can cram into 40 sq m what would otherwise require 350 sq m. An app allows users to control the microclimate in the farm providing the ideal levels of temperature, humidity and light.