The rising concerns about food security and a significant reduction in fertile land suitable for cultivation is expected to fuel the growth of agritecture market in the forecast period, 2024-2028.
According to TechSci Research report, “Agritecture Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, The global agritecture market is projected to increase at an impressive rate in the forecast period, 2024-2028. Agritecture is a commingle of agriculture and architecture. The art and science of integrating agriculture into the built environment can be referred to as agritecture. This incorporation can be carried out inside a building (known as indoor vertical farming) or outside of it (rooftop farms and living walls). Agritecture can be used to challenge the recent industrial scale agriculture by possessing the ability to bring food production to local and urban architectural settings.
However, high investments and operational costs can lead to stunted growth of the market. Setting up of agritecture involves relatively high costs as varied methods are needed by different countries and regions because one size doesn’t fit all solutions in this practice. Further, the process of retrofitting the existing building adds up to the original cost. In addition to this, there is a lack of awareness amongst farmers and people regarding agritecture and in countries with sufficient awareness, adoption of the practice becomes a major issue. This is so because at times, it becomes quite troublesome to cajole people to spare some space in their houses and begin indoor farming.
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The global agritecture market is segmented based on integration, structure, and application. Based on integration, the market is divided into indoor and outdoor. The outdoor segment is expected to hold the largest market share in the forecast period, 2024-2028. The outdoor setting is comparatively easy to operate and can be used for commercial use as well. Additionally, several new buildings across the cities are being used to set up farms and many abandoned buildings in the cities too, can be utilized for the purpose of vertical farming.
Based on structure, the market is categorized into retrofitting, extension, and new building. The retrofitting segment is expected to hold the largest market share in the forecast period, 2024-2028. This can be attributed to the fact that it is low-priced as compared to other structures, and also, the existing buildings can employ smart agricultural practices, which can be fitted into them.
Based on application, the market is divided into commercial and residential. The residential segment is expected to hold the largest market share in the forecast period, 2024-2028. The possible reasons for this can be increasing awareness regarding the advantages of consuming fresh and high-quality foods. Also, it has become a hobby for most of the people to cultivate their own fruits and vegetables insides their homes.
Major companies operating in global agritecture market are:
- Agritecture Consulting LLC
- AeroFarms LLC
- Obyashi Corporation
- Freight Farms, Inc
- Grow Pod Solutions
- LettUs Grow Ltd.
- FarmBox Foods
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„Sustainable farming practices are becoming more popular among individuals and a number of nations due to shifting consumer preferences for consuming and purchasing wholesome, organic, and environmentally friendly goods. Also, the cities of United States, China, the Netherlands, and others have begun to include agritecture. For example, EnerGaia, a Bangkok based company producing algae products, manufactures spirulina using the idle land and spaces which proves the rapid adoption of sustainable approach towards agritecture. Moreover, due to several benefits, including clean air, fewer run-offs, and others, many cities throughout the world have been actively constructing more green roofs in recent years. Additionally, furtherance in technology and a wise usage of artificial intelligence and IoT is expected to fuel the global agritecture market.“ said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Agritecture Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Integration (Indoor v/s Outdoor), By Structure (Retrofitting, Extension, New Building), By Application (Commercial v/s Residential), By Company and By Region, has evaluated the future growth potential of global agritecture 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 global agritecture market.”
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