Agritecture Market to be Valued USD 7723.74 Million by 2028
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.
Browse over 122 market
data Figures spread through 110 Pages and an in-depth TOC on "Global Agritecture Market"
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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