GCC Vertical Farming Market

Vertical farming is a technique of growing crops by stacking plants vertically in layers. These farms are aeroponics or hydroponics. The benefits associated with vertical farming include improved space utilization and efficient control of agricultural technologies. These farms can be built inside cities, which help in reducing carbon emissions and saving transportation costs.

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Key Drivers and Emerging Trends

GCC region is one of the prominent region across the globe which is highly suitable for the vertical farming because of the water scarcity, less arable land and high dependency on the imports. Vertical farming is experiencing high growth rate due to the governments in the GCC countries are focused to reduce the dependency on imports. Factors like increasing use of vertical farming for production and delivery and rising investment in food security have contributed towards growth of the vertical farming market in GCC. For example, Abu Dhabi Investment office invested USD 100 million for developing research and manufacturing facilities in four agritech business by 2020. In addition, rising investment and advancements across the vertical farming sectors by using hydroponic, aquaponic and aeroponic which is expected to improve food industries, restaurants and hotels in GCC countries.

The key factors driving the growth of the GCC Vertical farming market include the rising demand for technologically advanced farming techniques with no dependency on outside climatic conditions, improved space utilization, rising demand for organic food, and favorable government initiatives. There has been an increased focus of the governments of major economies such as the U.A.E. and Saudi Arabia towards producing the food locally. The majority of the food in the region is being imported from abroad and in the current scenario procuring food from outside increases risks of the COVID-19. Thus, countries such as U.A.E. recently formed an Agriculture Development Team for strengthening the food supply system in the country. On the other hand, the Ministry of Environment, Water and Agriculture of Saudi Arabia has entered into an agreement with Plenty for establishing two vertical farms in the country. Furthermore, increasing disposable income coupled with the growing health consciousness of the local population is further fuelling the growth of the market.

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Growth Mechanism – Segment Analysis

Based on the growth mechanism, the aeroponics segment is projected to grow at a higher CAGR during the forecast period owing to the increasing demand for aeroponic vertical farms across major economies such as Saudi Arabia and U.A.E. These farms provide various benefits, including water saving, space-saving, and increased availability of oxygen.

Offering – Segment Analysis

Based on the offering, the climate control segment is anticipated to lead the GCC Vertical Farming market due to the growing need for monitoring the climatic conditions inside the vertical farms. These farms require optimum climatic conditions throughout the development of a crop. In addition, the demand for HVAC systems is also gaining traction as these help in proper yield.

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Regional – Segment Analysis     

Based on the countries, the United Arab Emirates is projected to grow at a faster CAGR during the forecast period owing to the increased focus of the government to promote vertical farming. Favorable government initiatives such as The AgTech government accelerator project is further propelling the growth of the market. The country is investing significantly in various research and development activities to introduce new agricultural technologies.

Top Market Players

Various notable players operating in the market include Pure Harvest Smart Farms, AeroFarms, Madar Farms, Intelligent Growth Solutions (IGS), Plenty, RDI, and Pegasus Agritech.

Key Developments:

• • In 2022, Crop One Holdings and Emirates Flight Catering opened vertical farm which has capacity to produce 2 million pounds of leafy greens every year in Dubai.
  • In April 2020, Pure Harvest Smart Farms partnered with Wafra International Investment Company to establish more greenhouses in Saudi Arabia and U.A.E.
  • in April 2020, the Abu Dhabi Investment Office (Adio) partnered with AeroFarms, Madar Farms, RNZ and RDI for providing research on various agriculture technologies. This partnership is worth $100 million. This will help the Abu Dhabi Investment Office (Adio) to understand which the best technologies are to increase yield.

Segments covered in the Report:

The GCC Vertical Farming market has been segmented on the basis of growth mechanism, structure, crop type, and countries. Based on growth mechanism, the market is segmented into aeroponics, hydroponics, and aquaponics. Based on structure, the market is segmented into building-based vertical farms and shipping container vertical farms. Based on crop type, the market is segmented into fruits and vegetables, herbs and micro-greens, flowers and ornamentals and other crop types. Based on countries, the market is segmented into UAE, Saudi Arabia, Oman, Kuwait, and the Rest of GCC.

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Key questions answered in this research report:

• • At what pace is GCC Vertical Farming market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in GCC Vertical Farming market? What will be the impact of drivers and restraints in the future?
  • Which type of offering generated maximum revenues in 2022 and identify the most promising types during the forecast period?
  • What are the various structure areas of GCC Vertical Farming market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2022)	USD Million
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Growth Mechanism, By Structure, By Crop Type, By Countries
Regional Coverage	GCC
Companies Profiled	Pure Harvest Smart Farms, AeroFarms, Madar Farms, Intelligent Growth Solutions (IGS), Plenty, RDI; a total of 7 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

GCC Vertical Farming Market by Growth Mechanism

• • Aeroponics
  • Hydroponics
  • Aquaponics

GCC Vertical Farming Market by Structure

• • Building-based Vertical Farms
  • Shipping Container Vertical Farms

GCC Vertical Farming Market by Crop Type

• • Fruits and Vegetables
  • Herbs and Micro-greens
  • Flowers and Ornamentals
  • Other Crop Types

GCC Vertical Farming Market by Countries

• • UAE Vertical Farming Market All-Up (Option 1: Free 25% Customization)
  • Saudi Arabia Vertical Farming Market All-Up (Option 2: Free 25% Customization)
  • Oman Vertical Farming Market All-Up (Option 3: Free 25% Customization)
  • Kuwait Vertical Farming Market All-Up (Option 4: Free 25% Customization)
  • Rest of GCC Vertical Farming Market All-Up (Option 5: Free 25% Customization)

GCC Vertical Farming Leading Market Players (Option 6: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Pure Harvest Smart Farms
  • AeroFarms
  • Madar Farms
  • Intelligent Growth Solutions (IGS)
  • Plenty
  • RDI
  • Pegasus Agritech