Singapore Vertical Farming Market Research Report, 2027

Singapore Vertical Farming Market Research Report, 2027

Actual Market Research 27-07-2022 58 Pages Figures : 8 Tables : 15 Region : Asia-Pacific Country : El Salvador Category : Food & Beverages Agriculture

Growing food on vertically inclined surfaces is known as vertical farming. This approach produces food in vertically stacked layers, typically integrated into other buildings like a skyscraper, shipping containers, or refurbished warehouses, instead of growing vegetables and other crops on a single level. This cutting-edge concept employs indoor farming methods using Controlled Environment Agriculture (CEA) technology. Producing food and medication indoors is made feasible by the artificial regulation of temperature, light, humidity, and gases. The main objective of vertical farming is to increase crop production in a small area. Crops are raised in a tower structure in tiers to achieve this purpose. A precise blend of natural and artificial light is employed to keep the room's lighting at the ideal level. The tiny republic of Singapore, which has a population of five million people jammed into a surface area of just 709 square kilometers, has begun to investigate vertical farming by employing building-based and ship-based structures Hydroponics, Aeroponics, and Aquaponics technology.

According to the Actual Market Research’s (AMR) report titled “Singapore Vertical Farming Market Overview, 2027,” the vertical farming market of Singapore is expected to grow around a CAGR of 24% from the year 2022 to 2027. Singapore's economy has been regarded as the most open, fourth-least corrupt, and business-friendly in the whole globe. Regarding purchasing power parity, Singapore has the second-highest per-capita GDP in the world and the lowest tax rates (PPP). But regarding agriculture, Singapore imports 90% of its food from outside the country. Singapore now understands the importance of owning food and has started developing vertical farms. In 2014, Singapore set up the first vertical farm in the country. Singapore has fostered public-private partnerships by establishing the "world's first low-carbon, water-driven, rotating, vertical farm" for cultivating tropical crops in a city setting. The emphasis on farming is shifting from rural to urban regions due to the necessity to conserve land for a habitable environment and fast food during a crisis. Singapore, a nation the size of a large metropolis, is at the vanguard of this change. By 2030, Singapore wants to generate 30% of its food. This goal considers the acreage that may be used for agri-food production and prospective technological and innovative advancements. The achievement of the goal is greatly aided by building-based vertical farming, which is expanding in Singapore at a CAGR of over 22%. Singapore uses hydroponics technology for vertical agriculture extensively.

One of Singapore's earliest hydroponic rooftop farms is called Citiponics. The farm is located above a car park, which provides parking for practically all Singaporean neighborhoods. The hydroponics vertical farming technology has taken over the market with around 66% of the market share. The most crucial elements in vertical farming are hydroponics, which is also heavily used in Singapore's innovations in the field. The Nutrient Film Technique is a well-liked hydroponic technology utilized in vertical farming by commercial and small-scale farms. The water is pushed from the water-nutrient reservoir into the channel system and to the plant's roots in this active recirculation system. The use of hydroponics components in Singapore's vertical farming is growing nearly at a CAGR of 25% and is also taking over the market with more than a 20% market share.

Covid-19 impact: The COVID-19 epidemic has affected food supply networks worldwide and put food security in danger. Due to its reliance on imported food and an open economy, which makes it vulnerable to volatile global markets, Singapore is particularly vulnerable to the effects of the pandemic on other nations, the efficacy of foreign governments' efforts to stop the virus' spread, and general disruptions of global trade links. Steps have been taken proactively and reactively to safeguard Singapore's food supply networks against COVID-19's negative effects. The Singapore Food Agency announced its "30 by 30" objective in 2019, to increase local production to satisfy 30% of Singapore's nutritional needs with 1% of its land area by 2030. Local businesses are given international agricultural investment and industrial growth so they may export food and grow in other nations. This approach minimizes susceptibility to unstable supply networks while supplementing local production with food imports.

Considered in this report
• Geography: Singapore
• Historic Year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Aspects covered in this report
• Singapore Vertical Farming Market with its value and forecast along with its segments
• Application-wise vertical farming distribution
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Based on Growth Mechanism:
• Hydroponics
• Aeroponics
• Aquaponics

Based on structure type:
• Building based-vertical farming
• Shipping based-vertical farming

Based on hydroponics components:
• Lighting
• Climate Control (HVAC)
• Sensors
• Other Hydroponic Components

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to agricultural industry, food & beverage industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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