South Korea Vertical Farming Market Research Report, 2029

The collaborative environment in South Korea fosters collaborations between the academic, industrial, and research sectors. The technology and methods for vertical farming have significantly improved as a result of this collaboration. To increase the overall effectiveness and profitability of vertical farms, research and development activities are concentrated on enhancing agricultural yields, energy efficiency, automation, and data analytics. Initiatives including urban agriculture and rooftop farming are becoming more popular in South Korea. Due to the scarcity of land in urban areas, vertical farming on rooftops offers a way to make the most of available space and support regional food production. In addition to increasing the supply of fresh produce, rooftop farms also improve the attractiveness of cities and the availability of green space. The Internet of Things (IoT) and artificial intelligence (AI) are two examples of South Korea's advanced technology landscape. To monitor and regulate environmental conditions, automate procedures, and maximise resource allocation, these technologies are rapidly being incorporated into vertical farming systems. Precision control over variables like temperature, humidity, and illumination is made possible by AI-powered algorithms and data analytics, ensuring optimal crop growth and resource efficiency. According to the research report "South Korea Vertical Farming Market Research Report, 2029," published by Actual Market Research, the South Korea Vertical Farming market was valued at more than USD 147.01 Million in 2023. The growth of vertical farming in South Korea is rapidly expanding, driven by urbanization, technological innovation, and a strong governmental push towards sustainable agriculture. With limited arable land and a growing population, vertical farming presents an efficient solution for local food production, allowing crops to be grown in stacked layers within controlled environments. The South Korean government has actively supported this trend by relaxing regulations and providing financial incentives for the establishment of vertical farms on designated agricultural land. This initiative aims to enhance food security and reduce reliance on imported produce. Additionally, advancements in smart farming technologies, such as automation and artificial intelligence, have made it possible to optimize growing conditions, including temperature and humidity control, which significantly increases yield and quality.

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In South Korea, the vertical farming market is primarily defined by two structure segments: building-based and container-based systems, each offering distinct advantages that cater to the nation's urban agricultural needs. Building-based vertical farms typically utilize repurposed warehouses and industrial spaces, allowing for large-scale production of various crops, particularly leafy greens and herbs. These facilities are equipped with advanced technologies, including hydroponics and climate control systems, optimizing resource efficiency and maximizing yield in densely populated cities like Seoul. On the other hand, container-based vertical farms are emerging as a popular alternative due to their modular design and flexibility. Utilizing shipping containers as growing units, this approach allows for quick deployment in diverse urban environments, appealing to startups and smaller operators seeking lower initial investment and reduced operational costs. The trend in South Korea's vertical farming market is increasingly leaning toward a hybrid model that integrates the strengths of both building-based and container-based systems. Hydroponic, aeroponic, and aquaponic systems are at the forefront of this agricultural revolution, offering sustainable and efficient solutions to address the challenges posed by urbanization and resource scarcity. Hydroponic farming, which involves growing plants in nutrient-rich water solutions, has gained significant traction in South Korea. This method allows for year-round production, reduced water consumption, and the ability to control the growing environment, making it particularly suitable for the country's climate and limited land resources. Aeroponic farming, where plants are suspended in air and misted with nutrient-rich water, is also emerging as a viable option, offering rapid growth rates and high yields. Aquaponic farming, a symbiotic system that combines aquaculture with hydroponics, has gained momentum due to its sustainable approach and efficient resource utilization. By recycling fish waste to fertilize plants, aquaponic systems offer a closed-loop agricultural model that minimizes environmental impact and maximizes resource efficiency. COVID-19 Impact The COVID-19 pandemic had a significant impact on the vertical farming market in the South Korea. Disruptions in traditional agricultural supply chains, labor shortages, and increased concerns about food security drove interest in vertical farming as a more resilient and sustainable alternative. The crisis highlighted the need for local, controlled-environment agriculture, reducing reliance on long-distance food transportation. Additionally, the surge in consumer demand for fresh, healthy, and locally grown produce spurred investment in vertical farming technologies. However, supply chain challenges and economic uncertainty also delayed some projects, creating both opportunities and hurdles for the market's growth.

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Rahul Jagtap

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Considered in this report • Geography: South Korea • Historic Year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • South Korea 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

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Based on structure type: • Building based-vertical farming • Shipping based-vertical farming 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 reports 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 the verticle farming 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.