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VERTICAL FARMING MARKET FORECAST TO GROW 24% ANNUALLY
May 30, 2018
Agri-Pulse reports:
The vertical farming market is projected to exceed $6.3 billion by 2023, according to a new report from P&S Market Research.
The firm projects compound annual growth rate of 24.2 percent through 2023, mainly due to the increasing adoption of organic foods, rising urban population and a growing focus on what the firm called "environment-friendly production of fresh fruits and vegetables."
"Rising disposable income along with increasing per capita income across Asia-Pacific is anticipated to drive demand of the vertical farming market in the coming years," the firm said. The North American vertical farming market also is expected to grow at a "brisk rate" and account for more than 30 percent of the global market.
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