#VerticalFarming #Agriculture #AppHarvest #AeroFarms #Bowery #High-TechGreenhouses #Sustainability #ClimateChange #EnvironmentalImpact #Non-GMO #Chemical-Free #Farming #Investment
According to a recent report by ResearchAndMarkets, the global vertical farming market is expected to reach $12.77 billion by 2026, growing at a CAGR of 23.6% during the forecast period. This growth is driven by the increasing demand for high-quality food with limited land availability and climate change. Additionally, vertical farming can reduce water usage and decrease the environmental impact of traditional farming practices.
One of the success stories in vertical farming is AppHarvest, a company that specializes in growing non-GMO, chemical-free produce in high-tech greenhouses. In 2021, the company went public through a SPAC merger with Novus Capital Corporation, raising $475 million. With this capital, AppHarvest plans to expand its operations and build more greenhouses across the United States.
Another successful vertical farming company is AeroFarms, which has been operating since 2004. According to the company’s website, AeroFarms grows “leafy greens and herbs using 95% less water than field farming, with yields up to 390 times higher per square foot annually and without the use of harmful pesticides.” In 2021, the company announced plans to go public through a merger with Spring Valley Acquisition Corp., valuing the company at $1.2 billion.
However, not all vertical farming companies are as successful as AppHarvest and AeroFarms. In 2020, Bowery, a vertical farming startup based in New York City, laid off 60% of its workforce due to the economic impact of COVID-19. The company has since recovered and raised $300 million in funding, but its experience highlights the risks associated with investing in vertical farming.
While vertical farming has the potential to revolutionize the agriculture industry, not all companies are guaranteed to succeed. The success stories of AppHarvest and AeroFarms demonstrate that vertical farming can be profitable with the right strategy and funding. However, investors should also be aware of the risks involved, as seen in the case of Bowery.
