South Korea Vertical Farming Market Overview, 2027

"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 Bonafide Research’s report titled ""South Korea Vertical Farming Market Overview, 2027,"" the vertical farming market in South Korea is expected to grow rapidly over the forecast period. The United States is the leading country in the vertical farming market globally. Hydroponics is the most common growth mechanism adopted as it does not require soil and is secured against pests, insects and other plant diseases. On the other hand, over the future years, the aeroponics growth mechanism is projected to be used more as water is replaced by mist and does not require containers for growing. The plant is tied up to a support and the roots are sprayed with nutrient solutions. Also, aeroponics requires less space, less water, and no soil. It is the most sought-after method that is increasingly being adopted.

Shipping container based vertical farming is projected to be rapidly increasing over the forecast period, especially in contrast to the declining farmlands and the time and cost of transporting the fresh produce to reach the final consumer. Shipping container vertical farming is decentralising the food eco-system. The farming takes place in containers and requires less water, which overcomes the draught prone land areas. Since the size uniformity is maintained in the container, it can be easily transported anywhere in the world. It is a versatile tool that can be placed anywhere; one above the other, rooftop, backyard, parking lot, or alleyway. This way of farming is agnostic to weather, and any crop can be grown at any time of the year and stay protected from the harsh external weather conditions. Additionally, the automation saves manual labour work and controls the plant's nutrition and hydration levels automatically. Container-based vertical farming is the most cost-effective alternative as compared to other indoor farming techniques like greenhouse farming or warehouse farming. It utilises every square inch of the container to produce crops and can host up to 13,000 plants at the same time. Vertical farming is an advantageous form of farming as it holds a promising future for the growing populace. It requires 80% less water, which is also recycled and reused. It is free from any form of pesticide and has no dependency on the natural environment. Since it is located in urban areas in the interior, the fresh produce reaches the consumer quickly without any hassle. These are a better replacement for cold storage logistics. It saves on transportation fuel costs and reduces spoilage, which affects the final consumer price. Also, the seasonal crops can be grown all year round. However, like any other industry, vertical farming has its own drawbacks, like initial capital requirements being very high and the cost of erecting structures with automation. This again needs to be monitored constantly and demands technical know-how. Additionally, remote control systems, automated racking, programmable LED lighting and climate control systems are required in place to successfully carry out vertical farming. The major restraint is the non-availability of skilled manpower. Nano-climate control technology is used to monitor the growth of plants as they push the boundaries of the climate. It is used to regulate and monitor the lighting, humidity, temperature, and nutrient levels to enhance the produce and reduce the costs. Almost 25% of energy costs can be controlled with the use of climate control facilities. It helps with targeted cooling for individual rows or plants, creating a nano-climate zone. Nanoclimate control comes to the rescue. It creates slurry piping for optimum growth of the individual plants, thereby decreasing overall costs of operation.

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Manmayi Raval

Research Consultant

Considered in this report • Geography: South Korea • Historic Year: 2016 • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 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 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. "