Vertical farming is a relatively new concept in India, but it is gaining popularity as a sustainable solution to address food security and urbanization challenges in the country.
In India, the vertical farming market is still in its nascent stage, but it is expected to grow significantly in the coming years. The market is driven by various factors, such as the increasing demand for food due to population growth, the need for sustainable agriculture practices, and the rising popularity of urban farming.
According to a report by ResearchAndMarkets.com, the vertical farming market in India is expected to grow at a CAGR of around 20% during the period 2021-2026. The report also highlights that the market is primarily dominated by hydroponics-based vertical farming systems, owing to their efficiency and lower operational costs.
The cost per acre for vertical farming in the Indian context can vary depending on several factors, such as location, crop type, the technology used, and other inputs required. However, I can provide you with some general estimates to give you an idea of the costs involved.
According to a study by the National Institute of Agricultural Economics and Policy Research, the cost of setting up a vertical farm in India can range from Rs. 50 lakhs to Rs. 1 crore per acre, depending on the type of technology used. This includes the cost of setting up the vertical farm structure, the cost of lighting, irrigation systems, nutrient solutions, and other inputs required for crop growth.
The operational costs for running a vertical farm can range from Rs. 5 lakhs to Rs. 10 lakhs per acre per year. This includes the cost of electricity, water, labor, and other inputs required for crop maintenance and harvest.
It's important to note that these estimates are based on current market conditions and may vary depending on the specific circumstances of each vertical farm.
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