Published: 28 Mar 2023 | Report Code: 10248954 | Pages: 174
Global Vertical Farming Market will reach $36,955.1 million by 2032, growing by 22.5% annually over 2022-2032, driven by the rapid urbanization, rising demand for high quality and high level of food safety, declining arable land, advantages of vertical farming equipped with advanced technologies, and independence of vertical farming from climate impacts. Highlighted with 91 tables and 85 figures, this 174-page report “Global Vertical Farming Market 2022-2032 by Mechanism (Hydroponics, Aquaponics, Aeroponics), Component (Lighting, Hydroponic Components, Climate Control, Sensing), Structure (Building-based, Container-based), Application Type (Indoor, Outdoor), Crop (Tomatoes, Lettuce, Leafy Greens, Peppers, Herbs, Strawberry), and Region: Trend Forecast and Growth Opportunity” is based on comprehensive research of the entire Global Vertical Farming Market and all its sub-segments through extensively detailed classifications.
Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2020-2022 and provides a forecast from 2023 to 2032 with 2022 as the base year. (Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)
In-depth qualitative analyses include the identification and investigation of the following aspects:
• Market Structure
• Growth Drivers
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter’s Five Forces
The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19 and Russia-Ukraine conflict. The balanced (most likely) projection is used to quantify global vertical farming market in every aspect of the classification from perspectives of Mechanism, Component, Structure, Application Type, Crop, and Region.
Based on Mechanism, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• Hydroponics
• Aquaponics
• Aeroponics
Based on Component, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• Lighting Devices
• Hydroponic Components
• Climate Control Devices
• Sensing Devices
• Irrigation Component
• Building Material
• Other Components
By Structure, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• Building-based Structure
• Container-based Structure
By Application Type, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• Indoor Vertical Farming
• Outdoor Vertical Farming
By Crop, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• Tomatoes
• Lettuce
• Leafy Greens (excluding lettuce)
• Bell & Chili Peppers
• Herbs
• Strawberry
• Other Crops
Geographically, the following regions together with the listed national/local markets are fully investigated:
• North America (U.S., Canada, and Mexico)
• Europe (Germany, UK, France, Spain, Italy, Netherlands, Rest of Europe; Rest of Europe is further segmented into Russia, Switzerland, Poland, Sweden, Belgium, Austria, Ireland, Norway, Denmark, and Finland)
• APAC (Japan, China, South Korea, Australia, India, and Rest of APAC; Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, Taiwan, and Philippines)
• South America (Brazil, Chile, Argentina, Rest of South America)
• MEA (UAE, Saudi Arabia, South Africa and Rest of MEA)
For each aforementioned region and country, detailed analysis and data for annual revenue ($ mn) are available for 2022-2032. The breakdown of all regional markets by country and split of each national market by Mechanism, Component and Structure over the forecast years are also included. The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.
Selected Key Players:
4D Bios, Inc.
AeroFarms
AgriCool
American Hydroponics
Bowery Farming Inc.
Crop One Holdings
Everlight Electronics Co., Ltd.
Freight Farms
Heliospectra AB
Kalera Inc.
OSRAM GmbH.
Plenty Unlimited Inc.
Signify Holding
Sky Greens
SPREAD Co., Ltd.
Urban Crop Solutions
Valoya
Vertical Farm Systems
(Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)
Table of Contents: 1 Introduction 8 1.1 Industry Definition and Research Scope 8 1.1.1 Industry Definition 8 1.1.2 Research Scope 9 1.2 Research Methodology 12 1.2.1 Overview of Market Research Methodology 12 1.2.2 Market Assumption 13 1.2.3 Secondary Data 13 1.2.4 Primary Data 13 1.2.5 Data Filtration and Model Design 14 1.2.6 Market Size/Share Estimation 15 1.2.7 Research Limitations 16 1.3 Executive Summary 17 2 Market Overview and Dynamics 20 2.1 Market Size and Forecast 20 2.1.1 Impact of COVID-19 on World Economy 21 2.1.2 Impact of COVID-19 on the Market 24 2.2 Major Growth Drivers 26 2.3 Market Restraints and Challenges 32 2.4 Emerging Opportunities and Market Trends 35 2.5 Porter’s Fiver Forces Analysis 39 3 Segmentation of Global Market by Mechanism 43 3.1 Market Overview by Mechanism 43 3.2 Hydroponics 45 3.3 Aquaponics 46 3.4 Aeroponics 47 4 Segmentation of Global Market by Component 48 4.1 Market Overview by Component 48 4.2 Lighting Devices 50 4.3 Hydroponic Components 52 4.4 Climate Control Devices 53 4.5 Sensing Devices 55 4.6 Irrigation Component 57 4.7 Building Material 59 4.8 Other Components 60 5 Segmentation of Global Market by Structure 62 5.1 Market Overview by Structure 62 5.2 Building-based Structure 64 5.3 Container-based Structure 65 6 Segmentation of Global Market by Application Type 66 6.1 Market Overview by Application Type 66 6.2 Indoor Vertical Farming 68 6.3 Outdoor Vertical Farming 69 7 Segmentation of Global Market by Crop 70 7.1 Market Overview by Crop 70 7.2 Tomatoes 72 7.3 Lettuce 73 7.4 Leafy Greens (excluding lettuce) 74 7.5 Bell & Chili Peppers 75 7.6 Herbs 76 7.7 Strawberry 77 7.8 Other Crops 78 8 Segmentation of Global Market by Region 79 8.1 Geographic Market Overview 2022-2032 79 8.2 North America Market 2022-2032 by Country 84 8.2.1 Overview of North America Market 84 8.2.2 U.S. 88 8.2.3 Canada 91 8.2.4 Mexico 94 8.3 European Market 2022-2032 by Country 96 8.3.1 Overview of European Market 96 8.3.2 Germany 100 8.3.3 U.K. 102 8.3.4 France 104 8.3.5 Spain 106 8.3.6 Italy 108 8.3.7 Netherlands 110 8.3.8 Rest of European Market 112 8.4 Asia-Pacific Market 2022-2032 by Country 114 8.4.1 Overview of Asia-Pacific Market 114 8.4.2 Japan 118 8.4.3 China 121 8.4.4 Australia 123 8.4.5 India 125 8.4.6 South Korea 127 8.4.7 Rest of APAC Region 129 8.5 South America Market 2022-2032 by Country 131 8.5.1 Argentina 134 8.5.2 Brazil 136 8.5.3 Chile 138 8.5.4 Rest of South America Market 140 8.6 MEA Market 2022-2032 by Country 141 8.6.1 UAE 144 8.6.2 Saudi Arabia 146 8.6.3 South Africa 148 8.6.4 Other National Markets 150 9 Competitive Landscape 151 9.1 Overview of Key Vendors 151 9.2 New Product Launch, Partnership, Investment, and M&A 154 9.3 Company Profiles 155 4D Bios, Inc. 155 AeroFarms 157 AgriCool 158 American Hydroponics 159 Bowery Farming Inc. 160 Crop One Holdings 161 Everlight Electronics Co., Ltd. 162 Freight Farms 163 Heliospectra AB 164 Kalera Inc. 165 OSRAM GmbH. 166 Plenty Unlimited Inc. 167 Signify Holding 168 Sky Greens 169 SPREAD Co., Ltd. 170 Urban Crop Solutions 171 Valoya 172 Vertical Farm Systems 173 RELATED REPORTS 174
List of Tables: Table 1. Snapshot of Global Vertical Farming Market in Balanced Perspective, 2022-2032 18 Table 2. World Economic Outlook, 2021-2031 22 Table 3. World Economic Outlook, 2021-2023 23 Table 4. World Population Projections to 2035 29 Table 5. Worldwide Sales of Organic Food, 2022-2032, $ bn 31 Table 6. Main Product Trends and Market Opportunities in Global Vertical Farming Market 35 Table 7. Global Vertical Farming Market by Mechanism, 2022-2032, $ mn 43 Table 8. Global Vertical Farming Market by Component, 2022-2032, $ mn 48 Table 9. Key Vendors and Main Products of Grow Lights Market 51 Table 10. Key Vendors and Main Products of Climate Control System Market 54 Table 11. Key Vendors and Main Products of Sensors Market 56 Table 12. Key Vendors and Main Products of Irrigation System Market 58 Table 13. Key Vendors and Main Products of Integrated System Market 61 Table 14. Global Vertical Farming Market by Structure, 2022-2032, $ mn 62 Table 15. Global Vertical Farming Market by Application Type, 2022-2032, $ mn 66 Table 16. Global Vertical Farming Market by Crop, 2022-2032, $ mn 70 Table 17. Global Vertical Farming Market by Region, 2022-2032, $ mn 80 Table 18. Indoor Farming Facilities by Country, 2022 82 Table 19. Leading National Vertical Farming Market, 2022 and 2032, $ mn 83 Table 20. North America Vertical Farming Market by Country, 2022-2032, $ mn 86 Table 21. U.S. Vertical Farms and Greenhouses to Be Built, 2023-2030, Acres 89 Table 22. U.S. Vertical Farming Market by Mechanism, 2022-2032, $ mn 90 Table 23. U.S. Vertical Farming Market by Component, 2022-2032, $ mn 90 Table 24. U.S. Vertical Farming Market by Structure, 2022-2032, $ mn 90 Table 25. Canada Vertical Farms and Greenhouses to Be Built, 2023-2030, Acres 92 Table 26. Canada Vertical Farming Market by Mechanism, 2022-2032, $ mn 93 Table 27. Canada Vertical Farming Market by Component, 2022-2032, $ mn 93 Table 28. Canada Vertical Farming Market by Structure, 2022-2032, $ mn 93 Table 29. Mexico Vertical Farming Market by Mechanism, 2022-2032, $ mn 95 Table 30. Mexico Vertical Farming Market by Component, 2022-2032, $ mn 95 Table 31. Mexico Vertical Farming Market by Structure, 2022-2032, $ mn 95 Table 32. Europe Vertical Farming Market by Country, 2022-2032, $ mn 99 Table 33. Germany Vertical Farming Market by Mechanism, 2022-2032, $ mn 101 Table 34. Germany Vertical Farming Market by Component, 2022-2032, $ mn 101 Table 35. Germany Vertical Farming Market by Structure, 2022-2032, $ mn 101 Table 36. U.K. Vertical Farming Market by Mechanism, 2022-2032, $ mn 103 Table 37. U.K. Vertical Farming Market by Component, 2022-2032, $ mn 103 Table 38. U.K. Vertical Farming Market by Structure, 2022-2032, $ mn 103 Table 39. France Vertical Farming Market by Mechanism, 2022-2032, $ mn 105 Table 40. France Vertical Farming Market by Component, 2022-2032, $ mn 105 Table 41. France Vertical Farming Market by Structure, 2022-2032, $ mn 105 Table 42. Spain Vertical Farming Market by Mechanism, 2022-2032, $ mn 107 Table 43. Spain Vertical Farming Market by Component, 2022-2032, $ mn 107 Table 44. Spain Vertical Farming Market by Structure, 2022-2032, $ mn 107 Table 45. Italy Vertical Farming Market by Mechanism, 2022-2032, $ mn 109 Table 46. Italy Vertical Farming Market by Component, 2022-2032, $ mn 109 Table 47. Italy Vertical Farming Market by Structure, 2022-2032, $ mn 109 Table 48. Netherlands Vertical Farming Market by Mechanism, 2022-2032, $ mn 111 Table 49. Netherlands Vertical Farming Market by Component, 2022-2032, $ mn 111 Table 50. Netherlands Vertical Farming Market by Structure, 2022-2032, $ mn 111 Table 51. Vertical Farming Market in Rest of Europe by Country, 2022-2032, $ mn 113 Table 52. APAC Vertical Farming Market by Country, 2022-2032, $ mn 116 Table 53. Japan Vertical Farming Market by Mechanism, 2022-2032, $ mn 120 Table 54. Japan Vertical Farming Market by Component, 2022-2032, $ mn 120 Table 55. Japan Vertical Farming Market by Structure, 2022-2032, $ mn 120 Table 56. China Vertical Farming Market by Mechanism, 2022-2032, $ mn 122 Table 57. China Vertical Farming Market by Component, 2022-2032, $ mn 122 Table 58. China Vertical Farming Market by Structure, 2022-2032, $ mn 122 Table 59. Australia Vertical Farming Market by Mechanism, 2022-2032, $ mn 124 Table 60. Australia Vertical Farming Market by Component, 2022-2032, $ mn 124 Table 61. Australia Vertical Farming Market by Structure, 2022-2032, $ mn 124 Table 62. India Vertical Farming Market by Mechanism, 2022-2032, $ mn 126 Table 63. India Vertical Farming Market by Component, 2022-2032, $ mn 126 Table 64. India Vertical Farming Market by Structure, 2022-2032, $ mn 126 Table 65. South Korea Vertical Farming Market by Mechanism, 2022-2032, $ mn 128 Table 66. South Korea Vertical Farming Market by Component, 2022-2032, $ mn 128 Table 67. South Korea Vertical Farming Market by Structure, 2022-2032, $ mn 128 Table 68. Vertical Farming Market in Rest of APAC by Country/Region, 2022-2032, $ mn 130 Table 69. South America Vertical Farming Market by Country, 2022-2032, $ mn 133 Table 70. Argentina Vertical Farming Market by Mechanism, 2022-2032, $ mn 135 Table 71. Argentina Vertical Farming Market by Component, 2022-2032, $ mn 135 Table 72. Argentina Vertical Farming Market by Structure, 2022-2032, $ mn 135 Table 73. Brazil Vertical Farming Market by Mechanism, 2022-2032, $ mn 137 Table 74. Brazil Vertical Farming Market by Component, 2022-2032, $ mn 137 Table 75. Brazil Vertical Farming Market by Structure, 2022-2032, $ mn 137 Table 76. Chile Vertical Farming Market by Mechanism, 2022-2032, $ mn 139 Table 77. Chile Vertical Farming Market by Component, 2022-2032, $ mn 139 Table 78. Chile Vertical Farming Market by Structure, 2022-2032, $ mn 139 Table 79. MEA Vertical Farming Market by Country, 2022-2032, $ mn 143 Table 80. UAE Vertical Farming Market by Mechanism, 2022-2032, $ mn 145 Table 81. UAE Vertical Farming Market by Component, 2022-2032, $ mn 145 Table 82. UAE Vertical Farming Market by Structure, 2022-2032, $ mn 145 Table 83. Saudi Arabia Vertical Farming Market by Mechanism, 2022-2032, $ mn 147 Table 84. Saudi Arabia Vertical Farming Market by Component, 2022-2032, $ mn 147 Table 85. Saudi Arabia Vertical Farming Market by Structure, 2022-2032, $ mn 147 Table 86. South Africa Vertical Farming Market by Mechanism, 2022-2032, $ mn 149 Table 87. South Africa Vertical Farming Market by Component, 2022-2032, $ mn 149 Table 88. South Africa Vertical Farming Market by Structure, 2022-2032, $ mn 149 Table 89. 4D Bios, Inc.: Company Snapshot 155 Table 90. 4D Bios, Inc.: Business Segmentation 156 Table 91. 4D Bios, Inc.: Product Portfolio 156
List of Figures: Figure 1. Research Method Flow Chart 12 Figure 2. Bottom-up Approach and Top-down Approach for Market Estimation 15 Figure 3. Global Market Forecast in Optimistic, Conservative and Balanced Perspectives, 2022-2032 17 Figure 4. Global Vertical Farming Market, 2022-2032, $ mn 20 Figure 5. Impact of COVID-19 on Business 24 Figure 6. Primary Drivers and Impact Factors of Global Vertical Farming Market 26 Figure 7. Forecast of Middle-class Population by Region, 2015-2030, million 29 Figure 8. Worldwide Per Capita Arable Land in Hectare, 1961-2020 30 Figure 9. World Map of Per Capita Arable Land in 2020 30 Figure 10. Primary Restraints and Impact Factors of Global Vertical Farming Market 32 Figure 11. Investment Opportunity Analysis 36 Figure 12. Porter’s Fiver Forces Analysis of Global Vertical Farming Market 39 Figure 13. Breakdown of Global Vertical Farming Market by Mechanism, 2022-2032, % of Revenue 44 Figure 14. Global Addressable Market Cap in 2023-2032 by Mechanism, Value ($ mn) and Share (%) 44 Figure 15. Global Vertical Farming Market by Mechanism: Hydroponics, 2022-2032, $ mn 45 Figure 16. Global Vertical Farming Market by Mechanism: Aquaponics, 2022-2032, $ mn 46 Figure 17. Global Vertical Farming Market by Mechanism: Aeroponics, 2022-2032, $ mn 47 Figure 18. Breakdown of Global Vertical Farming Market by Component, 2022-2032, % of Sales Revenue 49 Figure 19. Global Addressable Market Cap in 2023-2032 by Component, Value ($ mn) and Share (%) 49 Figure 20. Global Vertical Farming Market by Component: Lighting Devices, 2022-2032, $ mn 50 Figure 21. Global Vertical Farming Market by Component: Hydroponic Components, 2022-2032, $ mn 52 Figure 22. Global Vertical Farming Market by Component: Climate Control Devices, 2022-2032, $ mn 53 Figure 23. Global Vertical Farming Market by Component: Sensing Devices, 2022-2032, $ mn 55 Figure 24. Global Vertical Farming Market by Component: Irrigation Component, 2022-2032, $ mn 57 Figure 25. Global Vertical Farming Market by Component: Building Material, 2022-2032, $ mn 59 Figure 26. Global Vertical Farming Market by Component: Other Components, 2022-2032, $ mn 60 Figure 27. Breakdown of Global Vertical Farming Market by Structure, 2022-2032, % of Sales Revenue 63 Figure 28. Global Addressable Market Cap in 2023-2032 by Structure, Value ($ mn) and Share (%) 63 Figure 29. Global Vertical Farming Market by Structure: Building-based Structure, 2022-2032, $ mn 64 Figure 30. Global Vertical Farming Market by Structure: Container-based Structure, 2022-2032, $ mn 65 Figure 31. Breakdown of Global Vertical Farming Market by Application Type, 2022-2032, % of Revenue 67 Figure 32. Global Addressable Market Cap in 2023-2032 by Application Type, Value ($ mn) and Share (%) 67 Figure 33. Global Vertical Farming Market by Application Type: Indoor Vertical Farming, 2022-2032, $ mn 68 Figure 34. Global Vertical Farming Market by Application Type: Outdoor Vertical Farming, 2022-2032, $ mn 69 Figure 35. Breakdown of Global Vertical Farming Market by Crop, 2022-2032, % of Revenue 71 Figure 36. Global Addressable Market Cap in 2023-2032 by Crop, Value ($ mn) and Share (%) 71 Figure 37. Global Vertical Farming Market by Crop: Tomatoes, 2022-2032, $ mn 72 Figure 38. Global Vertical Farming Market by Crop: Lettuce, 2022-2032, $ mn 73 Figure 39. Global Vertical Farming Market by Crop: Leafy Greens (excluding lettuce), 2022-2032, $ mn 74 Figure 40. Global Vertical Farming Market by Crop: Bell & Chili Peppers, 2022-2032, $ mn 75 Figure 41. Global Vertical Farming Market by Crop: Herbs, 2022-2032, $ mn 76 Figure 42. Global Vertical Farming Market by Crop: Strawberry, 2022-2032, $ mn 77 Figure 43. Global Vertical Farming Market by Crop: Other Crops, 2022-2032, $ mn 78 Figure 44. Global Market Snapshot by Region 79 Figure 45. Geographic Spread of Worldwide Vertical Farming Market, 2022-2032, % of Sales Revenue 80 Figure 46. Global Addressable Market Cap in 2023-2032 by Region, Value ($ mn) and Share (%) 81 Figure 47. North American Vertical Farming Market, 2022-2032, $ mn 85 Figure 48. Breakdown of North America Vertical Farming Market by Country, 2022 and 2032, % of Revenue 86 Figure 49. Contribution to North America 2023-2032 Cumulative Market by Country, Value ($ mn) and Share (%) 87 Figure 50. U.S. Vertical Farming Market, 2022-2032, $ mn 89 Figure 51. Canada Vertical Farming Market, 2022-2032, $ mn 92 Figure 52. Vertical Farming Market in Mexico, 2022-2032, $ mn 94 Figure 53. European Vertical Farming Market, 2022-2032, $ mn 97 Figure 54. Breakdown of European Vertical Farming Market by Country, 2022 and 2032, % of Revenue 98 Figure 55. Contribution to Europe 2023-2032 Cumulative Market by Country, Value ($ mn) and Share (%) 99 Figure 56. Vertical Farming Market in Germany, 2022-2032, $ mn 100 Figure 57. Vertical Farming Market in U.K., 2022-2032, $ mn 102 Figure 58. Vertical Farming Market in France, 2022-2032, $ mn 104 Figure 59. Vertical Farming Market in Spain, 2022-2032, $ mn 106 Figure 60. Vertical Farming Market in Italy, 2022-2032, $ mn 108 Figure 61. Vertical Farming Market in Netherlands, 2022-2032, $ mn 110 Figure 62. Vertical Farming Market in Rest of Europe, 2022-2032, $ mn 112 Figure 63. Asia-Pacific Vertical Farming Market, 2022-2032, $ mn 115 Figure 64. Breakdown of APAC Vertical Farming Market by Country, 2022 and 2032, % of Revenue 115 Figure 65. Contribution to APAC 2023-2032 Cumulative Market by Country, Value ($ mn) and Share (%) 117 Figure 66. Vertical Farming Market in Japan, 2022-2032, $ mn 119 Figure 67. Vertical Farming Market in China, 2022-2032, $ mn 121 Figure 68. Vertical Farming Market in Australia, 2022-2032, $ mn 123 Figure 69. Vertical Farming Market in India, 2022-2032, $ mn 125 Figure 70. Vertical Farming Market in South Korea, 2022-2032, $ mn 127 Figure 71. Vertical Farming Market in Rest of APAC, 2022-2032, $ mn 129 Figure 72. South America Vertical Farming Market, 2022-2032, $ mn 132 Figure 73. Breakdown of South America Vertical Farming Market by Country, 2022 and 2032, % of Revenue 132 Figure 74. Contribution to South America 2023-2032 Cumulative Market by Country, Value ($ mn) and Share (%) 133 Figure 75. Vertical Farming Market in Argentina, 2022-2032, $ mn 134 Figure 76. Vertical Farming Market in Brazil, 2022-2032, $ mn 136 Figure 77. Vertical Farming Market in Chile, 2022-2032, $ mn 138 Figure 78. Vertical Farming Market in Rest of South America, 2022-2032, $ mn 140 Figure 79. Vertical Farming Market in Middle East and Africa (MEA), 2022-2032, $ mn 142 Figure 80. Breakdown of MEA Vertical Farming Market by Country, 2022 and 2032, % of Revenue 142 Figure 81. Contribution to MEA 2023-2032 Cumulative Market by Country, Value ($ mn) and Share (%) 143 Figure 82. Vertical Farming Market in UAE, 2022-2032, $ mn 144 Figure 83. Vertical Farming Market in Saudi Arabia, 2022-2032, $ mn 146 Figure 84. Vertical Farming Market in South Africa, 2022-2032, $ mn 148 Figure 85. Growth Stage of Global Vertical Farming Industry over the Forecast Period 151
Selected Key Players: 4D Bios, Inc. AeroFarms AgriCool American Hydroponics Bowery Farming Inc. Crop One Holdings Everlight Electronics Co., Ltd. Freight Farms Heliospectra AB Kalera Inc. OSRAM GmbH. Plenty Unlimited Inc. Signify Holding Sky Greens SPREAD Co., Ltd. Urban Crop Solutions Valoya Vertical Farm Systems (Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)