The Global Vertical Farming Market Is Projected to Touch Around USD 27.30 Billion By 2030 From USD 4.39 Billion In 2021, Increasing at A CAGR Of 26.08% From The Forecast Period 2022-2030.
Global Vertical Farming Market shows that the industry is experiencing rapid growth due to several factors, including the increasing demand for fresh and pesticide-free food, the growing awareness of the benefits of sustainable agriculture, and the rising need for efficient and high-yield farming methods.
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Vertical farming refers to the practice of cultivating crops in vertically stacked layers using controlled-environment agriculture (CEA) technology, which allows farmers to optimize plant growth conditions such as lighting, temperature, humidity, and nutrient levels. Vertical farms can be built indoors or outdoors, in urban or rural areas, and can grow a wide range of crops, including leafy greens, herbs, fruits, and vegetables.
According to the report, the major drivers of the Vertical Farming Market are the increasing demand for high-quality and locally grown produce, the need for sustainable food production systems, the rising investment in urban farming projects, and the technological advancements in CEA and automation systems. However, the market faces some challenges such as the high initial investment costs, the limited availability of skilled labor, and the complex regulatory environment.
The Vertical Farming Market is experiencing rapid growth due to a combination of factors. Firstly, the increasing demand for fresh and pesticide-free food is driving consumers to seek out alternatives to conventionally grown produce. Additionally, there is a growing need for sustainable agriculture that reduces the negative impact on the environment including soil erosion, deforestation, and water pollution. Vertical farming offers a sustainable alternative that requires less land, water, and energy compared to traditional farming methods. Furthermore, technological advancements in CEA and automation systems have made vertical farming more efficient and cost-effective. Urbanization and population growth are also factors that contribute to the growth of the Vertical Farming Market, as more people are living in cities where access to fresh produce is limited. Finally, there is a growing investment in urban farming projects, which recognizes the potential of vertical farming to address food security, climate change, and economic development.
Report Scope of the Vertical Farming Market
Market Size in 2021
USD 4.39 billion
Estimated Market Size in 2030
USD 27.30 billion
CAGR Growth Rate
by Component, by Growing Mechanism, by Crop Category
Major Regions Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest of Middle East & Africa)
Key Market Players
Urban Crop Solutions, Agrilution, AeroFarms, Hort Americas, HELIOSPECTRA AB, Freight Farms, Everlight Electronics Co., Ltd, Brightfarms Inc., Signify Holding, Sky Greens, AmHydro, Vertical Farm Systems, Bowery Farming, Green Sense Farms Holdings, Illumitex Inc., SPREAD Co., Ltd., Koninklijke Philips N.V.
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By Growing Mechanism: Vertical farming technology can be classified into several categories, including hydroponics, aeroponics, aquaponics, and others. Hydroponics is the most commonly used technology and involves growing plants in nutrient-rich water without soil.
Crop Type: Vertical farming can grow a wide range of crops, including fruits vegetables, & herbs, flowers & ornamentals and others. Some popular crops grown in vertical farms include tomato, lettuce, bell & chili peppers, strawberry, cucumber, leafy greens (excluding lettuce), herbs such as basil and mint.
The Component segment includes lighting, climate control, sensor, irrigation, others. In 2021, lighting was the greatest revenue-generating segment, accounting for a sizable portion of total revenue. The climate control segment is predicted to increase at the fastest rate throughout the forecast period.
The Asia Pacific region has the biggest market share. Also, the Asia-Pacific region is expected to grow at the fastest rate due to the increasing demand for fresh produce in densely populated cities and government initiatives to promote sustainable agriculture. North America is expected to another leading segment in the Vertical Farming Market due to the presence of a large number of vertical farming companies and high demand for locally grown produce. The US, in particular, has a mature vertical farming industry and is home to several major players in the market. Europe is also a significant market for vertical farming due to the region's focus on sustainable agriculture and food security.
List of Key Players in Global Vertical Farming Market:
- Urban Crop Solutions
- Hort Americas
- HELIOSPECTRA AB
- Freight Farms
- Everlight Electronics Co., Ltd
- Brightfarms Inc.
- Signify Holding
- Sky Greens
- Vertical Farm Systems
- Green Sense Farms Holdings
- Illumitex Inc.
- SPREAD Co., Ltd.
- Koninklijke Philips N.V.
Vertical Farming Market Segment as Follows:
- Climate Control
- Building-Based Vertical Farm
- Shipping-Container Vertical Farm
By Growing Mechanism
By Crop Type
- Fruits Vegetables, & Herbs
- bell & chili peppers
- leafy greens (excluding lettuce)
- Flowers & Ornamentals
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