Global Vertical Farming Market Size to Grow at a CAGR of 21% in the Forecast Period of 2023-2028

by debek

The ‘Global Vertical Farming Market Share, Size, Growth, Analysis, Value, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global vertical farming market, assessing the market on the basis of its segments like growth mechanism, structure, component, crop type, application, and major region.

The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.

Vertical Farming Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Forecast CAGR (2023-2028): 21%

The increasing demand for fresh fruits and vegetables, owing to the rapid transition towards plant-based diets, is driving the vertical farming market growth. Rising awareness about the health benefits associated with organic foods and green vegetables is further fuelling the market growth. Additionally, growing disposable income, rising population, and increasing health consciousness are driving the consumers towards fresh fruits and vegetables, thereby expanding the opportunities for vertical farming market. In line with this, the growing number of vegans are likely to propel the demand for veggies and fruit salads, among other preparations, which are in turn expected to bolster the supply of fruits and vegetables.

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Emergence of artificial farming methods are a key driving factor supporting the market for vertical farming with end-to-end hydroponic solutions gaining traction across the farming sector. In addition, vertical farming comes with significant advantages, such as reliable year-round crop production unaffected by adverse weather conditions, optimisation of space, minimal usage of water, eco-friendly operations, decreased costs of transportation, greater energy efficiency, low labour costs, and enhanced safety, among others. Hence, the increasing awareness about the advantages offered is likely to provide impetus to the vertical farming market in the coming years.

Vertical Farming Industry Definition and Major Segments

Vertical farming refers to a type of farming practice which uses soil, hydroponic, and aeroponic methods of growing crops. In this practice, crops are grown in vertically stacked layers, enabling healthy growth of fruits and vegetables under a strictly controlled environment. This method enhances the food production capacity without using excessive land.

Based on growth mechanism, the market is segmented into:

• Hydroponics
• Aeroponics
• Aquaponics

By structure, the market is bifurcated into:

• Building-Based
• Shipping-Container

On the basis of component, the market is divided into:

• Lighting
• Irrigation and Fertigation System
• Climate Control
• Sensors
• Others

Based on crop type, the market is categorised into:

• Vegetables
• Fruits
• Herbs
• Others

By application, the market is classified into:

• Indoor
• Outdoor

On the basis of region, the market is categorised into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Vertical Farming Market Trends

The key trends in the global vertical farming market include advancements in digital technologies such as LED lighting systems which cater to the light demands of crops, leading to the production of healthy and high volume crops. The thriving farming sector across emerging economies, supported by technological advancements in vertical farming components, is further enhancing the supply chain. Stringent regulations of governments across emerging economies aimed towards curbing water wastage, optimising space utilisation, and conserving energy, are increasing the importance of vertical farming. Meanwhile, increasing funding by major market players to expand their vertical farming facilities are adding to the market growth.

The burgeoning e-commerce sector and rapid development of supermarkets and convenience stores across developing nations, are fuelling the sale of packaged fruits and vegetables. Hence, these trends are expected to invigorate the vertical farming market growth in the forecast period.

In geographical terms, Asia Pacific is likely to be a fast-growing region in the market for vertical farming due to the large vegetable consuming population base across India and China, among other nations. The increasing adoption of vertical farming by nations such as Singapore, to augment food security and increase farming capacity with limited agricultural land, are further invigorating the market growth.

Key Market Players

The major players in the global vertical farming market report are

• AeroFarms LLC
• Plenty Unlimited Inc.
• Bowery Farming Inc.
• Gotham Greens Holdings, LLC
• Futurae Farms Inc.
• Iron Ox, Inc.
• InFarm
• Agricool
• Green Sense Farms Holdings, Inc.
• Crop One
• Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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