Vertical Farming Industry Overview
The global vertical farming market size was valued at USD 4.34 billion in 2021 and is expected to reach USD 33.02 billion by 2030, registering a CAGR of 25.5% from 2022 to 2030.
The market growth is attributed to the growing adoption of environment-friendly production of fruits and vegetables. The unprecedented growth of the global population has increased the demand for urban agriculture.
Gather more insights about the market drivers, restrains and growth of the Global Vertical Farming market
Vertical farming is the practice of producing food in vertically stacked layers such as in a used warehouse, skyscraper, or shipping container. Organic foods are perceived as healthier, nutritious, safer, and more environmentally friendly. A critical factor that influences the demand for organic food is the food purchasing behavior of consumers, which is essential for producers, policymakers, and suppliers to implement successful marketing strategies.
Obesity and heart diseases are prevalent, health-related issues among consumers. Furthermore, the growing depletion of groundwater and changing climatic conditions have urged traditional growers to adopt alternate farming methods. Increasing consumer concerns toward health and the abovementioned factors are likely to elevate the industry demand.
Unlike traditional farming, indoor farming can produce crops throughout the year, which results in increased productivity. Furthermore, indoor farming can protect crops from extreme weather conditions through the usage of techniques such as the controlled environment agriculture technology, where the facilities use artificial environmental control, control of light, and fertigation.
Increasing demand for high-quality food, independent agriculture technique, and growing urbanization are some of the critical factors responsible for market growth. These factors have increased the requirement for food. Demand for food is expected to witness significant growth with a growing population by 2030. The adoption of the vertical cultivation technique allows the consumers to grow crops in a warehouse or a multi-story building.
Vertical Farming Market Segmentation
Based on the Structure Insights, the market is segmented into Shipping Container and Building-based.
Based on the Offering Insights, the market is segmented into Lighting, Hydroponic Components, Climate Control and Sensors.
Based on Growing Mechanism Insights, the market is segmented into Hydroponics, Aeroponics and Aquaponics.
Based on Fruits, Vegetables, & Herbs Insights, the market is segmented into Tomato, Lettuce, Bell & Chili Peppers, Strawberry, Cucumber, Leafy Greens (excluding lettuce), Herbs and Others.
Based on the Vertical Farming Regional Insights, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa (MEA)
Market Share Insights:
Key Companies Profile:
The players are investing in R&D for product innovation and enhancement. They are also utilizing the improved database of the customers, products, and processes to achieve the requisite transformation necessary for sustaining in this highly competitive market.
Some prominent players in the global vertical farming market include
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