In terms of revenue, the Global Vertical Farming Market is expected to reach USD 18.8 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) of 19.2% from 2023 to 2030.
The global Vertical Farming market has witnessed significant growth in recent years, driven by a growing demand for sustainable agriculture and increasing urbanization. Vertical farming is a method by which plants that are viable for human consumption are grown in vertically stacked layers, using artificial lighting and controlled environmental conditions to optimize growth and yield. This method of farming has several advantages, including year-round crop production, high crop yields, and reduced water usage.
Several factors have contributed to the market expansion of vertical farming, including advancements in technology, rising concerns over food security, and the growing popularity of urban farming. The market has seen a surge in investments, with several startups and established companies investing in the development of vertical farming technologies and expanding their operations. Moreover, the COVID-19 pandemic has further accelerated the demand for vertical farming as people become more conscious about the source and quality of their food. With increasing investments and advancements in technology, the global Vertical Farming market is expected to witness continued growth in the coming years.
Key Highlights from the Report
· Based on Technology, LED Lighting and Automation have revolutionized vertical farming by providing optimal light conditions and remotely controlling and monitoring crop environments, improving efficiency and reducing labor costs. Aeroponics, hydroponics, and aquaponics systems have increased crop yields and reduced water usage, making vertical farming a more sustainable and efficient method of agriculture. The development of intelligent sensors and AI technology is helping growers to monitor and optimize crop growth in real-time, further improving the efficiency of vertical farming.
· By Applications, the Food & Agriculture industry is driving the growth of vertical farming due to increasing demand for fresh, pesticide-free produce. Urban farming and locally grown produce are becoming more popular as people become more conscious about the source and quality of their food. The pharmaceutical and biotech industries are exploring the use of vertical farming for medicinal plant production, as it provides a controlled environment for plant growth and can produce higher quality and more consistent yields.
· In terms of Region, Asia Pacific is leading the Vertical Farming market due to favorable government initiatives and high demand for fresh produce. Asia Pacific is set to record substantial growth in the Vertical Farming market due to increasing population and food security concerns. The Middle East and Africa are also predicted to witness growth in the Vertical Farming market due to limited arable land and water scarcity, making vertical farming a more viable option for agriculture.
The global Vertical Farming market has been witnessing substantial growth in the past years, driven by various factors such as increasing demand for fresh produce, sustainable farming practices, and favorable government initiatives. The market is characterized using advanced technologies and innovative farming methods, such as hydroponics, aeroponics, and aquaponics, which provide optimal growing conditions and high yields in a controlled environment.
The demand for fresh, pesticide-free, and locally grown produce is increasing due to rising health consciousness among consumers, leading to increased adoption of vertical farming practices. Additionally, the availability of limited arable land, water scarcity, and changing weather patterns are driving the need for sustainable farming practices. Governments are supporting the adoption of vertical farming through various initiatives, such as funding for research and development, tax incentives, and subsidies, further boosting the growth of the market.
However, the Vertical Farming market is has its challenges. The high capital costs associated with the establishment of vertical farms, the need for advanced technology and skilled labor, and limited consumer awareness are some of the factors that can hinder market growth. Moreover, the Vertical Farming market is highly competitive, with the presence of several established players and new entrants, leading to intense competition and price wars.
Geographically, Asia Pacific and Europe are the leading regions in the Vertical Farming market due to favorable government initiatives, high demand for fresh produce, and the presence of established players. However, Asia Pacific is predicted to witness significant growth in the Vertical Farming market, driven by increasing population, rising food security concerns, and limited arable land. The Middle East and Africa are also predicted to witness growth in the Vertical Farming market due to water scarcity and the need for sustainable farming practices.
Overall, the global Vertical Farming market is expected to witness massive growth in the coming years, driven by advancements in technology, increasing demand for fresh produce, and the need for sustainable farming practices. However, challenges such as high capital costs and intense competition may hinder market growth.
The Global Vertical Farming Market is Segmented as follows
- Building-based Vertical Farms
- Container-based Vertical Farms
- Growth Mechanism
- Irrigation Component
- Climate Control
- Building Material
- Other Components
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Vertical Farming Market is
4D BIOS Inc. (China), Aero Farms (U.S.), Illumine Inc. (U.S.), American Hydroponics (U.S.), Everlight Electronics Co. Ltd. (Taiwan), Hort Americas (U.S.), Koninklijke Philips N.V (Netherlands), Urban Crop Solutions (U.S.), SKY GREENS (Singapore)
The Global Vertical Farming Market Scope can be Tabulated as below
|Market Size Provided for Years
|2017 - 2030
|2017 - 2021
|2023 - 2030
|Regions & Counties Covered
|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis