Global Vertical Farming Market

Vertical Farming Market Size, Share, Growth Analysis, By Growth Mechanism(Hydroponics, Aeroponics), By Structure(Building-based Vertical Farms, and Shipping Container-based Vertical Farms), By Offering(Hydroponic Components, Climate Control, Sensors)), By Region - Industry Forecast 2025-2032


Report ID: SQMIG45I2097 | Region: Global | Published Date: August, 2024
Pages: 197 | Tables: 60 | Figures: 75

Vertical Farming Market Dynamics

Vertical Farming Market Drivers 

  • Growing Food Demand Driving Market Growth 

Global need for food is being driven by population growth, which is expanding the vertical farming sector. It makes crop production easier in cramped locations, which promotes its development into cities. Increased public awareness of sustainable practices contributes to the growth as well. It uses less labor, less water, and better utilizes the area provided. 

  • Technological Advancements Drive Market Expansion 

Artificial lighting and advanced IoT sensors, which make vertical farming more accessible, are the two key developments driving the industry's expansion. Its broad use is encouraged by the fact that it makes indoor plant development easier. LED lighting helps vertical farms by utilizing controlled growing and nutrition systems that don't require sunshine or rain. 

Vertical Farming Market Restraints 

  • High Initial Expense Impeding Growth in Market 

The growing practice of vertical farming offers a significant opportunity for sustainable agriculture. This presents a significant barrier to investments in modern farming practices. Infrastructure, equipment, and technological upfront investments are necessary for the development of vertical farming systems. Affirm a financial investment because installing climate control systems and efficient LED lighting management is necessary for the construction of vertical agricultural structures.  

  • Considerable Energy Consumption for Indoor Environment Maintenance 

The natural growing conditions for plants are preserved by the artificial lighting and climate control systems utilized in vertical farming techniques. This increases the unnecessary electricity used by LED lighting and HVAC systems, which drives up running costs. This reliance on a constant supply of energy limits the potential for market expansion. 

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Vertical Farming Market size was valued at USD 6.88 Billion in 2022 and is poised to grow from USD 8.27 Billion in 2023 to USD 36.04 Billion by 2031, at a CAGR of 20.2% over the forecast period (2024–2031). 

Companies, including VertiVegies, AeroFarms, Freight Farms, Inc., Plenty Unlimited Inc., Urban Crop Solutions, and Sky Greens provide a range of vertical farming techniques. These companies are focused on developing operational and environmentally beneficial agricultural solutions. To expand their operations globally, the market players use a variety of tactics, such as alliances, mergers, acquisitions, and collaborations. The report offers insights into market trends and discusses noteworthy developments in the industry.  'Sky Greens ', 'Plenty ', 'FarmOne ', 'Freight Farms ', 'Modular Farms Co. ', 'General Hydroponics ', 'American Hydroponics ', 'Illumitex ', 'Everlight Electronics ', 'AeroFarms ', 'BrightFarms ', 'Green Sense Farms ', 'Growtainer', 'Signify Holding B.V.', 'Vertical Farm Systems', 'Heliospectra AB'

North America is expected to contribute significantly to the growth of the vertical farming business and held the greatest market share in 2023. This is a result of the presence of big vertical farms in states such as Canada and the US. In a similar spirit, the region's growing use of automation and advanced technologies in agriculture encourages pesticide-free, year-round food production. The number of people living in cities in countries, including the US and Canada is increasing, which raises the need for high-quality organic food that is produced using major agricultural techniques. 

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Global Vertical Farming Market

Report ID: SQMIG45I2097

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