What is the global market size of Vertical Farming Market?

Vertical Farming Market size was valued at USD 5.70 billion in 2021 and is poised to grow from USD 6.88 billion in 2022 to USD 24.95 billion by 2030, growing at a CAGR of 20.2% during the forecast period (2023-2030).

Who are the key vendors in the Global Vertical Farming Market?

The global vertical farming market is fragmented, with several small and large players operating in the industry. The market is highly competitive, with companies focusing on research and development to improve the efficiency and sustainability of vertical farming systems. Moreover, collaborations and partnerships between companies are increasing to expand the market reach and provide innovative solutions to customers. The market is also witnessing the entry of several new players, further intensifying the competition. The companies in the vertical farming market compete based on product features, price, quality, and brand image. 'AeroFarms (US)', 'BrightFarms (US)', 'Everlight Electronics (Taiwan)', 'Green Sense Farms (US)', 'Growtainer (US)', 'Illumitex (US)', 'Sky Greens (Singapore)', 'Koninklijke Philips N.V. (Netherlands)', 'Plenty (US)', 'Signify Holding B.V. (Netherlands)', 'Urban Crops Solutions (Belgium)', 'Vertical Farm Systems (Australia)', 'Alesca Life Technologies (Hong Kong)', 'American Hydroponics (US)', 'FarmOne (US)', 'Freight Farms (US)', 'General Hydroponics (US)', 'Heliospectra AB (Sweden)', 'Local Roots Farms (US)', 'Modular Farms Co. (Canada)'

What is the key driver of Global Vertical Farming Market?

The global vertical farming market is driven by the increasing demand for food due to the growing global population, the need to optimize crop production in limited space, and the increasing awareness of the benefits of sustainable farming practices. Vertical farming provides several advantages over traditional farming methods, such as reduced water usage, efficient use of space, and less dependence on agricultural labor. Moreover, advancements in technology, such as IoT sensors and artificial lighting, are making vertical farming more accessible and efficient, further driving market growth.

What is the key market trend for Global Vertical Farming Market?

One of the key market trends in the global vertical farming market is the increasing focus on sustainable farming practices and the adoption of technology-driven solutions to maximize crop yields and minimize resource consumption. Additionally, the growing demand for fresh and locally grown produce, advancements in artificial lighting technology, and the rising popularity of urban farming are also driving the market growth. Furthermore, companies are exploring new business models such as vertical farming co-operatives and community-supported agriculture programs to cater to changing consumer preferences and expand market reach.

Which region accounted for the largest share in Global Vertical Farming Market?

North America dominated the global market, with the United States being the largest agriculture producer in the world. The use of advanced technologies and innovative farming practices has made the region highly efficient in crop production. The region's adoption of precision agriculture techniques, such as GPS-enabled tractors and drones, has increased yields and reduced operational costs. Additionally, the region has a well-established distribution network and infrastructure, making it easier to transport and market crops. The key players in the North American agriculture market include John Deere, AGCO, and Monsanto.

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 2024-2031

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

Vertical Farming Market Insights

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).

Vertical farming method is mostly used to grow crops in layers that are loaded vertically rather than on a single surface, such as field or greenhouse, as in a typical farm. The key factors driving market expansion anticipated to happen over the projected period are advances in light-emitting diode (LED) technology, a shortage of arable land, and increased urbanization. Moreover, innovations such as robotic harvesting and new vertical conveyor systems in vertical farming automation make operational success possible with reduced labor costs but improved overall profitability and operational effectiveness. In addition, two key reasons attributed to the growing demand for vertically farmed crops include a higher nutritional value in crops produced in vertical systems and changing weather patterns of conventional agricultural operations. A kind of farming in which crops are grown indoors, in vertically piled layers, in highly controlled environments, with advanced hydroponics and aeroponics to optimize crop growth and the efficiency of resources.

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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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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 2024-2031

Vertical Farming Market Insights

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What is the global market size of Vertical Farming Market?

Who are the key vendors in the Vertical Farming Market?

What is the key driver of Vertical Farming Market?

What is the key market trend for Vertical Farming Market?

Which region accounted for the largest share in Vertical Farming Market?

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