The Global Vertical Farming market is estimated to reach over USD 21.99 billion by 2030, exhibiting a CAGR of 20.9% during the forecast period.
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Vertical farming is vital for lowering agriculture's environmental impact. It cuts down on the amount of water needed to grow the same or more crops. It also eliminates the usage of pesticides and chemicals in the production of crops and the requirement for transportation. Farms are installed vertically in vertical agriculture. This has permitted more production on tiny plots of land. It is an unconventional crop cultivation method that allows for easy harvesting, minimal climate impact, high yield, minimal pesticide use, smaller area requirements, and lower water use. Vertical farming market participants can expect significant growth prospects as the urban population grows and technology-driven agriculture becomes more popular. Nonetheless, the growing urban population and greater adoption of technology-driven agriculture provide players with lucrative vertical farming market potential. The increased use of environmentally friendly fruit and vegetable cultivation is credited with the market's rise. The demand for urban agriculture has increased as the world's population has grown at an unprecedented rate. In addition, the loss of groundwater and changing climatic circumstances have compelled traditional farmers to switch to alternative farming practices. Rising consumer health concerns, as well as considerations, are expected to boost industry demand. Some of the primary variables driving market development include increasing urbanization, rising demand for high-quality food, and autonomous agriculture practices.
Vertical agriculture allows consumers to grow crops in a warehouse or multi-story structure. However, the market expansion is hampered by high initial investments and the use of developing technology.
List of Prominent Players in the Vertical Farming Market:
Plenty Unlimited Inc.
Signify Holding (Koninklijke Philips N.V)
EVERLIGHT ELECTRONICS CO., LTD.
Square Mile Farms
SPREAD Co., Ltd.
Bridge Greenhouses Ltd.
Jones Food Co.
LettUs Grow Ltd.
GrowUp Farms Limited
80 Acres Farms
CubicFarm Systems Corp.
Grow Group IFS
Innovation Agti-Tech Group
Other Prominent Players"
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The increased acceptance of environmentally friendly fruit and vegetable cultivation is responsible for the market's rise. The demand for urban agriculture has surged as the world population has grown at an unprecedented rate. In addition, the loss of groundwater and changing climatic circumstances have compelled traditional growers to switch to alternative farming practices. The above-mentioned causes and rising consumer concerns about health are expected to boost industry demand. Market growth is boosted by augmented demand for high-quality food, independent agriculture methods, and urbanization. Consumers can now cultivate vegetables in a warehouse or a multi-story building thanks to the employment of vertical gardening techniques.
Besides, technical solutions such as cameras, sensors, automated systems, artificial intelligence, hydroponic, aquaponic, and aeroponic systems are frequently used in vertical farming. A competent and qualified crew is required to operate these advanced systems; however, a lack of skilled workforce, technical know-how, and a limited crop range is limiting the market's growth. However, the market expansion is hampered by high initial investments and the use of developing technology.
Asia Pacific Vertical Farming market is likely to have a significant market share in terms of revenue and is projected to develop at a rapid CAGR in the near future due to increased demand for organic food in the region and throughout the world.
A shift in customer tastes, rising pollution, food scandals, and disgust are driving the expansion of organic food and indoor farming in the region. North America is the world's second-largest revenue contributor to the vertical farming industry, and it is expected to proliferate during the projected period. Factors such as the alarming pace of water depletion, the prevalence of drought-stricken states, and an increase in environmental concerns are all contributing to market expansion.
- In April 2022, Vertical Harvest, Inc. completed an $8.35 million Series A preferred equity investment. The Series A funding comes as the firm prepares to expand, with plans to begin construction on its second U.S. facility in Maine this spring. In the following months, new sites and collaborations will be announced.
- In March 2022, With the complete basic structure for the fully automated farm, Kalera has completed phase one of development at the Changi Logistics Centre. The multi-layer vertical farm will allow crops to thrive all year at any temperature in a regulated environment that reduces infection risk while increasing flavour and texture appeal.
- In May 2019, Crop One Holdings (Crop One) announced its first "qualified opportunity fund (QOF)" in an Opportunity Zone. Crop One plans to locate many of its future farms in Opportunity Zones with the potential for farm-to-table distribution in rural and urban settings.
Segmentation of Vertical Farming Market-
- Lighting Devices
- Hydroponic Components
- Climate Control Devices
- Sensing Devices
- Other Products
- The US
- The UK
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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