Vertical Farming Market Report 2024: Size, Share, Trends, Growth Drivers, Forecast to 2033

Overview and Scope

A vertical farming refers the process of producing vegetables in layers that are piled vertically. The technique may employ hydroponic, aeroponic, or soil growing techniques. In tough circumstances, such as those where arable land is few or unavailable, vertical farms try to generate food. It is a technique for growing food in water without soil using mineral nutrition solutions. The main benefits of this approach are that it lessens soil-related cultivation issues such soil-borne pests, illnesses, and insects.

Sizing and Forecast

The vertical farming market size has grown exponentially in recent years. It will grow from $6.29 billion in 2023 to $7.8 billion in 2024 at a compound annual growth rate (CAGR) of 24.0%. The growth in the historic period can be attributed to water scarcity concerns, climate and seasonal independence, demand for locally sourced produce, population growth, food safety concerns.

The vertical farming market size is expected to see exponential growth in the next few years. It will grow to $17.32 billion in 2028 at a compound annual growth rate (CAGR) of 22.1%. The growth in the forecast period can be attributed to integration with smart cities, vertical farming in retail spaces, educational and research initiatives, expansion into developing countries, consumer preferences for organic and local produce. Major trends in the forecast period include customized crop varieties, collaborations with foodservice industry, multi-layered and stacked farming systems, automated planting and harvesting systems, aeroponics and hydroponics technologies.

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Segmentation & Regional Insights

The vertical farming market covered in this report is segmented –

1) By Component: Irrigation Component, Lighting, Sensor, Climate Control, Building Material, Other Components
2) By Structure: Shipping Container, Building-Based
3) By Type: Hydroponics, Aeroponics, Aquaponics
4) By Crop Type: Leafy Green, Pollinated Plants, Nutraceutical Plant
5) By Application: Indoor, Outdoor

North America was the largest region in the vertical farming market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the vertical farming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The rise in urbanization is expected to propel the growth of the vertical farming market. Urbanization increases the total cropland area and decreases the rural population which results in a higher per-capita cropland area of rural residents and, therefore, increased farm size. By 2050, approximately 80% of the world’s population will be living in cities, and the human population will have grown by three billion people. Also, according to the World Economic Forum, it is expected that over one-third of the projected urban growth between now and 2050 will occur in just three countries: India, China, and Nigeria. India is expected to gain 416 million urban residents by 2050, China 255 million, and Nigeria 189 million. Therefore, the rise in urbanization is driving the vertical farming market.

Key Industry Players

Major companies operating in the vertical farming market report are Philips Lighting N.V., Osram AG, Everlight Electronics Co Ltd., Infarms Indoor Forming GmbH, Spread Group GmbH, Bowery Farming Inc., Plenty Unlimited Inc., BrightFarms Inc., Mirai Co Ltd., Intelligent Growth Solutions Ltd., Freight Farms Inc., AeroFarms, General Hydroponics Inc., Agricool Group, CropOne Holdings Inc., CropOne Holdings Inc., Jewish Family Service of Colorado, AppHarvest Inc., Vertical Future Ltd., Valoya Inc., Kalera Public Limited Company, Agrilution Systems GmbH, American Hydroponics Inc., Square Mile Farms Ltd., Swegreen AB, 4D Bios Inc., Green Sense Farms Holdings Inc., Hort Americas LLC, Urban Crop Solutions, Eden Green Technology, Illumitex Inc., Heliospectra AB, Future Crops Vertical Farming B.V., Sky Urban Solutions Holding Pte Ltd.

The vertical farming market report table of contents includes:

1. Executive Summary
2. Vertical Farming Market Characteristics
3. Vertical Farming Market Trends And Strategies
4. Vertical Farming Market – Macro Economic Scenario
5. Global Vertical Farming Market Size and Growth
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32. Global Vertical Farming Market Competitive Benchmarking
33. Global Vertical Farming Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Vertical Farming Market
35. Vertical Farming Market Future Outlook and Potential Analysis
36. Appendix