Categories: Market Research

Urban Farming Market Size and Forecast 2024-2033| Infarm, Richel Group, UrbanFarmers AG, Plenty Unlimited Inc., Bowery Farming

The Urban Farming Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Urban Farming Global Market Report 2024, The urban farming market size has grown strongly in recent years. It will grow from $146.21 billion in 2023 to $159.92 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to increasing population and urbanization, climate change and environmental concerns, local food movement, government support and policies, rising awareness of health and nutrition.

The urban farming market size is expected to see strong growth in the next few years. It will grow to $217.49 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to post-industrialization and abandoned spaces, community gardens movement, green revolution and industrial agriculture critique, rooftop farming in ancient cultures, city beautiful movement and urban planning. Major trends in the forecast period include tech integration and automation, circular economy practices, hybrid farming models, corporate and institutional partnerships, aquaponics and integrated farming systems.

The decreasing availability of farmland is expected to propel the growth of the urban farming market in the coming years. Farmland is described as land employed for or ideal for farming, comprising cultivable land cultivated by plowing, planting, and reaping crops, as well as pasture or countryside used to graze cattle. Urban farming creatively addresses the challenge of diminishing farmland in urban centers by maximizing land utilization, promoting sustainability, and providing residents with access to fresh produce, thereby mitigating the impact of urbanization on traditional agriculture. For instance, in January 2024, according to the survey conducted by the U.S. Department of Agriculture, a US-based federal institution responsible for overseeing agriculture, there were 2.00 million farms in the United States in 2022, a decrease from 2.20 million compared to the last two decades. Similarly, farmland acres continue to decline, falling to 893 million acres in 2022 from 915 million acres. Therefore, the decreasing availability of farmland is driving the urban farming market.

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The urban farming market covered in this report is segmented –

1) By Type: Aquaponics, Hydroponics, Aeroponics, Other Types

2) By Structure: Indoor, Outdoor

3) By Crop Type: Non-Food Crops, Food Crops

4) By Application: Commercial, Agriculture, Other Applications

Major companies operating in the urban farming market are focusing on developing technologically advanced products, such as cloud-connected growing centers, to better meet the needs of their existing consumers. Cloud-connected growing centers are agricultural facilities with integrated technology that enables remote monitoring and data analysis through cloud-based systems for optimized crop cultivation. For instance, in March 2021, Infarm, an Israel-based urban farming company that uses machine learning and IoT technology, introduced a high-capacity growing center. This integrated and modular local farm and distribution facility can yield crops equivalent to up to 10,000 square meters of traditional farmland, making it up to 400 times more efficient than soil-based farming. These high-yield, cloud-connected growing centers are integral to Infarm’s expanding global network of self-learning farms, enhancing plants’ nutritional value, flavor, and yield worldwide.

The urban farming market report table of contents includes:

1. Executive Summary

2. Urban Farming Market Characteristics

3. Urban Farming Market Trends And Strategies

4. Urban Farming Market – Macro Economic Scenario

5. Global Urban Farming Market Size and Growth

26. South America Urban Farming Market

27. Brazil Urban Farming Market

28. Middle East Urban Farming Market

29. Africa Urban Farming Market

30. Urban Farming Market Competitive Landscape And Company Profiles

Top Major Players: