Global Vertical Farming Market Report and Forecast 2024-2032

Global Vertical Farming Market Outlook

The global vertical farming market reached a value of about USD 5.49 billion in 2023. The industry is further expected to grow at a CAGR of about 21% in the forecast period of 2024-2032 to reach a value of around USD 30.54 billion by 2032.

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North America to be One of the Leading Regions in the Vertical Farming Industry

North America is one of the leading regions for global the vertical farming industry, with the United States dominating the regional market. The factors attributing to the growth in the region include rising awareness about food security and the importance of nutrition. The United States, which is one of the pioneering regions in adopting the concept of vertical farming, is expected to invest significantly in the industry for facilitating the ecosystem for future foods. Moreover, with the robust demand for organic or 'fresh from farm to table' foods among consumers, the demand for vertical farming is constantly rising.

Vertical Farming: Market Segmentation

Vertical farming is a form of cultivation of different types of goods in vertically arranged layers, in unused vertical warehouses, skyscrapers, containers, etc. This process enables the profitability of many businesses to fulfil their Corporate Social Responsibility (CSR) through sustainable agricultural practises. Other advantages of vertical farming technology include the use of controlled-environmental agriculture technology and indoor farming techniques, where all environmental factors for crop production can be controlled.

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Based on growth mechanism, the industry can be segmented as follows:

• Hydroponics
• Aeroponics
• Aquaponics

On the basis of structure, the market can be divided into the following:

• Building-Based
• Shipping-Container

The components can be divided as follows:

• Lighting
• Irrigation and Fertigation System
• Climate Control
• Sensors
• Others

Based on crop type, the industry can be segmented as follows:

• Vegetables
• Fruits
• Herbs
• Others

It finds wide applications in the following:

• Indoor
• Outdoor

The regional markets for vertical farming can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Demand for Organic Food Bolstering the Market Growth

The demand for vertical farming is expected to grow rapidly during the forecast period due to an increase in the popularity of organic food. The vertically stacked structure of these farms decreases the need for additional construction and property. It also reduces the role of machines during traditional farming. Optimal use of vertical space and reasonable energy use contribute to the development of the vertical agricultural industry. In addition, these facilities include several artificial plant growth technologies. The technologies used in this agriculture allow us to keep track of the growth and harvesting of plants, which further drives the growth of the vertical farming industry.

Key Industry Players in the Global Vertical Farming Market

The report gives a detailed analysis of the following key players in the global vertical farming market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• AeroFarms LLC
• Plenty Unlimited Inc.
• Bowery Farming Inc.
• Gotham Greens Holdings, LLC
• Futurae Farms Inc.
• Iron Ox, Inc.
• InFarm
• Agricool
• Green Sense Farms Holdings, Inc.
• Crop One
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

Vertical Farming Market Report Snapshots

Vertical Farming Market Size

Vertical Farming Market Growth

Vertical Farming Companies