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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Vertical Farming Market Size
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.
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 Report Snapshots
Vertical Farming Market Growth
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market attained a value of nearly USD 5.49 billion.
The market is projected to grow at a CAGR of 21% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 30.54 billion by 2032.
The growth of the market is being driven by factors like rising demand for sustainable farming methods and increasing demand for nutrition and organic food products.
Optimal use of vertical space and reasonable energy utilisation are the key trends in the market.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major growth mechanisms of vertical farming in the market are hydroponics, aeroponics, and aquaponics.
The leading structures of vertical farming in the market are building-based and shipping-container.
The significant components of vertical farming in the market are lighting, irrigation and fertigation system, climate control, and sensors, among others.
The major crop types in the market are vegetables, fruits, and herbs, among others.
The leading applications in the market are indoor and outdoor.
The key players in the global vertical farming market are 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., and Crop One, among others.
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