Vertical Farming Market Size is expected to reach at USD
LOS ANGELES, Jan. 04, 2023 (GLOBE NEWSWIRE) — The Global Vertical Farming Market Size accounted for USD 3,458 Million in 2021 and is estimated to achieve a market size of USD 25,778 Million by 2030 growing at a CAGR of 25.3% from 2022 to 2030.
Vertical Farming Market Statistics
- Global vertical farming market revenue was worth USD 3,458 million in 2021, with a 25.3% CAGR from 2022 to 2030
- North America Vertical Farming market share gathered more than 35.7% in 2021
- By hardware components, the lightening devices segment capture over 39.2% of total market share in 2021
- Aero Farms is a vertical farming company that has developed a proprietary growing technology that requires no soil and uses 95% less water than traditional farming methods.
- Development of new technologies such as LED lighting and precision irrigation systems, propel the vertical farming market value
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Vertical Farming Market Report Coverage:
|Market||Vertical Farming Market|
|Vertical Farming Market Size 2021||USD 3,458 Million|
|Vertical Farming Market Forecast 2030||USD 25,778 Million|
|Vertical Farming Market CAGR During 2022 – 2030||25.3%|
|Vertical Farming Market Analysis Period||2018 – 2030|
|Vertical Farming Market Base Year||2021|
|Vertical Farming Market Forecast Data||2022 – 2030|
|Segments Covered||By Growing Mechanism/Channel, By Growing Platform, By Crop Type, By Hardware Components, And By Geography|
|Vertical Farming Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Agrilution GmbH, AeroFarms, Everlight Electronics Co., Ltd, Brigth Farms, Green Sense Farms, LLC, AMHYDRO (American Hydroponics), Vertical Farm Systems, Illumitex Inc, 4D Bios Inc., and Urban Crop Solutions.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Vertical Farming Market Overview
Vertical farming is a type of agriculture that involves growing crops in vertically stacked layers, typically using hydroponics or other soil-less method. Vertical farming is a new agricultural technology that has less impact on crops from climatic factors and provides more harvests per square metre area than conservatories or traditional farming. This type of farming can be done in a controlled environment, such as a greenhouse or warehouse, and allows for year-round crop production with a reduced need for pesticides and herbicides. The vertical farming market is expected to grow significantly in the coming years due to increasing demand for fresh, locally-grown produce, urbanization, and a growing awareness of the environmental benefits of vertical farming.
Vertical Farming Market Trends
Some of the major factors driving the vertical farming market growth include the desire for new farming techniques to improve crop output, the requirement to meet the food demand of the quickly rising population, and a decrease in agricultural land caused by rapid industrialization.
Increasing demand for fresh, locally-grown produce, driving the vertical farming market
In today’s changing world, people are becoming more sensitive to the quality and provenance of their food, resulting in an increase in demand for fresh, locally farmed fruit. This preference for fresh, locally grown vegetables creates an opportunity for vertical farming companies to match this demand. Vertical farming enables the cultivation of fresh produce close to home, minimizing the need for transportation and the accompanying carbon emissions. Consumers looking for more sustainable food options may find this short supply chain appealing. Moreover, vertical farming enables the production of high-quality products in a controlled setting, eliminating the hazards associated with traditional farming methods such as pests, weather, and soil quality.
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Vertical Farming Market Segmentation
The global vertical farming market has been segmented by Acumen Research and Consulting based on growing mechanism/channel, growing platform, crop type, and hardware components.
- Based on the growing mechanism/channel, the market is divided into hydroponics, aquaponics, and aeroponics. Hydroponics was the largest segment and accounted for more than 45% share in 2021. Hydroponics requires less water to grow crops and is less susceptible to diseases & bugs. Pumice is the ideal soil substitute and is also utilized in hydroponics to improve the growth environment’s efficiency and cost-effectiveness.
- Based on the growing platform, the market is categorized into shipping containers, and buildings. The shipping container segment is predicted to increase significantly in the industry over the next several years. Growing crops in darker warehouses or shipping containers is far more cost-effective than growing them in open fields or greenhouses since it conserves water and lowers harvesting time. This is accomplished with the use of UV lights, and vegetables can be produced in a controlled atmosphere all year. Growing crops indoors allows for greater control over the nutritional content provided to the crops, hence improving overall quality.
- Based on the crop type, the market is classified into greens, herbs, vine crops, cannabis, fruits and flowers, strawberry, tomatoes, and others. Greens accounted for a substantial portion of market revenue in 2021 and are predicted to increase at a rapid pace during the forecast period.
- Based on the hardware components, the market is categorized into lighting devices, climate control, sensor, irrigation, and others. According to the vertical farming market forecast, the lighting devices category is predicted to develop significantly in the next years.
Vertical Farming Market Regional Overview
Based on the region, the worldwide vertical farming market segmentation is into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to a vertical farming industry analysis, Asia-Pacific was the biggest market and is expected to maintain its lead during the forecast timeframe. Some recent vertical farming initiatives in Singapore, as well as the growing popularity of this farming approach in Japan, are projected to drive market expansion in this region.
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Vertical Farming Market Players
Some of the prominent vertical farming market companies are Agrilution GmbH, Everlight Electronics Co., Ltd, 4D Bios Inc., Green Sense Farms, LLC, Vertical Farm Systems, Illumitex Inc, AMHYDRO (American Hydroponics), AeroFarms, Brigth Farms, and Urban Crop Solutions.
Questions Answered By This Report
- What was the market size of Vertical Farming Market in 2021?
- What will be the CAGR of Vertical Farming Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Vertical Farming Market?
- Which region held the largest share in Vertical Farming Market in 2021?
- What are the key market drivers of Vertical Farming Market?
- Who is the largest end user Vertical Farming Market?
- What will be the Vertical Farming Market value in 2030?
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