Vertical Farming Market to hit 15.78 Bn. by 2029 at a CAGR of 18.6 percent Growth Hubs, Environmental Concerns and Technological Advancements
Vertical Farming Market was valued at USD 4.03 Billion in 2021, and it is expected to reach USD 15.78 Billion by 2029, exhibiting a CAGR of 18.6 % during the forecast period (2022-2029)
Pune,7, Dec, 2022: Maximize Market Research, an agriculture research firm has published a report on Vertical Farming Market North America is expected to grow at a rate of 14.5 percent followed by Asia-Pacific region. The market is expected to grow from USD 4.03 billion in 2021 to USD 15.78 billion in 2029, at a CAGR of 18.6 percent for the forecast period from 2022 to 2029.
Vertical Farming Market Scope and Research Methodology
The report is an analysis on the Vertical Farming Market by region, segment and competitive landscape. For the thorough understanding of the global factors affecting the Vertical Farming Market, the report presents drivers, challenges, restraints and opportunities prevailing in the Vertical Farming Market. Key insights such as the market share and market presentation are presented in the report with the help of figures and tables. The report covers the current trends prevailing in the market along with estimations about future trends to help understand investors identify investment pockets and opportunities in the Vertical Farming Market.
The report is equipped with a competitive analysis of the Vertical Farming Market. Key players and new entrants in the Vertical Farming Market are listed together. These are analysed by region, revenue, financial status, portfolio, technological advancements adopted, social media presence, mergers and acquisitions, joint ventures and strategic alliances. Demand and pricing analysis is conducted to understand changes in consumer behaviour and the risks for the forecast period that help plan production and costing.
The analysis aids new entrants understand the Vertical Farming Market for growth prospects and future business outlooks. A detailed study is also conducted on various government schemes, policies and subsidies that make the Vertical Farming Market a lucrative option with growth opportunities. Such analysis acts as a guide for stakeholders, investors, market players and followers and new entrants with an overall view of the Vertical Farming Market for formulating investment approaches and marketing tactics.
The bottom-up approach was employed to validate the market size in terms of value and volume by different segments of the product. Data was collected using both primary and secondary data collection methods. Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs and marketing professionals were included in the primary methods. Secondary data was collected from a list of sources for maximum reliability of the inferences. This includes official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases.
SWOT analysis was conducted to provide the strengths and weaknesses of the Vertical Farming Market while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the Vertical Farming Market. Such analysis presents relevant information required for strategic business planning, product development and workforce planning. Thus the report provides a detailed overview of the Vertical Farming Market.
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Vertical Farming Market Overview
Vertical farming as the name suggests stacks vertical rows of plants one on top of another to yield the maximum amount in a limited space. Such farms are generally indoors and give the farmer the ability to control the environment of the saplings. The area is equipped with LED lighting, cameras, sensors and robotics for creating the optimum condition for vertical farming.
Vertical Farming Market Dynamics
Vertical farming is gaining popularity on the account of it being organic in nature. The amount of water used for irrigation is reduced manifold. The same goes for the use of pesticides and herbicides. Since farming is carried out in a control, the occurrence of deadly pests and bugs is nil. This makes this form of farming free from pesticides and in line with the demand for organic goods. Given these factors, the Vertical Farming Market is expected to witness growth for the forecast period.
While the high cost of set up is high in vertical farming, the yield derived from it results in higher profits. These profits are on the account of the controlled nature of farming. By tweaking factors such as humidity, temperature, lighting, air circulation and the overall climate, farmers can create the optimum conditions required for the growth of that particular crop, resulting in a bigger yield. Thus, despite huge investments, the Vertical Farming Market derives profit due to precise and controlled farming. Hefty profit margins are expected to lure new entrants to the market, increasing the market base and driving the Vertical Farming Market growth.
Vertical farming uses an array of techniques and technologies for a good yield which includes the use of cameras and sensors, automation and AI. Systems such as hydroponic, aquaponics, and aeroponics are employed in vertical farming. For proper use and utilization, skilled labour with excellent technical skills is mandatory. The shortage of such labour is expected to be a major hurdle in the growth of the Vertical Farming Market.
Vertical Farming Market Regional Insights
North America is expected to grow at a CAGR of 14.5 percent over the span of the forecast period. The regional growth in North America is driven by the increasing demand for fresh and organic fruits and vegetables. The markets for vertical farming in the region are also growing on the account of technological advancements and research conducted on vertical farming. The growth is driven by support from the government in the form of initiatives taken to teach and promote vertical farming in the region.
The Asia-Pacific is the second region expected to depict growth at a rate of 8.2 percent for the forecast period. Developing economies clustered in the region are exploding with population. A growing population follows the path of a larger expenditure on consumption. To feed such a growing population, traditional farming will fail to meet the needs in the future. These estimations are influencing and promoting investments and opening new avenues of growth for the regional Vertical Farming Market.
Europe is expected to witness growth on account of rapid technological advancements and government initiatives in Vertical Farming. The use of AI and robotics in farming is expected to drive the regional Vertical Farming Market. Africa is expected to witness growth due to urbanisation and the increasing popularity and adoption of indoor farming.
Vertical Farming Market Segmentation
By Growth Mechanism:
- Building based structure
- Container based structure
Vertical Farming Market Key Competitors
- Green Spirit Farms
- Bowery farming
- Gotham Greens
- Iron Ox
- Freght Farms
- Voeks Inc
- Freight Farms
- Sky Greens
- Everlight Electronics
- Heliospectra AB
- Green Sense Farms
- American Hydroponics
- Urban Crop solutions
- Vertical Farm Systems
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Key questions answered in the Vertical Farming Market are:
- What is Vertical Farming Market?
- What is the current growth rate of Vertical Farming Market?
- What is the growth rate of Vertical Farming Market for the forecast period?
- What is the nature of competition in Vertical Farming industry in developed and developing economies?
- Who are the key players in the Vertical Farming Market?
- Who are the market leaders in Vertical Farming in Europe
- Who are the market leaders in Vertical Farming in USA and Canada
- Who are the market leaders in Vertical Farming in India, China, Japan and South Korea?
- What are the factors affecting growth in the Vertical Farming Market?
- Who held the largest market share in Vertical Farming Market?
- What are the factors for the growth of Asia-Pacific region in Vertical Farming Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Growth Mechanism, Structure, Application and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading agriculture research firm, has also published the following reports:
Europe Vertical Farming Market –The Europe Vertical Farming Market size is expected to reach USD 4.19 billion by 2029 at a CAGR of 22 percent during the forecast period. The Europe Vertical Farming Market is expected to be driven by consumer demand for organic produce free of pesticides.
Commercial Greenhouse Market –The Commercial Greenhouse Market size is expected to reach USD 77.64 billion by 2029 at a CAGR of 11.8 percent during the forecast period. The Commercial Greenhouse Market is expected to be driven by need for higher yield and research and development in agricultural techniques.
Indoor Farming Market–The Indoor Farming Market size is expected to reach USD 42.53 billion by 2029 at a CAGR of 11 percent during the forecast period. The Indoor Farming Market is expected to be driven by efforts to reduce carbon footprint and higher yield compared to traditional farming techniques.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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