Pune, India, July 28, 2022 (GLOBE NEWSWIRE) -- The Vertical Farming Market Size was USD 3.47 billion in 2021. The market is projected to grow from USD 4.16 billion in 2022 to USD 20.91 billion in 2029 at a CAGR of 25.9% during the 2022-2029 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Vertical Farming Market Share, 2022-2029.” Factors such as growing inclination towards climate control technology & lesser amount of water & energy being implemented towards irrigation will further push the market volume at a higher growth rate.
Key Industry Development:
February 2020: Illumitex Inc. announced launching an AI platform that is based on artificial intelligence and visualization for monitoring and controlling the farming environment.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 25.9% |
| 2029 Value Projection | USD 20.91 Billion |
| Base Year | 2021 |
| Vertical Farming Market Size in 2021 | USD 3.47 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 140 |
| Segments covered | Type, Structure, Component, |
| Vertical Farming Market Growth Drivers | Declining Arable Land and Growing Water Crisis to Drive the Market Growth |
| High Cost of Initial Investment to Challenge Market Potential |
Market Exhibited Growth Rate of 19.1% in 2020; Surging Demand for Organic Food Products to Aid Growth
The pandemic may have had several economic repercussions globally owing to the disruption in supply chain and reduced availability of raw materials, but the market thrived during the crisis. This is owing to the high demand for organic food products and the surging demand for locally-grown agri-products that led the manufacturers to expand their production facilities. Owing to all these factors, the market showcased a positive growth rate of 19.1% in 2020.
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Drivers & Restraints
Declining Arable land & Rapidly Rising Water Crisis to Augment Market Growth
Factors such as increasing challenges of land availability for food production coupled with growing demand for adapting vertical farms worldwide will boost the vertical farming market growth during the forecast period. Additionally, scarcity of arable lands, rising urbanization, and limiting water supplies will increase the footprint of the market. Shifting practice from traditional agricultural practices and integration of robotic and artificial intelligence will fuel the growth of the market.
However, the higher cost of initial investment will hinder the growth of the market during the forecast period.
Vertical Farming Market Segmentation Analysis
Based on type, the market can be divided into hydroponics, aeroponics, and aquaponics.
By structure, the market can be broken down into shipping-container and building-based.
With respect to component, the market can be segmented into lighting system, irrigation and fertigation system, climate control, sensors, others.
In terms of geography, the market can be categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
What does the Report provide?
The global market report provides a detailed qualitative and quantitative analysis of the market and focuses on crucial aspects such as materials, leading companies, applications, and products. Also, the report offers insights into latest trends and highlights key industry developments. The report further includes historical data & forecasts revenue growth at global, regional, and country levels and analyses the industry's latest dynamics and opportunities that will impact the market growth between 2021 and 2028.
Regional Insights
North America to Exert Dominance Owing to Increase Adoption of Robotics & Automation Technologies
Factors such as the increasing number of vertical farms across the U.S. and the rising adoption of robotics and automation practices will increase the vertical farming market share during the forecast period. Additionally, increasing demand for organic, rich, and fresh quality foods coupled with the legalization of cannabis within the U.S. and Canada will increase the footprint of the market in the region.
Europe will witness significant market share in terms of global contribution owing to rising investments by agri-tech startups towards expanding business products and business presence worldwide. Increasing adoption of advanced solutions such as cloud technology among the prominent players will boost the presence of the market during the forecast period.
COMPETITIVE LANDSCAPE
Major Companies Focus on Product Launch to Intensify Industry Competition
The global market for vertical farming comprises small, medium, and large companies striving to maintain their presence by developing and introducing novel farming techniques worldwide. Moreover, other key players are adopting organic and inorganic growth strategies that will contribute to the growth of the market during the forecast period.
List of Key Players Mentioned in the Report:
- AeroFarms (U.S.)
- BrightFarms (U.S.)
- Plenty Unlimited Inc. (U.S.)
- Freight Farms, Inc. (U.S.)
- OSRAM Licht AG (Germany)
- Urban Crop Solutions (Europe)
- Heliospectra AB (Sweden)
- Everlight Electronics Co. Ltd. (Taiwan)
- Signify (The Netherlands)
- Sky Greens (Singapore)
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Vertical Farming Key Players Market Share Insights and Analysis, 2021
- Global Vertical Farming Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Hydroponics
- Aeroponics
- Aquaponics
- By Structure (USD)
- Building-based Vertical Farms
- Shipping Container Vertical Farms
- By Component (USD)
- Lighting System
- Irrigation and Fertigation System
- Climate Control
- Sensors
- Others (Building Material, HVAC systems, shelves and Racks, etc.)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Vertical Farming Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Hydroponics
- Aeroponics
- Aquaponics
- By Structure (USD)
- Building-based Vertical Farms
- Shipping Container Vertical Farms
- By Component (USD)
- Lighting System
- Irrigation and Fertigation System
- Climate Control
- Sensors
- Others (Building Material, HVAC systems, shelves and Racks, etc.)
- By Country (USD)
- United States
- By Structure
- Canada
- By Structure
- United States
FAQ:
How big is the Vertical Farming Market?
The global vertical farming market was valued at USD 3.47 billion in 2021. The market is projected to grow from USD 4.16 billion in 2022 to USD 20.91 billion by 2029, exhibiting a CAGR of 25.9% during the forecast period.
How big is Vertical Farming Market In North America?
The market in North America stood at USD 1.35 billion in 2021 and is expected to gain a huge portion of the market share in the coming years.
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