Vertical Farming Market Size & Share to Surpass $18.8 Billion by 2030 | Vantage Market Research

WASHINGTON, May 02, 2023 (GLOBE NEWSWIRE) -- The Global Vertical Farming Market is valued at USD 5.5 Billion in 2022 and is projected to reach a value of USD 18.8 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 19.2% over the forecast period 2023-2030.

Market Overview

Some of the major and impactful factors that will likely boost the growth of the Vertical Farming market are the increasing adoption of federal agricultural policy programmers in emerging economies, rising levels of food consumption globally along with a growing population, an increase in trade activities such as grain and oilseed export, and the introduction of new and highly advanced technology.

We forecast the hydroponic in Vertical Farming market sales will account for more than 68% of total sales by 2030. The demand for hydroponics is projected to rise as customers become more aware of the dangers of pesticides. Because the nutrients are controlled better in hydroponically grown plants, they produce a higher yield than equivalent plants produced on the soil.

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Market Dynamics

Vertical Farming has a Higher Yield than Conventional Farming to Support Market Expansion
LED lighting and climate control are used in Vertical Farming, which constantly changes humidity and temperature. It provides a year-round source of fresh, pesticide-free, locally grown vegetables, allowing for greater control over the plants' growth environment. Additionally, Vertical Farming has a significant output gain. Vertical Farming has been demonstrated to increase agricultural output by 240 times, using 99% less land, 95% less water, and zero pesticides. This means vertical farms yield more crops despite greater operating costs, resulting in larger earnings. Vertical farms transplant crops repeatedly without consideration for crop rotations. Aside from that, this type of farming is a fantastic option when agricultural land is scarce.

Reduced Environmental Impact by Vertical Farming to Drives Market Growth
Vertical Farming is essential for reducing agriculture's carbon footprint. It reduces the water required to grow the same or more crops. It also removes the need for pesticides and herbicides in agricultural production and minimizes transportation requirements. The entire Vertical Farming process is carried out in an environmentally friendly manner. It significantly decreases the use of pesticides and provides alternative therapies, such as the employment of fish in the Vertical Farming aquaponics growth mechanism to produce nutrient-rich waste for plants. Furthermore, because Vertical Farming takes place in a controlled environment, it is impervious to any harmful bug, eliminating the need for pesticides. This is expected to create new opportunities for Vertical Farming market participants.

Top Players in the Global Vertical Farming Market

  • 4D BIOS Inc. (China)
  • Aero Farms (U.S.)
  • Illumine Inc. (U.S.)
  • American Hydroponics (U.S.)
  • Everlight Electronics Co. Ltd. (Taipei, Taiwan)
  • Hort Americas (U.S.)
  • Koninklijke Philips N.V (Amsterdam)
  • Urban Crop Solutions (U.S.)
  • SKY GREENS (Singapore)

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Top Trends in the Global Vertical Farming Market

  • One trend that Vantage Market Research (VMR) expects to see in the Vertical Farming industry is the growing demand for Bell & Chili peppers. Strawberries, lettuce, leafy green vegetables, and cherries are among the most often farmed vegetables using this method. Because of its versatility to grow in short spaces with little extra care, celery is the fastest-growing product. One of the most significant things in Vertical Farming is validating the economic viability of that product, which indicates that the company makes a lot of money from its cultivation. Similarly, one of the factors is the time it takes for crops to fully mature because some vegetables, such as lettuce and mint, experimental approach, but herbs and some ripening crops take longer to mature but have better margins than many other plants.

  • Another trend that VMR predicts will continue in the Vertical Farming industry is its increasing trend of hydroponic farming. The adoption of hydroponic components by farmers to lower the weight of the vehicle and network required to sustain the technology is expected to stimulate demand for hydroponic equipment. Vertical Farming mechanization attempts to cut time to market, lower delivery, manufacture, and environmental costs, and guarantee excellent performance.

Top Report Findings

  • Based on the Structure, most of the Vertical Farming market's revenue is controlled by the building-based container category. Because of its huge trend, the building-based category is widely recognized in Japan, China, and other Asian countries, and it is the fastest-growing revenue segment in the area. Building-based farming minimizes cultivation costs while requiring more agricultural fields than a single farming area, ensuring food security.

  • Based on the type, the hydroponic category controls most of the Vertical Farming market's revenue. Hydroponics is a popular growing method. It is a method of growing plants without soil in which a mineral solution is inserted around the plant roots to replace the soil. Furthermore, hydroponics technology eliminates the potential for disease transmission from soil organisms.

  • Based on End Users, Lightening Transit controls most of the Vertical Farming market's revenue. Artificial lighting helps to increase the hours of natural daylight, which promotes the plant's health, growth rate, and production. Crop availability can be extended using artificial lights such as high-pressure sodium and LED lighting (throughout the season). LED lighting systems have a dual-band colour range and create very little heat. Over the forecast period, they are expected to rise significantly.

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Recent Developments in the Global Vertical Farming Market

  • In 2021, CNH Industrial will launch "AGXTEND," an innovative platform for digital agricultural solutions in Brazil. To benefit all types and profiles of farmers, the company provides the highest standards at all stages of the cultivation cycle. The monitoring and management solutions are based on drone images and soil diagnosis, and the customer pays for the service provided rather than the equipment.
  • In April 2020, Bayer Crop Science and Prosper will collaborate to help Mexican farmers sustainably meet the growing global demand for digital solutions. The strategic partnership provides vegetable greenhouse growers with data insights and AI for improved results and sustainability.

Hydroponic Category in Vertical Farming Market Forecast to Generate Closed to a Third of the Total of the Growth Mechanism Segment Revenue
Based on the Growth Mechanism, the Vertical Farming market is divided for better understanding into Hydroponics, Aeroponics and Aquaponics.

The Hydroponic market was the largest market by the application during the projected period. Hydroponics is growing plants without soil using a water-based nutrition solution and an aggregation foundation or growing media such as vermicelli, coconut shells, or sphagnum peat moss. Small farmers, amateurs, and business enterprises all use hydroponic production practices. Flowers and leaves are the best crops for urban farming and among the most productive hydroponically grown plants.

On the other hand, the aquaponics category is anticipated to grow significantly. Aquaponics combines a hydroponic system with aquaculture, eliminating the need for toxic chemicals in agriculture. Aquaponics cultivates lettuce, chives, peppers, kale, mint, cucumbers, and peas. Aquaponics water fish excrement, which then becomes nutrient-rich and extends agriculture time. This produces a sustainable, viable system that eliminates the need for chemicals in food production.

Asia Pacific Region in Vertical Farming Market Forecast to Generate a Considerable Amount of the Total Global Revenue
The Asia Pacific region is anticipated to do so in the coming years due to the increased interest in sustainable food in the region and abroad. A shift in customer tastes, as well as ecological degradation, health scandals, and disgust, are driving the expansion of farming and organically grown in the region.

The North American regional market is expected to grow the fastest in the Vertical Farming market. Factors such as the alarming pace of water depletion, the prevalence of drought-stricken states, and increased environmental concerns contribute to market expansion. The United States controlled the North American market. Increasing food security and nutrition concerns will likely create new opportunities for the business to thrive. The United States is expected to contribute significantly to improving the ecology of future foods. As more customer preferences shift toward "fresh-from-farm-to-table," the accessibility of freshly picked veggies in retail shops nationwide is projected to grow (which is also the pioneer in adopting this concept).

Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on Vertical Farming Market Forecast Report (2023-2030).        

Global Vertical Farming Market Segmentation

By Structure        

  • Building-based Vertical Farms
  • Container-based Vertical Farms

By Growth mechanism        

  • Hydroponics
  • Aeroponics
  • Aquaponics

By Component        

  • Irrigation Component
  • Lighting
  • Sensor
  • Climate Control
  • Building Material
  • Other Components

By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-East Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

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Scope of the Report:    

Report AttributesDetails
Market Size in 2022USD 5.5 Billion
Revenue Forecast by 2030USD 18.8 Billion
CAGR19.2% from 2023 to 2030
Base Year2022
Forecast Year2023 to 2030
Key Players4D BIOS Inc., Aero Farms, Illumine Inc., American Hydroponics, Everlight Electronics Co. Ltd., Hort Americas, Koninklijke Philips N.V, Urban Crop Solutions, SKY GREENS
Customization OptionsCustomized purchase options are available to meet any research needs. Explore customized purchase options

Key Questions Answered in the Vertical Farming Market Report are:

  • What is the current size and projected growth of the vertical farming market?
  • What are the main types of crops grown in vertical farms, and what are the most promising new crops?
  • What are the key drivers and challenges for the vertical farming industry, including regulatory, economic, and technological factors?
  • Who are the major players in the vertical farming market, and what are their strategies and competitive advantages?
  • What are the main technologies used in vertical farming, including lighting, hydroponics, and automation, and how are they evolving?
  • What are the main applications of vertical farming, including commercial, residential, and institutional use cases?
  • What are the potential environmental benefits and drawbacks of vertical farming, including energy use, water consumption, and waste reduction?
  • What are the main geographic markets for vertical farming, including North America, Europe, Asia Pacific, and the rest of the world?
  • What are the main trends and opportunities in the vertical farming market, including new business models, partnerships, and innovation?
  • What are the key success factors for companies operating in the vertical farming market, including product differentiation, supply chain management, and customer engagement?

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