Vertical Farming Market Size, Company Revenue Share, Key Drivers and Trend Analysis, 2023–2030

The vertical farming market had a strong performance in 2021, and it is expected to continue to grow rapidly during the forecast period due to several factors. The demand for food, sustainable farming practices, high productivity, and year-round crop yield are the primary drivers of market growth. Additionally, the desire for high-quality food, health awareness, and smart agriculture strategies are expected to contribute to market growth to a lesser extent.

Vertical farming involves growing crops in vertically stacked layers in a controlled environment to ensure maximum productivity and yield. This method can produce crops faster than conventional farming, making it an innovative solution to food crises around the world. The physical layout, lighting, growing medium, and sustainability features are crucial for the effectiveness of vertical farms.

Vertical farming provides consistent crop production, high-quality crops, and a smaller harvest time. The stacking growth system saves space, and the hydroponic growing process reduces water usage and fertilizer requirements, resulting in lower costs and reduced wastage. Vertical farming can also reduce carbon emissions and decrease the need for constant refrigeration, which positively impacts the environment.

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Major Companies in the Market Include:

• AeroFarms
• Illumitex, Inc.
• American Hydroponics
• Agrilution GmbH
• BrightFarms Inc.
• Everlight Electronics Co., Ltd.
• Freight Farms
• GrowUp Urban Farms Ltd.
• Green Sense Farms, LLC
• Vertical Farm Systems

Despite these benefits, high initial and operational costs, rising energy demand, and a shortage of skilled professionals may limit market growth. Vertical farming relies on technology for lighting, temperature regulation, and humidity control, which increases farming costs. Additionally, power outages can negatively affect crops, and only a limited number of crops can be grown economically in vertical farms.

Innovations in technology have increased profitability and made vertical farming potentially beneficial for increasing food production, maintaining quality and safety, and contributing to sustainable urban farming. The hydroponics segment is expected to account for the largest revenue share, due to low installation costs, easy operations, and high profitability. The tomato segment is expected to register faster revenue growth due to its high consumption and compatibility with vertical farming.

Driving Factors of Vertical Farming Market

The vertical farming market is driven by several factors including the need for higher yield and reduced land use in urban areas, the demand for fresh and pesticide-free produce, and advancements in technology such as automation, LED lighting, and hydroponics. Additionally, the increasing global population and decreasing arable land per capita is also driving the growth of vertical farming as a sustainable solution to meet the growing demand for food. The adoption of vertical farming practices is also being encouraged by government initiatives and investments in urban agriculture. Furthermore, vertical farming is also viewed as a solution to address climate change as it reduces the carbon footprint associated with traditional farming practices.

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Detailed Segmentation in Our Report:

For this report, the global vertical farming market is segmented on the basis of growth type, structure, crop type, offering, and region:

Growth Type Outlook (Revenue, USD Million; 2019-2030)

• Hydroponics
• Aeroponics
• Aquaponics

Structure Outlook (Revenue, USD Million; 2019-2030)

• Building-based
• Shipping Container-based

Crop Type Outlook (Revenue, USD Million; 2019-2030)

• Lettuce
• Pepper
• Broccoli
• Cucumber
• Spinach
• Tomato
• Strawberry
• Pomegranate
• Others

Offering Outlook (Revenue, USD Million; 2019-2030)

• Hardware
• Software
• Services

Regional Outlook (Revenue, USD Million; 2019-2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Benelux
• Rest of Europe
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia Pacific
• Latin America
• Brazil
• Rest of Latin America
• Middle East & Africa
• Saudi Arabia
• U.A.E.
• South Africa
• Rest of Middle East & Africa

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