Vertical Farming Market to Reach $42.53 Billion, Globally, by 2032 at 25.46% CAGR: Allied Market Research to Reach $42.53 Billion, Globally, by 2032 at 25.46% CAGR: Allied Market Research

Allied Market Research published a report, titled, “Vertical Farming Market by Component (Irrigation Component, Lighting, Sensor, Climate Control, Building Material, and Others), Structure (Building-Based Vertical Farms and Container-Based Vertical Farms), and Growth Mechanism (Hydroponics, Aeroponics, and Aquaponics): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global vertical farming industry generated $4.5 billion in 2022, and is projected to reach $42.5 billion by 2032, registering a CAGR of 25.5% from 2023 to 2032. 

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The vertical farming market is expected to witness notable growth owing to optimum use of vertical space and balanced energy utilization, ease of crop monitoring and harvesting and increase in popularity of organic foods. Moreover, the growth in urban population is expected to provide lucrative opportunity for the growth of the market during the forecast period. On the contrary, high initial investments limit the growth of the vertical farming market. 

The Irrigation Component Segment to maintain its leadership status throughout the forecast period. 

Based on component, the irrigation component segment held the highest in vertical farming industry 2022, accounting for nearly one-third of the global vertical farming market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to technological advancements in drip irrigation methods to minimize water consumption due to rise in water concerns worldwide. However, Climate Control is projected to manifest the highest CAGR of 28.95% from 2023 to 2032 due to increase in demand for farming. 

The building-based Vertical Farms segment to maintain its leadership status throughout the forecast period. 

Based on structure, the building-based vertical farms segment held the highest market share in 2022, accounting for more than half of the global Vertical farming market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the ongoing global urbanization process. However, the Container-based Vertical Farms is projected to manifest the highest CAGR of 25.94% from 2023 to 2032. 

The Hydroponics segment to maintain its leadership status throughout the forecast period. 

Based on growth mechanism, the hydroponics segment held the highest market share in 2022, accounting for more than two-fifths of the global vertical farming market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to growing inclination is observed towards incorporating hydroponic systems with sustainable practices like the adoption of renewable energy, water recycling, and organic nutrient management solutions, underscoring the environmental significance of hydroponics. 

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Key Players Mentioned in the vertical farming Market Research Report:

• 4D Bios Inc

• AeroFarms

• Hort Americas

• Urban Crops Solution

• Am Hydro

• Signify Holding,

• Everlight Electronics CO., LTD.

• Agrilution

• GreenTech

• ams-OSRAM AG

The global vertical farming market offers a detailed overview of the industry based on the main parameters including market extent, probable deals, sales analysis, and essential drivers. The market report is summarized enfolding the operations of an array of different organizations in the sector from different regions. The study is a perfect consolidation of quantitative and qualitative information accentuating on the key vertical farming industry developments and challenges that the market is facing along with the lucrative opportunities available in the sector. The vertical farming market report also showcases the factual data throughout the forecast period and brings about an estimate till 2031.

Key Questions Answered in the Report:

(1) What are the growth opportunities for the new entrants in the industry?

(2) Who are the leading players functioning in the marketplace?

(3) What are the key strategies participants are likely to adopt to increase their share in the industry?

(4) What is the competitive situation in the Global vertical farming market?

(5) What are the emerging trends that may influence the Global vertical farming market growth?

(6) Which product type segment will exhibit high CAGR in future?

(7) Which application segment will grab a handsome share in the Global vertical farming industry?

(8) Which region is lucrative for the manufacturers?

By implementing indoor vertical farming, which eliminates the need for arable land and results in much higher yields, while using only 5% of the water required for traditional field farming, the agreement aims to maximize the use of natural resources, such as water and agricultural land. The collaboration is anticipated to enable year-round, sustainable local sourcing of high-quality crops grown on AeroFarms' unique AgTech platform, addressing the industry's larger supply chain requirements. In the upcoming years, the collaboration intends to construct and operate a number of farms throughout the area.

On the other hand, in Abu Dhabi, AeroFarms, a US-based company, unveiled its R&D indoor vertical farm on February 16, 2023. For its high-tech labs, the indoor vertical farm will recruit more than 60 highly qualified professionals, including horticulturists, engineers, and scientists. The labs will research next-generation machine learning, machine vision, automation, and robotics, as well as precision phenotyping, phytochemical analysis, and organoleptic research. The facility will work with regional businesses and universities on research and development to address issues with agriculture in arid and desert environments. 

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