The global market for vertical farming, which was expected to be worthwhile $3.08 billion in 2021is expected to rise $7.71 billion by 2028 at a CAGR of 14% throughout the forecast period.
Vertical farming is one such solution that is used worldwide. Food crops can be easily grown in urban areas with vertical farming by planting them in layers stacked vertically. Controlled environment agriculture aimed at optimizing plant growth and soilless cultivation techniques such as hydroponics, aquaponics and aeroponics are commonly used. Buildings, shipping containers, tunnels, and abandoned mine shafts are common structures used to house vertical farming systems. The main advantage of using vertical farming technologies is a higher crop yield with a smaller footprint. Another coveted benefit is the increased ability to grow a greater variety of crops at once, since the crops don’t share the same plots during growth.
Major Players in Vertical Farming Market:
- Signify (Netherlands)
- Spread (Japan)
- Osram (Germany)
- Vertical Future Ltd (UK)
- Freight Operations (US)
- Swegreen (Sweden)
- AeroFarms (USA)
- Bright Farms (US)
- Sky Greens (Singapore)
- Much (US)
- Valoya (Finland)
- Everlight Electronics (Taiwan)
- Heliospectra AB (Sweden
- Green Sense Farms (USA)
- Agrilution (Germany)
- American Hydroponics (USA)
- Urban Crop Solutions (Belgium)
- Vertical farming systems (Australia)
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Market Dynamics and Factors:
Vertical farming holds great promise for the future of agriculture. The land requirement is quite small, the water consumption is 80% less, water is recycled and saved, no pesticides are used and with high-tech farms you are not really dependent on the weather. A vertical farm allows farming within the confines of a city. If there are farms nearby, the product will be delivered quickly and always fresh, unlike the chilled products usually found in supermarkets. Reducing transportation reduces fossil fuel costs and the resulting emissions, as well as transport spoilage. Increased consumer demand for organic produce, driven by higher living standards and disposable income, has paved the way for the development of vertical farming. As a result, it is expected to have the largest share of the vertical farming market during the forecast period.
Vertical Farming Market Segmentation:
By growth type
- Building based vertical farm
- Shipping container based vertical farm
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Highlight of the Vertical Farming Market Report:
In the vertical agriculture market, hydroponics is expected to have the maximum market share during the projected period. Plants grow faster in a hydroponic system because the nutrient solution can be adjusted to create the best growing conditions, which helps drive the market.
In the vertical farming market, shipping container-based vertical farming is expected to dominate the market share during the forecast period. Shipping container farms are small, compact and easy to transport by truck or rail. This means they can be used in both rural and urban settings (provided zoning laws allow it). Container farms use approximately 90% less water than a typical 4-acre land farm because they recycle their water, which helps market growth.
In the vertical farming market, the indoor segment is expected to have the maximum market share during the forecast period. Indoor farming regulates the nutrients in plant fertilizers, resulting in highly nutritious foods. As a result, it is expected to have the largest share of the vertical farming market during the forecast period.
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For this report, Introspective Market Research has segmented the vertical farming market by region:
Regional Outlook (Revenue in million USD; Volume in units, 2022-2028)
- United Kingdom
- rest of Europe
- South Korea
- Rest of Asia Pacific
Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Rest of LATAM
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The Asia-Pacific region is expected to capture the maximum market share of the vertical farming market in the projected period. The region is home to some of the world’s largest indoor vertical farms and is seeing increasing demand for organic food, fueling growth for the market.
Key Industry Development:
In August 2021, AeroFarms announced plans to expand into the Midwest as part of a collaboration with the World Wildlife Fund (WWF) and the St. Louis Controlled Environment Agriculture Coalition (STLCEA) to develop innovative strategies to reduce the environmental footprint of indoor and vertical farms to demonstrate agriculture.
In July 2021, Heliospectra AB, a global leader in intelligent lighting technology for vertical farming, announced a new vendor partnership with MineARC Systems, a global leader in the manufacture and supply of controlled environments. Heliospectra’s market-leading LED lighting and lighting control solutions are represented by the company in Australia.
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Scope of the report:
The report encompasses the entire analysis of market size over the past few years for key segments and countries along with future estimates. The vertical agriculture market study dives deep into the competitive landscape of the worldwide market. The study also includes the names of the major market players and the methods by which they have gained a dominant position in the industry. It also provides useful market insights, dynamics and factors as well as market analysis techniques such as PESTEL Analysis, PORTER’s Five Forces Analysis, Value Chain Analysis, SWOT Analysis, BCG Matrix and Ansoff Matrix.
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