Vertical Farming Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Vertical Farming Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global vertical farming market size reached US$ 4.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 17.0 Billion by 2028, exhibiting a growth rate (CAGR) of 23% during 2023-2028.

Vertical farming refers to an innovative farming technique that involves growing food and medicinal plants in vertically stacked layers. It is adopted for producing crops with artificial control of light, temperature, humidity and gases. Vertical farming utilizes a combination of methods involving hydroponics, aeroponics and aquaponics to grow crops without soil using mineral nutrient solutions, such as peat moss and coconut husk, or aquatic animals, such as snail, fish and prawns. It is highly beneficial for crop cultivation on arid lands, mountains, unfertile lands, indoors and rooftops of the buildings. In comparison to the traditional farming practices, vertical farming is sustainable and has lower water and energy requirements.

Vertical Farming Market Trends:

A rapid increase in the global population, along with rising scarcity of arable land, is one of the key factors driving the growth of the market. Moreover, an escalating requirement for stabilized crop production to meet the rising food demands is providing a thrust to the market growth. In line with this, the legalization of cannabis cultivation for medical and recreational purposes is also contributing to the growth of the market. Various technological advancements in light-emitting diode (LED) technology and the integration of the Internet of Things (IoT)-enabled sensors and monitoring devices are acting as other growth-inducing factors. These novel LED top-lighting and inter-lighting solutions aid in reducing the farming costs and increasing the overall yield. Other factors, including the rising expenditure capacities of the consumers, along with the implementation of favorable government policies, are anticipated to drive the market toward growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global vertical farming market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, structure, growth mechanism and application.

Breakup by Component:

Irrigation Component
Lighting
Sensor
Climate Control
Building Material

Glass Greenhouse
Plastic Greenhouse

Others

Breakup by Structure:

Building-based Vertical Farms
Container-based Vertical Farms

Breakup by Growth Mechanism:

Hydroponics
Aeroponics
Aquaponics

Breakup by Application:

Indoor
Outdoor

Breakup by Region:

North America

United States
Canada

Asia-Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others

Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others

Latin America

Brazil
Mexico
Others

Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being AeroFarms, Agrilution Systems GmbH, AmHydro, Everlight Electronics Co. Ltd., Freight Farms Inc., Grönska Stadsodling, Heliospectra AB, Jones Food Company Limited, Koninklijke Philips N.V., OSRAM GmbH (ams-OSRAM AG), Signify N.V., Urban Crop Solutions and Vertical Farm Systems Pty Ltd.

Key Questions Answered in This Report:

What was the size of the global vertical farming market in 2022?

What is the expected growth rate of the global vertical farming market during 2023-2028?

What has been the impact of COVID-19 on the global vertical farming market?

What are the key factors driving the global vertical farming market?

What is the breakup of the global vertical farming market based on the component?

What is the breakup of the global vertical farming market based on the structure?

What is the breakup of the global vertical farming market based on growth mechanism?

What are the key regions in the global vertical farming market?

Who are the key players/companies in the global vertical farming market?