Vertical Farming Market Share, Size, Trends, Industry Analysis Report, By Growth Mechanism (Aeroponics, Hydroponics, Aquaponics), By Structure, By Components, By Crops, By Region, Segments & Forecast, 2023 – 2032

Vertical Farming Market Share, Size, Trends, Industry Analysis Report, By Growth Mechanism (Aeroponics, Hydroponics, Aquaponics), By Structure, By Components, By Crops, By Region, Segments & Forecast, 2023 – 2032

The global vertical farming market size is expected treach USD 30,911.23 Million by 2032, according ta new study by Polaris Market Research. The report “Vertical Farming Market Share, Size, Trends, Industry Analysis Report, By Growth Mechanism (Aeroponics, Hydroponics, Aquaponics), By Structure, By Components, By Crops, By Region, Segments & Forecast, 2019 – 2032” gives a detailed insight intcurrent market dynamics and provides analysis on future market growth.

The shrinking arable land and depletion of groundwater levels are the twmajor boosting factors for adopting vertical farming among farmers. Increasing demand for fresh and locally grown produce, advancements in technology and automation, and the growing awareness of the benefits of sustainable agriculture are other factors expected tsupport the market growth in the forecast period.

Vertical farming is a method of agriculture that involves growing crops in vertically stacked layers, often in a controlled indoor environment. The farming method uses advanced technologies tcreate a controlled environment for plant growth, providing the necessary nutrients, water, and light for optimal growth. The system is designed tbe efficient in space, water, and energy usage, making it a promising solution for sustainable food production.

Several factors projected thamper the market growth in the forecasted period include higher capital costs, limited crop selection, energy consumption, consumer acceptance, and regulatory challenges. For example, one of the primary limiting factors for the vertical farming market is the high initial investment required tset up and operate a vertical farm. It alsrequires significant energy tmaintain the indoor environment, including lighting and climate control systems.

The COVID-19 pandemic has positively and negatively affected the vertical farming industry. While the pandemic has created some challenges for the industry owing tlabor shortages and supply chain disruptions, it has alshighlighted the potential for indoor agriculture tprovide a sustainable and resilient solution tfood production in the future.

Report Highlights

The Hydroponics segment is accounted tdominate the market in 2022. The growth of the segment can be attributed tits several benefits compared ttraditional farming methods, including efficient use of resources, higher crop yields, faster growth, year-round production, reduced pesticide use, and locally grown produce.

Building-based Vertical Farms segment was leading the market in 2022. The growth of building-based vertical farms in the vertical farming market is attributed ttheir effective space optimization, reduced transportation costs, better-controlled environment, higher crop yields, and using less water and fertilizers compared ttraditional farming methods

The Climate Control segment is projected twitness the quickest growth rate in the forecast period. Supporting factors of the segment can be contributed tthe benefits of climate control components in vertical farming, including consistent and optimized growing conditions, reduced risk of crop failure, increased energy efficiency, flexibility in crop selection, and year-round crop production.

The North American region is projected taccount for a major market share in the forecast period. The segment is expected tgrow in the coming years, driven by increasing demand for locally grown, fresh produce, technological advancements, government support, investment in research and development, and growing adoption by commercial growers.

Polaris Market Research has segmented the vertical farming market report based on growth mechanism, structure, components, crops, and region:

Vertical Farming Market, Growth Mechanism Outlook (Revenue - USD Million, 2019 - 2032)

Aeroponics

Hydroponics

Aquaponics

Vertical Farming Market, Structure Outlook (Revenue - USD Million, 2019 - 2032)

Building-based Vertical Farms

Shipping Container-based Vertical Farms

Vertical Farming Market, Components Outlook (Revenue - USD Million, 2019 - 2032)

Hardware

Lighting

Hydroponic components

Climate control

Sensors

Software

Services

Vertical Farming Market, Crops Outlook (Revenue - USD Million, 2019 - 2032)

Fruits, Vegetables, & Herbs

Tomato

Lettuce

Strawberry

Cucumber

Herbs

Others

Flowers & Ornamentals

Perennials

Annuals

Ornamentals

Others

Vertical Farming Market, Regional Outlook (Revenue - USD Million, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa