Vertical Farming Market to Hit USD 17.59 Billion by 2028 Aero Farms, Bright Farms, Plenty, Freight Farms, Inc., Illumitex Inc,4D Bios, Inc., ThriveAgritech, HeliospectraAB, EverlightElectronics, Signify, Osram

The global vertical farming market size is projected to reach USD 17.59billion by 2028. Theincreasing technological advancements have allowed improved efficacies and enhanced output that is projected to boost the product's demand in the forthcoming years. According to a report published by Fortune Business Insights, titled "Vertical Farming Market, 2021-2028," the market stood at USD 3.04 billion and is projected to exhibit a CAGR of 25.2% during the forecast period, 2021-2028.

COVID-19 Impact: Market Exhibited Growth Rate of 19.1% in 2020; Surging Demand for Organic Food Products to Aid Growth

The pandemic may have had several economic repercussions globally owing to the disruption in supply chain and reduced availability of raw materials, but the market thrived during the crisis. This is owing to the high demand for organic food products and the surging demand for locally-grown agri-products that led the manufacturers to expand their production facilities. Owing to all these factors, the market showcased a positive growth rate of 19.1% in 2020.

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Report Scope & Segmentation -

Report Coverage Details
Forecast Period 2021-2028
Forecast Period 2021 to 2028 CAGR 25.2 %
2028 Value Projection USD 17.59 Billion
Base Year 2020
Market Size in 2020 USD 3.04 Billion
Historical Data for 2017-2019
No. of Pages 140
Segments covered Type; Structure; Component; Regional
Growth Drivers Growing Need for Independent Farming Technique to Tackle Climatic Conditions to Aid Growth.

Pitfalls & Challenges High Cost of Initial Investment to Challenge Market Potentia

Market Segmentation:

On the basis of type, the market is categorized into hydroponics, aeroponics, and aquaponics.

Based on type, the hydroponics segment held the largest market share of about 36.5% in 2020 and is anticipated to showcase considerable growth in the forthcoming years. This is due the increasing adoption of this type of technique that does not require soil while aiding in reducing the wastage of water.
Based on structure, the market is bifurcated into building-based and shipping-container. Moreover, on the basis of the component, the market is categorized into the lighting system, irrigation and fertigation system, climate control, sensors, others. Lastly, based on the region, the market is segregated into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

What does the Report provide?

The global market report provides a detailed qualitative and quantitative analysis of the market and focuses on crucial aspects such as materials, leading companies, applications, and products. Also, the report offers insights into latest trends and highlights key industry developments. The report further includes historical data & forecasts revenue growth at global, regional, and country levels and analyses the industry's latest dynamics and opportunities that will impact the market growth between 2021 and 2028.

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DRIVING FACTORS

Increasing Number of Company Mergers Will Aid Growth

The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers have had the highest impact on market growth. The increasing investment in the development of newer vertical farming equipment, coupled with the efforts put in to acquire medium as well as small scale enterprises will contribute to the growth of the market. In 2017, Signify Holding. (Philips Lighting) announced a collaboration with Ecobain Gardens to build the first ever commercial vertical farm operation in Canada. This partnership offers customers attractive returns on investments via healthier, nutritious and rich foods that attract new customers. The report identifies a few of the leading company mergers of recent times and gauges their impact on the global vertical farming market growth in the forthcoming years.

REGIONAL INSIGHTS

North America to Remain Dominant; Increasing Demand for Organic Food Products to Aid Growth

Among all the regions, North America is expected to remain at the forefront and hold the largest global vertical farming market share during the forecast period. This is attributable to the increasing demand for rich quality organic food products in countries such as the U.S. North America stood at USD 957.1 million in 2020.

The market in Europe is expected to hold the second position in the market. This is ascribable to factors such as the increasing focus of some companies in the region to encourage home farming techniques that will propel the demand for vertical farming in the region between 2021 and 2028.

COMPETITIVE LANDSCAPE

Major Companies Focus on Product Launch to Intensify Industry Competition

The global market for vertical farming comprises small, medium, and large companies striving to maintain their presence by developing and introducing novel farming techniques worldwide. Moreover, other key players are adopting organic and inorganic growth strategies that will contribute to the growth of the market during the forecast period.

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Key Industry Developments:

December 2020 - AeroFarms, a leading provider of vertical solutions in farming, announced the launch of an indoor plant solution for vertical lettuce farms to ensure reduction in crop wastage in the U.S.

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