Vertical Farming Market touch USD 2,325 million in 2019 and estimated to grow at 19.8% CAGR during 2020-2027 | Size, Share & Forecast

Vertical Farming Market

The Vertical Farming Market was valued around USD 2,325 million in 2019 and estimated to grow at a CAGR of 19.8% over the forecast period (2020-2027).

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The factors driving the growth of Vertical Farming Market includes growing demand for organic food and beverages around the world, rise in the number of building-based vertical farms and increasing consumers inclination towards adopting healthy lifestyles. According to the report published by Statista, the Global Organic Food Market was estimated around USD 227.2 billion in 2021 and this figure is predicted tor reach USD 437.4 billion by the end of 2026, which is expected to boost the Vertical Farming Market size in the approaching years. Moreover, growing consumers preference for biopharmaceutical products, Government schemes providing subsidies to farmers for vertical farming, rising disposable incomes and rapid urbanization, are some of the additional factors supplementing the Vertical Farming Market Growth. In addition, crops in the field remains unaffected during severe weather conditions, reduces water usage, minimizes transportation costs, highly energy efficient, environment friendly and requires no chemicals, are some of the features of vertical farming, further propelling the Global Vertical Farming Market.

However, the growth of Vertical Farming Market is hindered due to insufficient availability of skilled workforce.

The leading players operating in the market are Green Sense Farms Holdings, Inc., Urban Crop Solutions, AmHydro, Koninklijke Philips N.V., Sky Greens, AeroFarms, Vertical Farm Systems, EVERLIGHT, Illumitex and Agrilution, among others.

Based on Growth Mechanism, the Aeroponics segment is predicted to expand at a significant CAGR during the forecast period

Increasing use of Aeroponics in vertical farming owing to its environment friendly properties, is propelling the segment's growth.

Based on Offering, the Climate Control segment is projected to grow at a remarkable CAGR over the forecast period

Climate control helps the procedures to monitor carbon dioxide levels, sunlight, and humidity, are some of the factors responsible for the segment's growth.

Based on Region, the Asia-Pacific region is anticipated to capture the largest market share during the forecast period

Growing consumer preference towards organic food, Government policies supporting vertical farming, rising disposable incomes and rapid urbanization, are some of the important factors augmenting the Vertical Farming Market share in Asia-Pacific.

Key Developments:

In 2020, Urban Crop Solutions entered into partnership with CropKing to develop advanced vertical farming solutions.
In 2019, Illumitex introduced NeoPARTM XO to use its artificial intelligence and machine learning solutions for completing difficult tasks in vertical farming.

Market Segmentation

Segmentation by Growth Mechanism

Aeroponics
Aquaponics
Hydroponics

Segmentation by Structure

Shipping Container Vertical Farms
Building-Based Vertical Farms

Segmentation by Crop Type

Peppers
Lettuce
Spinach
Broccoli
Tomatoes
Cucumbers
Pomegranates
Strawberries
Others

Segmentation by Offering

Hydroponics Components
Meters & Solutions
Pumps & Irrigation
Water Filtration
Others
Lighting
Grow Light Reflectors
Grow Lights
Grow Light Ballasts
Sensors
CO2 Sensors
Temperature Sensors
pH Sensors
Nutrient Sensors
Crop Sensors
Others
Climate Control
Air Purification/Control
Ventilation Fans
Others

Segmentation by Region 

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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