Vertical Farming Market Size to Grow Worth USD 11.2 Billion by 2028 | Exhibiting CAGR of 25.2% by 2028

According to Extrapolate, the global Vertical Farming Market was valued at USD 3.1 billion in 2021. The market is anticipated to reach USD 11.2 billion by 2028, recording a remarkable CAGR of 25.2% during the forecast period. The rapid adoption of technological advancements is driving vertical farming to increase crop productivity without expanding land use. The primary reasons fueling the vertical farming market's growth include advancements in LED technology, the capacity to support year-round crop production regardless of weather conditions, and the minimal requirement of resources like land, water, and manpower to conduct farming. For instance, vertical farming is equivalent to nine hectares of traditional outdoor farming and could save 200 tons of water per day.

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Key Players:-
• AeroFarms
• Signify
• BrightFarms
• Illumitex Inc
• Heliospectra AB
• Freight Farm
• SPREAD Co., Ltd
• OSRAM GmbH
• Urban Crop Solutions
• Cargill, Incorporated
• Plenty Unlimited Inc.
• Valoya
• BOWERY FARMING INC

According to the market forecast for vertical farming, the increased demand for organic food, the efficient use of vertical space and energy, the convenience of crop monitoring and harvesting, and decreasing area available for agricultural purposes are the main reasons driving the market's expansion. Furthermore, the growing urban population and rising acceptance of technology-driven agriculture provide the market's participants with lucrative potential for vertical farming.
Competitive Landscape of the Global Vertical Farming Market. The global vertical farming industry is highly competitive, with prominent players such as Signify, Aerofarms, BrightFarms, and FrieghtFarms, among others. To increase their market share, major players in the industry employ tactics such as joint ventures, corporate growth, the creation of new products, and agreements. The players are increasingly relying on R&D to improve and innovate their products. To make the necessary transformations for surviving in this fiercely competitive market, they are also making use of a better database of consumers, products, and operations.

For instance, the Signify company increased its R&D investment in 2020 compared to the previous year, giving it a competitive advantage in the market. Innovations and partnerships enable Signify to meet the needs of various clients globally and gain a competitive edge over its rivals. To increase its reach, it has implemented company expansion plans that include both collaborations and contracts in various parts of the world.

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Global Vertical Farming Market Segmentation:
By Structure
• Building-based
• Shipping Container-based
By Type
• Hydroponics
• Aeroponics
• Aquaponics
By Component
• Irrigation
• Lighting
• Sensor
• Climate Control
• Others

North America to Dominate Global Vertical Farming Market

North America is anticipated to dominate the global vertical farming market owing to increased consumption of organic food, accounting for more than 75% of organic food consumption globally. A shift in consumer tastes, followed by an upsurge in pollution, food scandals, and an increase in aversion, are driving the growth of indoor farming and organic food in the area. The demand for organic and residual-free agricultural products has increased to a great extent in the last 5 years.
For instance, the Canadian vertical agriculture businesses GoodLeaf Farms and TruLeaf Sustainable Agriculture received a USD 65 million investment from McCain Foods Limited in February 2021. The investment intends to stimulate innovation in the agri-food industry in Canada. GoodLeaf uses the funds to construct a chain of farms across Canada. However, the challenges of vertical farming restricting the market growth include a lack of technical knowledge, unskilled staff, a constrained crop range, and high starting costs.

A rising number of partnerships with companies and the presence of vertical farms are anticipated to bolster growth in the region further. For instance, Living Greens Farm, on October 6, 2018, built 60,000 square feet of stacked growing area. This facility is equipped to produce 3 million heads of superior lettuce annually.
Furthermore, Europe is projected to witness the highest growth over the forecast period owing to the rapidly expanding popularity of genetically modified crop technology. Additionally, the growing use of nanotechnology and robotics in agriculture increases regional market demand. Nanotechnology is used to enhance disease and pest management and food packaging. The European Environment Agency has undertaken several initiatives to construct vertical farms to address the problems of ongoing population growth, climate change, and unsustainable food production. The market demand for vertical farming has increased as a result in the area has increased as a result.

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Major Points from Table of Content:
1. Research Methodology and Statistical Scope
2. Vertical Farming Market Overview
3. Vertical Farming Market Competitive Landscape
4. Vertical Farming Industry Chain Analysis
5. The Development and Dynamics of the Vertical Farming Market
6. Vertical Farming Market Segmentation by Product
7. Vertical Farming Market Segmentation by Source
8. Vertical Farming Market Segmentation by Nature…
9. Key Companies Profiled
10. Vertical Farming Market Forecast by Region
...Continued
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