Vertical Farming Market Sees Soaring Growth with USD 22.19 Billion Valuation in 2022, Expected to Reach USD 15.78 Billion by 2029

Revolutionizing Agriculture: Vertical Farming Takes Center Stage

Vertical farming is a revolutionary agricultural practice that entails cultivating crops in vertically arranged layers, rather than traditional horizontal fields. This novel approach optimizes space utilization, making it an ideal solution for urban environments and regions with limited arable land. Employing techniques like hydroponics, aquaponics, and aeroponics, vertical farming produces crops in controlled environments, leading to increased crop yield and minimal vulnerability to unpredictable weather conditions.

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Market Dynamics: Drivers Propelling Vertical Farming's Growth

Vertical farming's growth trajectory is propelled by several key drivers. Notably, it significantly reduces the environmental impact of agriculture by minimizing water usage, eliminating the need for herbicides and pesticides, and reducing transportation requirements. Moreover, vertical farming is adept at producing a diverse range of crops simultaneously, avoiding the limitations of traditional crop rotations. The technology's controlled indoor environment protects crops from extreme weather conditions, leading to enhanced crop output and consistent quality.

Vertical Farming Market Regional Insights:

North America leads the vertical farming revolution, boasting over 2000 farms and expecting a growth rate of 14.5% during the forecast period. The region's demand for fresh and organic produce, combined with technological advancements, drives this growth. Asia-Pacific follows closely with a projected CAGR of 8.2%, as its growing population necessitates innovative solutions for food production. Europe anticipates significant growth due to the expansion of genetically modified agricultural technologies and the incorporation of nanotechnology and robotics. Meanwhile, Africa grapples with urbanization and limited resources but seeks to overcome challenges through innovative methods like vertical stacking and sack gardens.

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What is Vertical Farming Market Segmentation:

by Growth Mechanism

Hydroponic
Aeroponic
Aquaponic

The hydroponics segment, according to Growing Mechanism, had the biggest revenue share of more than 50.0% in 2022 and is anticipated to continue to hold a commanding position throughout the projection period. Hydroponics is a well-liked growth technique due to its low installation costs and simplicity of use. It is a technique for growing plants that substitutes a mineral solution for soil around the plant roots. Additionally, the hydroponics method reduces the risk of sickness due to soil organisms. Demand for hydroponics is expected to increase as consumers become more aware of the risks associated with pesticides. Plants grown hydroponically offer a better yield than equivalent soil-grown plants due to good nutrient control.

by Structure

Building based structure
Container based structure

According to Structure, the vertical farming market was led by the shipping container segment in 2022 with a market share of more than 50.0%, and this trend is anticipated to continue during the forecast period. This growth is attributed to the building's ability to support crop production regardless of location. One of the main benefits of container farming is that it is portable and doesn't need a sizable piece of land or a special facility to start growing. Additionally, as competition grows, shipping container prices decrease since it is very inexpensive to acquire used containers, allowing more businesses to enter the market. Poor comparative productivity and conflict between light, heat, and layout are two drawbacks of such systems.

by Application

Indoor
Outdoor

Who are Vertical Farming Market Key Players:

1. AeroFarms 2. Plenty 3. Green Spirit Farms 4. Bowery farming 5. BrightFarms 6. Gotham Greens 7. Iron Ox 8. Infarm 9. Agricool 10. CropOne 11. Illumitex 12. PodPonics 13. Surna 14. Freght Farms 15. Voeks Inc 16. Signify 17. Osram 18. Freight Farms 19. Sky Greens 20. Spread 21. Valoya 22. Everlight Electronics 23. Heliospectra AB 24. Green Sense Farms 25. Agrilution 26. American Hydroponics 27. Urban Crop solutions

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Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)
Market Size, Share, Size & Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Type , Technology and End-User
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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