Press release
Global Vertical Farming Market To Be Driven By Rapid Technological Advancements In The Forecast Period Of 2023-2032|4D Bios Inc., AeroFarms, Agricool, Agrilution, American Hydroponics
Vertical Farming Market Future Outlook
The Business Research Company's Vertical Farming Global Market Report 2023 identifies The rise in urbanization as the major driver for the vertical farming market's growth in the forecast period. Urbanization increases the total cropland area and decreases the rural population which results in a higher per-capita cropland area of rural residents and, therefore, increased farm size. By 2050, approximately 80% of the world's population will be living in cities, and the human population will have grown by three billion people.
The global vertical farming market size will grow from $5.07 billion in 2022 to $6.2 billion in 2023 at a compound annual growth rate (CAGR) of 22.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The vertical farming market size is expected to grow to $14.33 billion in 2027 at a CAGR of 23.3%.
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Major competitors in the vertical farming market are 4D Bios Inc., AeroFarms, Agricool, Agrilution, American Hydroponics, CropOne, Freight Farms, Green Sense Farms, Heliospectra Ab, Illumitex Inc., Infarms, Osram, Plenty Unlimited Inc., Signify Holding, Sky Greens, Spread, Square Mile Farms Ltd., Swegreen, Urban Crop Solutions, Valoya, Eden Green Technology, Gotham Greens Holdings LLC, AppHarvest, Kalera, General Hydroponics Inc., Mirai Co. Ltd., Altius Farms, Bowery Farming, Future Crops, Growpod Solutions, and Intelligent Growth Solutions.
A key trend in the vertical farming market includes technological advancements. One of the latest such kinds of trends is next generation vertical farms, which are farms that make use of hi-tech growing methods to produce high quantities of crops all year round. For instance, Sweetgreen, a Swedish company that operates in the vertical farming market and offers Hyper-local leafy greens manufacturing using a digitally based in-store service, developed and debuted the 'NextGen' of super-efficient in-store vertical farms in Linköping's Ica Maxi megastore on April 16, 2021. The company's 'Farming-as-a-Service growing' unit for leafy greens is now right at the store's door. The new vertical farm will be the largest in-store cultivation market in Scandinavia.
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The vertical farming market is segmented -
• By Component: Irrigation Component, Lighting, Sensor, Climate Control, Building Material, Other Components
• By Structure: Shipping Container, Building-Based
• By Type: Hydroponics, Aeroponics, Aquaponics
• By Crop Type: Leafy Green, Pollinated Plants, Nutraceutical Plant
• By Application: Indoor, Outdoor
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the vertical farming market.
The Business Research Company's "Global Vertical Farming Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Vertical Farming Market Include:
1. Executive Summary
2. Vertical Farming Market Characteristics
3. Vertical Farming Market Trends And Strategies
4. Vertical Farming Market - Macro Economic Scenario
5. Vertical Farming Market Size And Growth
……
26. Africa Vertical Farming Market
27. Vertical Farming Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Vertical Farming Market
29. Vertical Farming Market Future Outlook and Potential Analysis
30. Appendix
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