Vertical Farming Market Future Growth, Trends, Development Status and Forecast 2029

Vertical Farming Market expected to reach USD 15.78 Billion by 2029, exhibiting a CAGR of 18.6 % during the forecast period (2023-2029).

Vertical Farming Market Report Scope and Research Methodology

Report Scope:

The Vertical Farming Market research report offers a comprehensive analysis of the global vertical farming industry. It covers product categorization, application, technology trends, competitive landscape, supply chain structure, industry overview, national policies, and recent market dynamics. The report delves into market drivers, opportunities, and challenges, examining their impact on market demand throughout the forecast period. Additionally, the study assesses global market potential, including production, distribution, technology sources, and raw material suppliers for major industry players. Furthermore, the report presents product specifications, manufacturing processes, cost structures, and data categorized by region, technology, and application.

Research Methodology:

Our research relies heavily on both primary and secondary data sources. We investigate numerous factors influencing the vertical farming market, such as government policies, market environment, competitive landscape, historical data, current market trends, technological advancements, and advancements in related industries. We analyze market risks, opportunities, barriers, and challenges comprehensively. All factors influencing the market are meticulously considered, validated through primary research, and assessed to provide robust quantitative and qualitative data. We employ bottom-up techniques and data triangulation methodologies for market estimation, forecasting, and data validation.

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What are Vertical Farming Market Dynamics?

Market Drivers:

Vertical farming has emerged as a key solution to minimize the environmental impact of agriculture. It reduces water consumption, eliminates the need for herbicides and pesticides, and reduces transportation needs. Vertical farming is an organic process that significantly decreases the use of chemicals, offering natural alternatives like aquaponics. Furthermore, controlled environments in vertical farming prevent crop damage from pests, reducing the need for pesticides and preserving the quality of products.

Vertical farming boasts higher yields than traditional farming methods. By utilizing LED lighting and precise climate control, it offers a year-round source of fresh, pesticide-free produce with greater control over growth conditions. Vertical farming can produce up to 240 times more agricultural output using 99% less land, 95% less water, and no pesticides. This results in increased profits and higher crop production, making it an excellent choice when arable land is limited. Vertical farming systems can be established in urban areas, enhancing food supply chain resilience and diversifying local food production.

Control of temperature, humidity, and air circulation is a major challenge in vertical farming, requiring energy-intensive cooling, dehumidification, and heating. The limited variety of crops and a shortage of skilled labor for the high-tech systems used in vertical farming are challenges the industry faces.

Vertical Farming Market Segmentation?

Structure: The shipping container segment dominated the vertical farming market in 2022, holding over 50% market share. It is expected to maintain its dominance, primarily due to its flexibility and cost-effectiveness. However, this system faces challenges related to productivity and light, heat, and layout management.

Growing Mechanism: Hydroponics held the largest revenue share in 2022, accounting for over 50% of the market. It is likely to maintain its dominance, given its cost-effectiveness and reduced risk of soil-borne diseases. Over time, aquaponics and aeroponics are expected to gain significant market share.

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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
28. Vertical Farm Systems

Table of content for the Vertical Farming Market includes:

Part 01: Executive Summary

Part 02: Scope of the Vertical Farming Market Report

Part 03: Global Vertical Farming Market Landscape

Part 04: Global Vertical Farming Market Sizing

Part 05: Global Vertical Farming Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Regional Insights:

North America: North America leads the vertical farming market with over 2000 farms and is projected to grow at a CAGR of 14.5% during the forecast period. The region's growing demand for fresh and organic food, technological advancements, and government initiatives have contributed to its dominance.

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