Press release
Vertical Farming Market Size, Share, Trends, Analysis And Forecast To 2033
Vertical Farming Market
The Business Research Company presents an extensive market research report on the Vertical Farming Global Market Report 2024 , furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The vertical farming market size has grown exponentially in recent years. It will grow from $6.29 billion in 2023 to $7.8 billion in 2024 at a compound annual growth rate (CAGR) of 24.0%. The growth in the historic period can be attributed to water scarcity concerns, climate and seasonal independence, demand for locally sourced produce, population growth, food safety concerns.
The vertical farming market size is expected to see exponential growth in the next few years. It will grow to $17.32 billion in 2028 at a compound annual growth rate (CAGR) of 22.1%. The growth in the forecast period can be attributed to integration with smart cities, vertical farming in retail spaces, educational and research initiatives, expansion into developing countries, consumer preferences for organic and local produce. Major trends in the forecast period include customized crop varieties, collaborations with foodservice industry, multi-layered and stacked farming systems, automated planting and harvesting systems, aeroponics and hydroponics technologies.
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Key Market Players:
Major companies operating in the vertical farming market report are Philips Lighting N.V., Osram AG, Everlight Electronics Co Ltd., Infarms Indoor Forming GmbH, Spread Group GmbH, Bowery Farming Inc., Plenty Unlimited Inc., BrightFarms Inc., Mirai Co Ltd., Intelligent Growth Solutions Ltd., Freight Farms Inc., AeroFarms, General Hydroponics Inc., Agricool Group, CropOne Holdings Inc., CropOne Holdings Inc., Jewish Family Service of Colorado, AppHarvest Inc., Vertical Future Ltd., Valoya Inc., Kalera Public Limited Company, Agrilution Systems GmbH, American Hydroponics Inc., Square Mile Farms Ltd., Swegreen AB, 4D Bios Inc., Green Sense Farms Holdings Inc., Hort Americas LLC, Urban Crop Solutions, Eden Green Technology, Illumitex Inc., Heliospectra AB, Future Crops Vertical Farming B.V., Sky Urban Solutions Holding Pte Ltd.
Market Drivers:
The rise in urbanization is expected to propel the growth of the vertical farming market. 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. Also, according to the World Economic Forum, it is expected that over one-third of the projected urban growth between now and 2050 will occur in just three countries: India, China, and Nigeria. India is expected to gain 416 million urban residents by 2050, China 255 million, and Nigeria 189 million. Therefore, the rise in urbanization is driving the vertical farming market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/vertical-farming-global-market-report
The vertical farming market covered in this report is segmented -
1) By Component: Irrigation Component, Lighting, Sensor, Climate Control, Building Material, Other Components
2) By Structure: Shipping Container, Building-Based
3) By Type: Hydroponics, Aeroponics, Aquaponics
4) By Crop Type: Leafy Green, Pollinated Plants, Nutraceutical Plant
5) By Application: Indoor, Outdoor
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
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VERTICAL FARMING BUSINESS
Farming in urban areas has become quite difficult due to the rising population, limited space, a fast pace of living, etc. which are driving the new technologies for cultivating the agricultural produce. Vertical Farming is one of the modern and advanced technologies which helps in growing more food in smaller spaces, offering an opportunity for growing fruits and vegetables in a controlled environment in metropolitan areas.
Vertically grown crops require minimum…
