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Vertical Farming Market: Size, Restraints, Drivers, Trends, and Analysis 2024-2033
Vertical Farming Market
As per the report, 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 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%.
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Urbanization's Impact On The Vertical Farming Revolution
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.
The Rise Of Nextgen Vertical Farming In Agriculture
As the vertical farming industry expands, new developing trends in the sector are emerging to keep up with the technological advancements surrounding the market. 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.
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
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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.
Contents of the report:
1. Executive Summary
2. Vertical Farming Market Report Structure
3. Vertical Farming Market Trends And Strategies
4. Vertical Farming Market - Macro Economic Scenario
5. Vertical Farming Market Size And Growth
…..
27. Vertical Farming Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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