Vertical Farming Market Forecast 2024-2030: Projected Growth from US$ 5.07 Billion to Nearly US$ 25.14 Billion at 25.7% CAGR

𝐕𝐞𝐫𝐭𝐢𝐜𝐚𝐥 𝐅𝐚𝐫𝐦𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰

Vertical farming is becoming increasingly significant as a response to urbanization and the challenges posed by climate change. This innovative farming technique involves cultivating crops in vertically stacked layers within controlled environments, offering a sustainable alternative to traditional farming methods. The integration of advanced technologies such as LED lighting and automation has significantly enhanced the efficiency of these farming systems. Additionally, the rising consumer demand for fresh, locally sourced produce is propelling the adoption of vertical farming practices.

Recent data highlights that organic food sales in the United States surged to approximately USD 57.5 billion in 2021, up from USD 50.07 billion in 2019, underscoring the growing preference for healthy and locally grown food. The use of vertical farming methods, particularly hydroponics, has become prevalent in cultivating staple crops like tomatoes and strawberries. For example, strawberry production increased from over 1.14 million tons in 2020 to 1.34 million tons in 2021, as reported by the US Department of Agriculture. The efficiency of vertical farms is evident, with the ability to produce an average of 5.45 pounds of lettuce per square foot, demonstrating the technique's potential to meet the growing demand for fresh produce.

𝐕𝐞𝐫𝐭𝐢𝐜𝐚𝐥 𝐅𝐚𝐫𝐦𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐄𝐱𝐩𝐞𝐜𝐭𝐞𝐝 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐆𝐫𝐨𝐰𝐭𝐡:

The Vertical Farming Market size was valued at US 5.07 Bn in 2023 and market revenue is growing at a CAGR of 25.7 % from 2023 to 2030, reaching nearly USD 25.14 Bn by 2030.

𝐅𝐨𝐫 𝐚𝐧 𝐢𝐧-𝐝𝐞𝐩𝐭𝐡 𝐚𝐧𝐚𝐥𝐲𝐬𝐢𝐬, 𝐜𝐥𝐢𝐜𝐤 𝐭𝐡𝐞 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐝 𝐥𝐢𝐧𝐤: https://www.maximizemarketresearch.com/request-sample/15221/

𝐕𝐞𝐫𝐭𝐢𝐜𝐚𝐥 𝐅𝐚𝐫𝐦𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬

𝐃𝐫𝐢𝐯𝐞𝐫𝐬

The vertical farming market is significantly driven by the increasing global population and the reduction in arable land. As the world's population grows, the demand for food rises correspondingly. Traditional farming methods are struggling with issues such as land degradation, water scarcity, and climate change, which negatively impact crop yields. Urbanization and infrastructure development are further diminishing available farmland. Vertical farming addresses these challenges by utilizing vertical space to maximize land efficiency and ensure higher crop yields per square meter. This method also reduces the need for pesticides and minimizes water usage through efficient hydroponic or aeroponic systems. By enabling year-round cultivation and reducing transportation costs, vertical farming presents a viable solution to meet the demands of urban centers and mitigate environmental concerns.

𝐑𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬

One of the main limitations of vertical farming is the restricted variety of crops that can be effectively grown. While vertical farming excels in cultivating leafy greens and herbs, expanding into other crop categories like grains, fruits, and root vegetables remains challenging. The controlled environments of vertical farms may not suit the diverse needs of these crops, which require specific conditions for optimal growth. Technological limitations also contribute to this constraint, as each crop has unique requirements for light, temperature, humidity, and nutrients. Despite advancements in vertical farming technology, achieving the necessary conditions for a broader range of crops remains complex and hinders market growth.

𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬

Technological innovation plays a pivotal role in driving growth within the vertical farming market. Advances in automated planting, monitoring, and harvesting systems improve efficiency and reduce labor costs. Climate control technologies, such as LED lighting and HVAC systems, enable year-round cultivation regardless of external weather conditions. The integration of IoT sensors provides real-time data on environmental factors and crop health, allowing for data-driven decisions that enhance yields and resource management. The use of robotics and closed-loop systems further promotes sustainability by minimizing waste. Additionally, renewable energy solutions reduce the reliance on traditional power sources, decreasing the environmental footprint of vertical farms.

𝐕𝐞𝐫𝐭𝐢𝐜𝐚𝐥 𝐅𝐚𝐫𝐦𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧

𝐛𝐲 𝐆𝐫𝐨𝐰𝐭𝐡 𝐌𝐞𝐜𝐡𝐚𝐧𝐢𝐬𝐦

Hydroponic
Aeroponic
Aquaponic

𝐛𝐲 𝐒𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞

Building based structure
Container based structure

In 2023, the container-based segment led the vertical farming market due to its flexibility and minimal space requirements. Container farming's mobility and cost-effectiveness, particularly with the availability of used shipping containers, have contributed to its growth. However, challenges such as lower productivity and management issues persist.

Building-based farming is gaining traction, especially in Asia, where it is becoming a preferred method due to its cost-effectiveness and capacity for larger-scale production. Shipping container farming's water conservation benefits, such as using 95% less water compared to traditional methods, further enhance its appeal.

𝐛𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧

Indoor
Outdoor

𝐕𝐞𝐫𝐭𝐢𝐜𝐚𝐥 𝐅𝐚𝐫𝐦𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐜𝐨𝐩𝐞 𝐚𝐧𝐝 𝐌𝐞𝐭𝐡𝐨𝐝𝐨𝐥𝐨𝐠𝐲:

The research for this report is based on a thorough analysis of both primary and secondary data sources. The study examines various factors influencing the vertical farming market, including government policies, market environment, competitive landscape, historical data, current trends, and technological advancements. The research process incorporates market risks, opportunities, barriers, and challenges, ensuring a comprehensive understanding of the market dynamics. Data collection involved extensive primary research to validate key figures and provide a robust quantitative and qualitative analysis.

The methodology includes the normalization of market sizes for top-level markets and sub-segments, considering the impact of inflation, economic downturns, and regulatory changes. Advanced data triangulation methods and bottom-up techniques were employed to estimate and forecast the market for vertical farming segments.

𝐀𝐜𝐜𝐞𝐬𝐬 𝐘𝐨𝐮𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 + 𝐕𝐢𝐬𝐮𝐚𝐥𝐬 𝐍𝐨𝐰: https://www.maximizemarketresearch.com/request-sample/15221/

𝐕𝐞𝐫𝐭𝐢𝐜𝐚𝐥 𝐅𝐚𝐫𝐦𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬

North America led the vertical farming market in 2023, driven by strong technological infrastructure and a culture of innovation. The region faces challenges in traditional agriculture, such as limited arable land and environmental pressures. Vertical farming addresses these issues by improving land use efficiency and minimizing resource consumption. Supportive government policies and a strong consumer demand for locally grown produce further contribute to North America's market dominance.

𝐕𝐞𝐫𝐭𝐢𝐜𝐚𝐥 𝐅𝐚𝐫𝐦𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

North America
1. AeroFarms (United States)
2. Plenty (United States)
3. Bowery Farming (United States)
4. BrightFarms (United States)
5. Gotham Greens (United States)
6. Lufa Farms (Canada)
7. Farm.One (United States)
8. Local Roots Farms (United States)
9. Green Sense Farms (United States)
10. Vertical Harvest (United States)
11. Freight Farms (United States)
12. Crop One Holdings (United States)
13. Fifth Season (United States)
14. AppHarvest (United States)
15. FarmBox Foods (United States)
16. Modular Farms (Canada)
17. Urban Grow Inc. (United States)
Europe
1. Infarm (Germany)
2. Urban Crop Solutions (Belgium)
3. Jones Food Company (United Kingdom)
4. iFarm (Finland)
5. PlantLab (Netherlands)
6. Evergreen Farm Oy (Finland)
Asia Pacific
1. Sky Greens (Singapore)
2. Spread Co., Ltd. (Japan)

𝐑𝐞𝐜𝐞𝐢𝐯𝐞 𝐘𝐨𝐮𝐫 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬: https://www.maximizemarketresearch.com/market-report/global-vertical-farming-market/15221/

𝐊𝐞𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐬𝐰𝐞𝐫𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐕𝐞𝐫𝐭𝐢𝐜𝐚𝐥 𝐅𝐚𝐫𝐦𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐚𝐫𝐞:

What is Vertical Farming?
What is the growth rate of the Vertical Farming Market?
Which are the factors expected to drive the Vertical Farming market growth?
What are the different segments of the Vertical Farming Market?
What growth strategies are the players considering to increase their presence in Vertical Farming?
What are the upcoming industry applications and trends for the Vertical Farming Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for the Vertical Farming Market?
Who are the leading companies and what are their portfolios in Vertical Farming Market?
What segments are covered in the Vertical Farming Market?
Who are the key players in the Vertical Farming market?
𝐊𝐞𝐲 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬:

Market Size, Share, Size & Forecast by different segment
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation - A detailed analysis by segment with their sub-segments and Region
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
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