Urban Farming Global Market Report 2024: Size, Growth, Trends, Forecast, Competitive Landscape to 2033

The Business Research Company recently released a comprehensive report on the Global Urban Farming Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The urban farming market size has grown strongly in recent years. It will grow from $146.21 billion in 2023 to $159.92 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to increasing population and urbanization, climate change and environmental concerns, local food movement, government support and policies, rising awareness of health and nutrition.

The urban farming market size is expected to see strong growth in the next few years. It will grow to $217.49 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to post-industrialization and abandoned spaces, community gardens movement, green revolution and industrial agriculture critique, rooftop farming in ancient cultures, city beautiful movement and urban planning. Major trends in the forecast period include tech integration and automation, circular economy practices, hybrid farming models, corporate and institutional partnerships, aquaponics and integrated farming systems.

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Market Drivers and Trends:
The decreasing availability of farmland is expected to propel the growth of the urban farming market in the coming years. Farmland is described as land employed for or ideal for farming, comprising cultivable land cultivated by plowing, planting, and reaping crops, as well as pasture or countryside used to graze cattle. Urban farming creatively addresses the challenge of diminishing farmland in urban centers by maximizing land utilization, promoting sustainability, and providing residents with access to fresh produce, thereby mitigating the impact of urbanization on traditional agriculture. For instance, in January 2024, according to the survey conducted by the U.S. Department of Agriculture, a US-based federal institution responsible for overseeing agriculture, there were 2.00 million farms in the United States in 2022, a decrease from 2.20 million compared to the last two decades. Similarly, farmland acres continue to decline, falling to 893 million acres in 2022 from 915 million acres. Therefore, the decreasing availability of farmland is driving the urban farming market.

Major companies operating in the urban farming market are focusing on developing technologically advanced products, such as cloud-connected growing centers, to better meet the needs of their existing consumers. Cloud-connected growing centers are agricultural facilities with integrated technology that enables remote monitoring and data analysis through cloud-based systems for optimized crop cultivation. For instance, in March 2021, Infarm, an Israel-based urban farming company that uses machine learning and IoT technology, introduced a high-capacity growing center. This integrated and modular local farm and distribution facility can yield crops equivalent to up to 10,000 square meters of traditional farmland, making it up to 400 times more efficient than soil-based farming. These high-yield, cloud-connected growing centers are integral to Infarm's expanding global network of self-learning farms, enhancing plants' nutritional value, flavor, and yield worldwide.

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Major Key Players of the Market:
Major companies operating in the urban farming market report are Infarm, Richel Group, UrbanFarmers AG, Plenty Unlimited Inc., Bowery Farming, Dalsem, Certhon, Aerofarms, Pasona, Plantagon International AB, Agrilution GmbH, BrightFarms Inc., Square Roots Urban Growers Inc., Brooklyn Grange Farm, Green Spirit Farm, Urban Crop Solutions, American Hydroponics, Sky Greens, GrowUP Urban Farms, Edenworks Inc., Garden Fresh Farms Inc, Metropolitan Farms, General Hydroponics, Green Sense Farms LLC, Eden Green Technology, Gotham Greens, Mirai Co. Ltd., SproutsIO Inc., Spread Co. Ltd, Harnois Greenhouses

Urban Farming Market 2024 Key Insights:
• The urban farming market is expected to grow to $217.49 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Urban Farming Thrives Amidst Declining Farmland
• Cloud-Powered Modular Farming For Enhanced Crop Production And Distribution Efficiency
• North America was the largest region in the urban farming market in 2023

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