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Vertical Farming Market Report 2024 - Vertical Farming Market Demand, Innovations And Growth
Vertical Farming Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Vertical Farming Market 2024 Key Insights:
• 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%.
• Urbanization's Impact On The Vertical Farming Revolution
• The Rise Of Nextgen Vertical Farming In Agriculture
• North America was the largest region in the vertical farming market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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