Vertical Farming Market to Reach $24.9B by 2032, Growing at 21.3%

According to the latest market research study published by P&S Intelligence, the global vertical farming market was valued at USD 5.4 billion in 2024 and is projected to reach USD 24.9 billion by 2032, growing at a CAGR of 21.3% during the forecast period. This rapid expansion is driven by the advantages of vertical farming, including reduced water, energy, and land requirements, as well as decreased washing and processing times for produce.

The increasing demand for organic food and the shortage of arable land are key factors propelling the adoption of vertical farming techniques. Advanced agricultural methods associated with vertical farming can yield approximately 230 times more produce than traditional farming practices. Additionally, challenges such as groundwater depletion and changing climatic conditions are pushing farmers to explore alternative farming methods.

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Key Insights

In 2024, the hydroponics segment held the largest revenue share of 55% due to its lower implementation costs and operational simplicity. Hydroponically grown plants often produce higher yields than those cultivated in soil and are less susceptible to soil-borne diseases, making them a preferred choice for modern indoor farming systems.

The market consists of several key components, including hardware, software, and services essential for establishing and maintaining vertical farms. Hardware components, such as LED lighting, climate control systems, and irrigation units, play a crucial role in ensuring optimal growing conditions, while software solutions enable real-time monitoring and automation. Services related to installation, maintenance, and consulting are also gaining traction as more businesses adopt vertical farming solutions.

Vertical farms are primarily categorized into building-based and shipping container-based structures. Building-based farms are typically integrated into urban areas, allowing for efficient use of space and proximity to consumers, reducing transportation costs. Shipping container-based farms offer mobility and flexibility, making them an attractive option for businesses looking to establish farms in unconventional locations with limited space.

Regional and Geographical Trends

• North America: Held the largest market share in 2024, attributed to technological advancements and the growing demand for organic produce.

• Asia-Pacific (APAC): Identified as the fastest-growing region, driven by rapid urbanization, population growth, and increasing awareness of sustainable farming practices.

Technological Advancements Shaping the Market

The integration of IoT sensors in vertical farming allows for real-time monitoring and data collection, optimizing crop production and resource utilization. These sensors help track factors such as temperature, humidity, and nutrient levels, ensuring precise control over growing conditions.

The use of automation and artificial intelligence (AI) is enhancing efficiency in vertical farms. AI-powered systems automate irrigation, lighting, and climate control, reducing labor costs while improving crop yield and quality. Machine learning algorithms are also being used to analyze plant growth patterns and predict potential issues before they impact production.

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Competitive Dynamics, Major Players, and Emerging Opportunities

Market Fragmentation: The vertical farming market is characterized by a fragmented landscape, with numerous companies providing diverse products and services required for vertical farming operations.

Key Players: Prominent companies include Signify N.V., ams-Osram AG, Freight Farms, Sky Greens Pte. Ltd., Everlight Electronics Co. Ltd., Heliospectra AB, Illumitex Inc., Urban Crop Solutions Inc., American Hydroponic Systems Inc., Agrilution GmbH, Plenty Unlimited Inc., and Green Sense Farms LLC.

Emerging Opportunities: The increasing use of IoT sensors and the rising production of biopharmaceutical products present new avenues for growth in the vertical farming sector.

The vertical farming industry is poised for substantial growth, driven by technological innovations, increasing consumer demand for organic produce, and the need for sustainable agricultural practices in the face of global challenges.

Browse More Report Published by P&S:

Precision Farming Market - https://www.psmarketresearch.com/market-analysis/precision-farming-market

Horticulture Lighting Market - https://www.psmarketresearch.com/market-analysis/horticulture-lighting-market

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