Vertical Farming Market to Experience Strong Growth Reaching 21.99 Billion USD by 2030 Driven by Climate Resilience and Increased Global Food Demand

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Vertical Farming Market- by Products (Lighting, Hydroponic components, Climate Control, and Sensors), Mechanism (Hydroponics, Aeroponics, and Aquaponics), Trends, Industry Competition Analysis, Revenue and Forecast To 2030."

According to the latest research by InsightAce Analytic, the global Vertical Farming market is valued at US$ 4.08 Billion in 2021, and it is expected to reach US$ 21.99 Billion by 2030, with a CAGR of 20.9% during a forecast period of 2022-2030.

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Vertical farming is an innovative agricultural method that involves growing crops on stacked vertical layers within structures such as shipping containers, abandoned factories, or skyscrapers. This approach integrates indoor farming techniques and controlled-environment agriculture (CEA) technologies to regulate all environmental factors. It offers a unique solution for producing large-scale crops in confined spaces with minimal financial investment and negligible environmental impact. This is primarily due to the efficient use of land, as vertical farming reduces the need for additional land and maximizes land and energy utilization, yielding significant returns.

The global vertical farming market is expected to experience substantial growth, driven by several factors, including the increasing global demand for food, higher yields compared to conventional farming, independence from external climatic conditions, and rapid urbanization. The surge in global food demand is a key driver of market expansion, as vertical farming can provide higher yields through technologies like hydroponic greenhouses, which enable year-round cultivation and harvesting. These controlled environments allow for up to 11-13 harvests annually, further boosting market demand.

Additionally, vertical farming's ability to operate independently of climate conditions makes it an attractive solution. The growing urban population is also contributing to the increased adoption of vertical farming as a means of ensuring food security while minimizing the strain on land and water resources. The use of alternative growing mediums such as aeroponics, hydroponics, and aquaponics, instead of soil, also adds to the appeal. However, the high setup costs of vertical farming systems and the lack of widespread knowledge about alternative farming methods may hinder market growth. The slow adoption of advanced technologies further limits the market's revenue potential.

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The Asia Pacific region is anticipated to be the leading contributor to the growth of the vertical farming market during the forecast period. The primary drivers behind this growth include increasing awareness of alternative farming methods due to limited agricultural land and a rising population in the region. Countries such as China, Japan, South Korea, and India are expected to generate the majority of the market's revenue. Data indicates that the growing populations and rising disposable incomes in these nations are leading to changes in lifestyle and evolving consumer needs, thereby increasing the demand for vertical farming solutions.

Additionally, the North American vertical farming market is projected to experience significant growth in the coming years. Factors such as the rapid depletion of water resources, the presence of regions affected by drought, and heightened environmental concerns are expected to drive market expansion. Furthermore, the emergence of nanofarming, a cutting-edge farming trend, is also contributing to the growth of vertical farming in North America.

Major market players operating in the Vertical Farming market include Innovation Agi-Tech Group, Vertical Field, Aero Farms, Apparent, Vertical Harvest, Crop One, Plenty Unlimited Inc., SPREAD Co., Ltd., V-Farm, Bridge Greenhouses Ltd., Jones Food Co, Letts Grow Ltd, Grownup Farms Limited, 80 Acres Farms, 808 Factory, Agrarian, Boom Grow, Agricola, Unfold Inc., Freight Farms, Bowery Farming, Cubic Farm Systems Corp., Garden, Grow Group IFS, IGS Limited, Sweetgreen, Vertical Future, Yes Health Group and Other Prominent Players.

Recent collaborations and agreements in the market:
• In August 2021, Cargill, in collaboration with the vertical farming pioneer AeroFarms, aims to increase cocoa bean yields and develop better climate-resilient farming approaches. Together, the two institutions will test several indoor growing technologies, such as aeroponics and hydroponics, as well as light, carbon dioxide, irrigation, and nutrients, to determine the best circumstances for cocoa tree growth.
• In August 2021, AeroFarms announced plans to expand into the Middle West in collaboration with the World Wildlife Fund (WWF) and St. Louis Controlled Environment Agriculture Coalition (STLCEA) to demonstrate novel ways of reducing the environmental imprint of indoor vertical farming.
• In December 2020, Freight Farms, Inc. collaborated with Arcadia Power, Inc. to deliver clean electricity to Freight Farms clients in the United States. It enabled farmers to transport goods using clean, low-cost electricity. Customers of Freight Farms who have an Arcadia membership can choose to match their electricity consumption with wind and solar power, which will assist create more demand for growers' clean energy supplies.

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Market Segments
Global Vertical Farming Market, by Products, 2022-2030 (Value US$ Mn)
• Lighting Devices
• Hydroponic Components
• Climate Control Devices
• Sensing Devices
• Other Products
Global Vertical Farming Market, by Mechanism, 2022-2030 (Value US$ Mn)
• Hydroponics
• Aquaponics
• Aeroponics
Global Vertical Farming Market, by Region, 2022-2030 (Value US$ Mn)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
North America Vertical Farming Market, by Country, 2022-2030 (Value US$ Mn)
• U.S.
• Canada
Europe Vertical Farming Market, by Country, 2022-2030 (Value US$ Mn)
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe
Asia Pacific Vertical Farming Market, by Country, 2022-2030 (Value US$ Mn)
• India
• China
• Japan
• South Korea
• Australia & New Zealand
Latin America Vertical Farming Market, by Country, 2022-2030 (Value US$ Mn)
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa Vertical Farming Market, by Country, 2022-2030 (Value US$ Mn)
• GCC Countries
• South Africa
• Rest of Middle East & Africa

Why should buy this report:
 To receive a comprehensive analysis of the prospects for the global Vertical Farming market
 To receive an industry overview and future trends of the Vertical Farming market
 To analyze the Vertical Farming market drivers and challenges
 To get information on the Vertical Farming market value (US$Mn) forecast to 2030
 Significant investments, mergers & acquisitions in the Vertical Farming market industry

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.