North America Vertical Farming Market Trends, Size, Segment and Growth by Forecast to 2030

Market Overview and Dynamics

The North American vertical farming market is projected to grow from an estimated value of US$ 1,469.4 million in 2021 to US$ 6,523.6 million by 2028, representing a CAGR of 25.70% during the forecast period. The growth of the market can be attributed to the increasing popularity of organic food and the numerous advantages vertical farming offers over traditional farming. However, high initial investment costs and ongoing maintenance expenses may pose challenges to the market's expansion.

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Vertical farming has gained significant traction over the years, driven by growing awareness of its benefits. Unlike conventional farming, vertical farming does not depend on weather conditions, enabling farmers to achieve consistent crop production year-round. It can increase production by up to 240 times while using 99% less land and 98% less water. The rise of AI-powered, next-generation vertical farming technologies has further enhanced its efficiency, significantly reducing land and water consumption.

The future growth of the vertical farming market is expected to be fueled by the increasing demand for sustainable agricultural practices. Technological advancements, such as controlled environmental resources and the use of unconventional spaces like skyscrapers, shipping containers, and vacant warehouses, are expected to play a significant role in this growth. Additionally, a focus on recapturing evaporated water and recycling materials to reduce waste is likely to contribute to the market's expansion.

Another factor supporting the vertical farming market is the ability to produce high yields of fresh, local crops. As urban consumers increasingly demand organic and healthy food, particularly following the COVID-19 pandemic, the market for vertical farming is expected to grow in the coming years.

The impact of COVID-19 on regions such as the US, Canada, and Mexico was significant, with lockdowns and restrictions leading to reduced production volumes in manufacturing facilities. This disruption affected the supply chains and vertical farming equipment providers. Limited workforce availability and delays in equipment deliveries in 2020 further exacerbated the situation. However, with the initiation of vaccination programs and the easing of containment measures, the vertical farming market began to recover in 2021. Additionally, the growing adoption of environmentally friendly and cost-effective technologies is expected to drive the growth of the vertical farming market in North America.

North America Vertical Farming Strategic Insights

Strategic insights for the North America Vertical Farming provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

North America Vertical Farming Regional Insights
The geographic scope of the North America Vertical Farming refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

Market leaders and key company profiles

Eden Green Technology
Elevate Farms Inc.
iFarm
OSRAM GmbH
Plenty Unlimited Inc.
Agrilution
AeroFarms

Key Market Segments

Based on type, the North America vertical farming market is segmented into hydroponics, aeroponics, and aquaponics. The hydroponics segment led the highest share of the vertical farming market in 2021, however, the aeroponics segment is expected to account the largest share of the market by 2021-2028.

Based on component, the North America vertical farming market is bifurcated into lighting, sensor, climate control, irrigation component, building material, and others. In 2021, the lighting segment is likely to hold the largest share of the market, however climate control is expected to grow at the fastest rate during the coming years.

Major Sources and Companies Listed
A few of the primary and secondary sources associated with this report on the North America vertical farming market are the World Health Organization (WHO) and US Department of Agriculture (USDA).

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Akshay
Senior Market Research Expert at Business Market Insights

This release was published on openPR.