Urbanization's Impact On The Vertical Farming Revolution: Powering Innovation and Expansion in the Vertical Farming Market by 2025

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What Will the Vertical Farming Industry Market Size Be by 2025?
There has been a remarkable expansion in the vertical farming market size in the past few years. The market, estimated to be worth $7.74 billion in 2024, is predicted to reach $9.6 billion in 2025, growing at a compound annual growth rate (CAGR) of 24.0%. The significant growth during the historic period can be traced back to factors such as the fear of water scarcity, the ability to grow crops regardless of climate and seasons, the growing demand for locally grown food, rising population, and concerns surrounding food safety.

What's the Long-Term Growth Forecast for the Vertical Farming Market Size Through 2029?
In the forthcoming years, a substantial increase is anticipated in the vertical farming market, with its value predicted to reach $21.12 billion in 2029, advancing at a compound annual growth rate (CAGR) of 21.8%. Reasons for such predicted growth over the span of the forecast period include the amalgamation with smart cities, the introduction of vertical farming in retail spaces, initiatives in education and research, penetration into emerging markets and changing consumer preferences towards organic and locally sourced produce. Key trends for the forecast period encompass the development of personalized crop types, partnerships with the foodservice sector, implementation of multi-level and stacked farming systems, automated systems for planting and harvesting, as well as the use of aeroponics and hydroponics technologies.

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What Are the Key Growth Drivers Fueling the Vertical Farming Market Expansion?
The vertical farming market is poised for growth, driven by an uptick in urbanization. As urban areas grow, cropland areas expand and the number of individuals living in rural areas reduces, resulting in an increased farm size due to a higher per-capita cropland space for rural residents. It is projected that by 2050, about 80% of the global population will reside in cities, marking an increase of three billion individuals. The World Economic Forum anticipates that over a third of this urban development, between now and 2050, will happen in just three nations: China, India, and Nigeria. The urban populace of India is projected to grow by 416 million by 2050, followed by China with 255 million, and Nigeria with 189 million. Thus, the burgeoning urbanization is fueling the expansion of the vertical farming market.

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What Are the Key Trends Driving Vertical Farming Market Growth?
Leading businesses in the vertical farming market are concentrating on the evolution of technological advancements, such as vertical farming systems that use modular containers, tailored to maximize space and resources for effective crop yield. Vertical farming involves the growth of crops in vertically stacked layers within controlled settings, employing methods like hydroponics to maximize the use of space and champion sustainability. For example, in October 2024, Growtainers, a US-based firm with a Vertical farm operating at 30-60% less CapEx than other farms, majors in modular farming strategies, with an emphasis on practical and eco-friendly agriculture methods. This vertical farm runs on 30-60% lower capital costs than regular farms and includes a modular structure, LED lighting for energy efficiency, hydroponic systems for soil-free cultivation, programmed monitoring, sustainability measures, year-round production potential, and scalability to cater to growing demand.

How Is the Vertical Farming Market Segmented?
The vertical farming market covered in this report is segmented -

1) By Component: Irrigation Component, Lighting, Sensor, Climate Control, Building Material, Other Components
2) By Structure: Shipping Container, Building-Based
3) By Type: Hydroponics, Aeroponics, Aquaponics
4) By Crop Type: Leafy Green, Pollinated Plants, Nutraceutical Plant
5) By Application: Indoor, Outdoor

Subsegments:
1) By Irrigation Component: Drip Irrigation Systems, Hydroponic Systems, Nutrient Delivery Systems
2) By Lighting: Led Grow Lights, High-Intensity Discharge (Hid) Lights, Fluorescent Lights
3) By Sensor: Soil Moisture Sensors, Temperature And Humidity Sensors, Light Sensors
4) By Climate Control: Hvac Systems, Dehumidifiers, Fans And Ventilation Systems
5) By Building Material: Racks And Shelving, Containers And Growing Media, Enclosures And Walls
6) By Other Components: Automation Systems, Monitoring And Control Software, Energy Management Systems

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Which Companies Are Leading the Charge in Vertical Farming Market Innovation?
Major companies operating in the vertical farming market include 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, AppHarvest Inc., Vertical Future Ltd., Valoya Inc., Kalera Public Limited Company, Agrilution Systems GmbH, American Hydroponics Inc., Square Mile Farms Ltd., Swegreen AB, 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.

Which Regions Are Leading the Global Vertical Farming Market in Revenue?
North America was the largest region in the vertical farming market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the vertical farming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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