The Vertical Farming Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Vertical Farming Global Market Report 2024, 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.
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.
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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
Major companies operating in the vertical farming market are focused on developing new technologies for improving the crop yield to increase their profitability in the market. Technology in vertical farming refers to the use of advanced and innovative tools, equipment, systems, and processes to optimize and enhance the cultivation of crops in vertical or indoor farming environments. For instance, in September 2022, Innovation Agri-Tech Group, a UK-based company specialized in aeroponic vertical farming systems launched GrowFrame 360, engineered over a five-year period, it enhances crop growth and yield through its advanced technology. This fully automated system employs real-time data monitoring and significantly reduces water usage by 98%. Utilizing coco peat instead of soil, it eliminates the need for chemicals and pesticides. IAG, the company behind the technology, aims to address global hunger and malnutrition by implementing the system in water-scarce and space-limited areas.
The vertical farming market report table of contents includes:
- Executive Summary
- Vertical Farming Market Characteristics
- Vertical Farming Market Trends And Strategies
- Vertical Farming Market - Macro Economic Scenario
- Global Vertical Farming Market Size and Growth
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- Global Vertical Farming Market Competitive Benchmarking
- Global Vertical Farming Market Competitive Dashboard
- Key Mergers And Acquisitions In Vertical Farming Market
- Vertical Farming Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Philips Lighting N.V.
- Osram AG
- Everlight Electronics Co Ltd.
- Infarms Indoor Forming GmbH
- Spread Group GmbH
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