North America Vertical Farming Market

North America Vertical Farming Market Size (2024 to 2032)

The North American vertical farming market was valued at USD 1.43 billion in 2023 and is anticipated to reach USD 1.77 billion in 2024 from USD 9.91 billion by 2032, growing at a CAGR of 24% from 2024 to 2032. 

Vertical farming is a cutting-edge development in farming wherein all environmental factors can be organized. In the vertical farming process, foods and medicines are produced in vertically arranged layers, vertically inclined surfaces, or in integrated structures like warehouses, shipping containers, skyscrapers, etc.

Vertical Farming techniques regulate parameters like the quantity of light, ecological factors like temperature, humidity, gases, etc., and soil nutrition factors which include the use of fertilizers and other soil products. In some vertical farms, natural light is used in concurrence with artificial lighting and metal reflectors, similar to greenhouses.

The North American vertical farming market is sustained by the growth in the use of technology such as the Internet of Things (IoT) in vertical farming, the rapidly expanding populace, and an increase in the annual production of crops. The efficacy of artificial lighting to enhance the yield, health, and growth rate of plants, coupled with lower dependency on the weather for production, is driving the market from the producer side. Increasing consumer demand for organic foods, foods free from pesticides, organic foods, and genetically modified organisms (GMOs) is the main driving force of the market. Extraordinary costs of lighting equipment and continuous maintenance requirements are the restraints faced by the vertical farming market.

REPORT COVERAGE

SEGMENT ANALYSIS

North America Vertical Market Analysis By Growth Mechanism

• Hydroponics
• Aeroponics
• Aquaponics

North America Vertical Market Analysis By Structure

• Buildings
• Shipping Containers

 North America Vertical Market Analysis By Offering

• Hardware
• Software
• Service

COUNTRY ANALYSIS

• The US
• Canada
• Mexico
• Rest of North America

The North American market has been geographically segmented into the US and Canada. As of 2018, North America had the highest share in the global vertical farming market. Being a developed market, the feasibility of setting up a vertical farm combined with the technological prowess to do so has driven the market growth. High consumer awareness and the resulting high demand for organic foods are the key driving force in the North American vertical farming market.

KEY MARKET PLAYERS

The key players involved in the progress of the  North-America vertical farming market are Illumitex Inc. (U.S.), Aerofarms (U.S.), Koninklijke Philips N.V. (The Netherlands), and Sky Greens (Singapore) among others.