Vertical Farming Market

Vertical Farming Market Size and Growth (2022 - 2027)

The Vertical Farming Market was worth USD 2.93 billion in 2021 and is expected to be growing at a CAGR of 24%, to reach USD 3.73 billion by 2026.

Vertical Farming is the 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.

Market Drivers and Restraints

The 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 the 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 requirement are the restraints faced by the Vertical Farming market.

VERTICAL FARMING MARKET REPORT COVERAGE:

Market Segmentation

Vertical Farming Market – By Growth Mechanism:

• Hydroponics

• Aeroponics

• Aquaponics

Vertical Farming Market – By Structure:

• Buildings

• Shipping Containers

Vertical Farming Market – By Type of Offering:

• Hardware

• Software

• Service

The Vertical Farming market is further segmented on the basis of Crop Type and Geography.

The Vertical Farming market has been geographically segmented into:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

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 is the key driving force in the North America Vertical Farming market.

Key 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)

•  Sky Greens (Singapore)