The latest report by IMARC Group, titled “Vertical Farming Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the vertical farming market growth. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global vertical farming market size reached US$ 4.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 17.0 Billion by 2028, exhibiting a growth rate (CAGR) of 23% during 2023-2028.
Vertical Farming Market Overview:
Vertical farming is an innovative farming technique that includes growing medicinal plants and food vertically. It is used to produce crops with artificial control of light, humidity, temperature, and gases. Vertical farming uses a combination of procedures, including aeroponics, hydroponics and aquaponics, to grow crops without soil through mineral nutrient solutions, such as peat moss and coconut husk, or aquatic animals such as snail, fish, and pawns. It is extremely beneficial for crop cultivation on mountains, arid lands, indoors, and on rooftops of buildings. In recent years, vertical farming has gained momentum as it is sustainable and has lesser energy and water requirements as compared to conventional farming techniques.
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Global Vertical Farming Market Trends:
One of the primary factors driving the market is the rapid increase in the global population and the increasing scarcity of arable land. Additionally, the depleting ground water and rising need for stabilized crop production, irrespective of changing climatic conditions, have urged conventional farmers to adopt alternate farming methods like vertical farming to cater to the rising food demands.
Furthermore, various technological advancements in light emitting diode (LED) technology, and the integration of monitoring devices and the Internet of Things (IoT) with mobile and drones to provide real-time information on crop health are providing a thrust to the market growth. Other growth-inducing factors are expanding disposable incomes, the popularity of organic food, optimum utilization of vertical space and balanced energy, ease of crop monitoring and harvesting, and the implementation of stringent government policies.
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Key Market Segmentation:
Top Vertical Farming Companies Worldwide:
- AeroFarms
- Agrilution Systems GmbH
- AmHydro
- Everlight Electronics Co. Ltd
- Freight Farms Inc.
- Gronska Stadsodling
- Heliospectra AB
- Jones Food Company Limited
- Koninklijke Philips N.V.
- OSRAM GmbH (ams-OSRAM AG)
- Signify N.V.
- Urban Crop Solutions
- Vertical Farm Systems Pty Ltd
Breakup by Component:
- Irrigation Component
- Lighting
- Sensor
- Climate Control
- Building Material
- Glass Greenhouse
- Plastic Greenhouse
- Others
Breakup by Structure:
- Building-based Vertical Farms
- Container-based Vertical Farms
Breakup by Growth Mechanism:
- Hydroponics
- Aeroponics
- Aquaponics
Breakup by Application:
- Indoor
- Outdoor
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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