Vertical Farming Market – Size, Share, Trends, Growth, Forecast (2024 – 2032)

Introduction:

Vertical farming is a revolutionary approach to the food production and medicinal plants in vertically stacked layers such as in a skyscraper, used warehouse, or shipping container. It facilitates an enormous amount of nutritious and high-quality fresh food without relying on favorable weather, high water use, skilled labor and high fertility in soil. In addition, it ensures reliable crop yield and consistency year round along with climate control, and no effects of external environmental factors such as diseases, pests or predator attacks.

Global Vertical Farming Market Size & Growth:

The global vertical farming market was valued at $XX Billion in 2018 and is estimated to reach $XX Billion by 2026, growing at a CAGR of around X.XX% during the forecast period. Major drivers for the growth of the market are high yield and several other benefits associated with vertical farming over conventional farming, advancements in light-emitting diode (LED) technology, year-round crop production irrespective of weather conditions, and requirement of minimum resources. However, the high initial investment and development phase of technologies obstruct the market growth. On the contrary, rise in urban population and surge in adoption of organic foods are expected to create lucrative opportunities in the near future.

Global Vertical Farming Market Segments:

The global vertical farming market is segmented based on component, structure, growth mechanism, crop type, application, and geography. By mechanism, Hydroponics accounted for more than half the worldwide vertical farming market revenue in 2018 and is likely to grow at a significant rate in the coming years. Ease of operation and low installation cost makes it the most popular technique for medium to large scale farming. On the other hand, Aeroponics is gaining recognition as it provides superior quality of products with minimum utilization of soil & water resources during the process.

On the basis of structure, the market is bifurcated into building-based vertical farms and container-based vertical farms. The shipping container-based vertical farms segment is anticipated to register the fastest CAGR of X.XX% from 2019 to 2026. On the other hand, the building-based vertical farms segment dominated the market in 2018, contributing to nearly three-fifths of the total share.

Based on component, the global vertical farming market has been diversified into lighting, climate control, sensor, other hydroponic components.

Based on application, vertical farming is broadly classified into indoor and outdoor environment farming techniques. Indoor vertical farms are the largest application segment accounting for 3/4th of the total vertical farming market size in 2018, because it produces large quantities of fruits, vegetables, and fish in self-controlled environments inside used warehouses, parking spaces and freight or shipping containers. Moreover, this technique utilizes less water and delivers higher yields with least utilization of land in contrast to conventional farming methods.

By application, the Vertical Farming market was dominated by the food segment in 2018, owing to the wide application of hemp seeds and hemp seed oil, due to their rich vitamin, protein, and omega-3 fatty acid content. Hemp seeds are consumed raw or are being used as a topping in cereals, smoothies and yogurt.  Rising consumer awareness regarding the benefits of consuming hemp-based products is driving the market for its application in food.

The global vertical farming market is analyzed across various regions such as North America, South America, Europe, Asia-Pacific, and MEA. North America dominated the global vertical farming market and is expected to continue its dominance owing to growing concerns toward food security and nutrition are expected to open a number of novel opportunities for the industry to prosper. U.S is anticipated to invest a significant share in facilitating the ecosystem for future foods. As more of the consumer insights develop toward “fresh-from-farm-to-table”, the availability of freshly harvested vegetables across retail outlets is likely to increase in the country. The growth of the vertical farming market in Europe is expected to be majorly driven by the rising food demand, urbanization, unfavorable weather conditions for conventional farming, urge to minimize the import of fresh produce, and the need for new productive farming activities.

Global Vertical Farming Market Trends:

• In April 2020, AeroFarms has announced that it is set to build a 90,000 square foot indoor vertical farm in Abu Dhabi, UAE, as part of USD 100 million AgTech investment by (ADIO) Abu Dhabi Investment Office.
• In March 2020, Signify expanded its collaboration with Planet Farms, a European operator of vertical farms. Under this agreement, Signify will provide horticulture LED grow lights to an additional five vertical farms that Planet Farms is planning to build in several European countries in the coming years, including Switzerland and the UK.

 Global Vertical Farming Market Research Report Include:

• An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
• To have complete market analysis through industry value chain analysis, porter’s five, PESTLE, SWOT analysis, and Y-o-Y analysis.
• Regional and global diversity is analyzed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year
• Identifying DROC in the current market and their impact in altering the market dynamics.
• Competitive landscape analysis to identify the merger and acquisition which will have a comparative financial analysis with major competitors.
• Expertise investment opportunities by analyst to the individual and organization to have better foothold in the market.
• Identify the latest developments, market shares and strategies that are employed by the major market players, such as
• AeroFarms
• Urban Crop Solutions
• Indoor Harvest Corporation
• Green Sense Farms
• Sky Greens
• Signify

Along with these companies, there were many other companies considered/ cited in the report while analyzing the vertical farming market. These companies hold substantial share-owning to the nature of the industry whereas rest of the market shares are marginal chunks to regional and local level manufacturers. other players have considerable presence owing to its robust brand image, geographical reach, and strong customer base.