Data Bridge Market Research analyses that the vertical farming market is expected to reach USD 32.74 billion by 2030, which was USD 4.60 billion in 2022, registering a CAGR of 27.80% during the forecast period of 2023 to 2030.
Vertical Farming Market research report delivers widespread analysis of the market structure along with the estimations of the various segments and sub-segments of the market. This industry report also contains detailed profiles of market’s major manufacturers and importers who are dominating the market. Furthermore, the statistical and numerical data such as facts and figures are represented very precisely in the market report by using charts, tables, or graphs. The transformation in market landscape is mainly observed due to the moves of key players or brands which include developments, product launches, joint ventures, mergers, and acquisitions that in turn change the view of the global face of the industry.
Business intelligence is an essential aspect when it comes to accomplish thorough and wide-ranging market insights and the same is applied for building Vertical Farming Market research report. Commitment, quality, dedication, and transparency in the market research report are all followed throughout to give the best service to the clients. Not to mention, this report delivers an in-depth study with respect to present and upcoming opportunities which shed light on the future investment in the market. So, to achieve competitive advantage and to thrive in the market, go for the comprehensive Vertical Farming Market report.
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Some of the major players operating in the vertical farming market are:
The vertical farming market is segmented on the basis of growth mechanism, structure, type, application, offering, component and fruits, vegetables and herbs. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Growth Mechanism
Structure
Type
Crop Type
Application
Offering
Component
Fruits, Vegetables and Herbs
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Drivers
As a result of the increasing rate of population, which has changed consumer preferences for more healthy, organic, and environmentally friendly foods, the vertical farming industry has been developing in various ways across the globe. This has created several chances for vertical farming businesses. The market for organic farming, which naturally inclines to produce vegetables and fruits without pesticides and insecticides, is extremely dependent on vertical farming. Therefore, the increasing rate of population is expected to drive market growth.
The increasing popularity of vertical farming due to its better yield than conventional one is likely to propel the market growth during the forecast period. This is because vertical agriculture uses climate control, which continuously modifies humidity and temperature, and LED lighting. As a result, vertical farming yields are higher than conventional farming. Vertical farming also provides significant output benefits. It has been witnessed that vertical farming may surge agricultural output by 240 times, using 99 percent less land, zero pesticides, and 95% less water. As a result of all these factors, the market growth during the forecast period is enhanced.
Opportunities
With the increasing innovation in agricultural technology, the vertical farming industry is rising rapidly and attracting more individual and commercial attention. Numerous commercial growers are adopting these innovative and high capital expenditure technologies, such as advanced electronic traceability and hydroponic systems. Also, growers are investing in LEDs and other innovative lighting products in vertical farming to decrease their exposure to associated risks by careful monitoring. Hence, increasing adoption of advanced technology in vertical farming will help likely create lucrative market growth opportunities in upcoming years.
The increased demand for organic products among consumers, fueled by the improved standard of living and higher disposable income, paved the way for the development of vertical farming, wherein organic farming is practiced widely.
The rising adoption of automation and digitization in vertical farming is expected to create ample opportunities for market growth in the projected period. Automation and digitization minimizes time, reduces environmental expenses, improves production and standardizes food quality. The Internet of things (IoT) has become the major technology in vertical farming, creating numerous market growth opportunities. The growth in the internet of things (IoT) has revolutionized the agriculture industry and boosted the market’s growth.
Restraints/ Challenges
Lack of practical knowledge related to vertical farming among farmers is also a major factor expected to obstruct market growth. Lack of knowledge regarding using A.I.-based vertical farming among farmers is hampering the market growth. Artificial intelligence (A.I.) in vertical farming aids in managing the farmer’s energy and create numerous opportunities to make farming more easy and sustainable.
The high initial cost of vertical farming will likely hinder market growth in the forecast period. Vertical farming is an expensive procedure because cost is a major factor in every step of this process, from locating the right facilities to choosing the best performing crops. Furthermore, the land prices alone significantly increase the upfront cost because land in the metropolitan areas is normally costly. Hence, these factors will obstruct market growth.
Vertical Farming Market Regional Analysis/Insights
The Vertical Farming market is analyzed and market size insights and trends are provided by country, material type, end user and application as referenced above.
The countries covered in the Vertical Farming market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
The report answers questions such as:
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