Visiongain has published a new report entitled Vertical Farming Market Report 2023-2033: Forecasts Vertical by Component (Hardware, Software, Services), by Type (Despommier Skyscrapers, Mixed Use Skyscrapers, Stackable Shipping Containers, Other), by Services (System Installation & Integration, Consulting Services, Managed Services, Assisted Professional Services, Other), by Hardware (Lighting, Hydroponic Components, Climate Control, Sensors, Irrigation Systems, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global vertical farming market was valued at US$5.4 billion in 2022 and is projected to grow at a CAGR of 22.0% during the forecast period 2023-2033.
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How has COVID-19 had a significant negative impact on the Vertical Farming Market?
The COVID-19 pandemic has had a mixed impact on the vertical farming market. The pandemic has heightened consumer awareness about food safety and the importance of locally sourced produce. Vertical farming, with its ability to provide fresh and pesticide-free crops in urban areas, has witnessed increased demand as consumers prioritize healthier and more sustainable food options.
The pandemic has exposed vulnerabilities in global food supply chains, leading to disruptions in the availability and distribution of fresh produce. Vertical farming, with its decentralized and localized approach, has shown resilience by ensuring a consistent supply of fresh produce, thereby reducing dependency on long-distance transportation.
The pandemic has highlighted the need for resilient and secure food production systems. Vertical farming’s-controlled environment and reduced dependency on external factors such as weather conditions offer a more secure and reliable food production method, minimizing the risk of crop failures and supply disruptions.
How will this Report Benefit you?
Visiongain’s 343-page report provides 129 tables and 160 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global vertical farming market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Vertical Farming. Get financial analysis of the overall market and different segments including type, component, services, hardware, and capture higher market share. We believe that there are strong opportunities in this fast-growing vertical farming market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Supportive Government Policies and Incentives
Governments worldwide are recognizing the potential of vertical farming in addressing food security and sustainability challenges. Many regions are offering grants, subsidies, and tax incentives to support research, development, and adoption of vertical farming technologies. These policy measures create a favorable investment environment and encourage stakeholders to invest in vertical farming ventures.
Vertical Farming in Foodservice and Hospitality
The foodservice and hospitality industry's increasing emphasis on sustainable sourcing and local produce has prompted the adoption of vertical farming. Many restaurants, hotels, and cafes are integrating vertical farms on their premises to offer guests fresh, seasonal, and locally grown ingredients. These on-site vertical farms not only elevate the culinary experience but also enhance the establishments' sustainable and eco-friendly image.
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Where are the Market Opportunities?
Technological Advancements and Automation
The continued advancement of technology presents significant opportunities for vertical farming. Automation and data-driven solutions can enhance productivity, optimize resource utilization, and streamline operational processes. Robotics, AI-powered sensors, and monitoring systems can enable precise monitoring and control of environmental parameters, nutrient delivery, and pest management. Integrating cutting-edge technologies into vertical farming operations can enhance efficiency, reduce labor costs, and increase yields.
The advent of energy-efficient and spectrum-tailored LED grow lights has revolutionized vertical farming. LED lighting allows growers to customize light intensity and spectrum to match specific crop requirements, optimizing plant growth and minimizing energy consumption. This technology's flexibility and cost-effectiveness have significantly contributed to the economic viability of vertical farming.
Innovation in Vertical Farming Systems
Vertical farming encompasses various systems, including hydroponics, aeroponics, and aquaponics, each with distinct advantages for different crop types and business models. Hydroponics, for example, utilizes a nutrient-rich water solution, while aeroponics relies on misted nutrients for plant growth. Such diversity in farming systems provides flexibility and customization options, catering to different market demands and niche applications.
Competitive Landscape
The major players operating in the vertical farming market are AeroFarms, Bowery Farming, BrightFarms, Farm.One, Freight Farms, Gotham Greens, Infarm, OSRAM Licht AG, Plenty, Signify Holding B.V, Sky Greens, SPREAD Co Ltd, Urban Crop Solutions, Valoya, Vertical Harvest, . These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- 18 May 2023, Plenty has launched the Plenty Compton Farm, the most technologically sophisticated indoor vertical farm in the world. It is located in Compton, California, and has the capacity to produce up to 4.5 million pounds of leafy greens every year in a single city block.
- 28 March 2022, The two LED lighting companies in Finland supply high-quality, energy-efficient LED luminaires to two different markets. With the help of top-tier horticulture LED illumination developed by the industry's top plant biology R&D, Valoya supports growers and researchers throughout the world in their efforts to better plant cultivation.
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To find more Visiongain research reports on the agriculture sector, click on the following links:
- Commercial Greenhouse Market Report 2023-2033
- Modified Starch Market Report 2023-2033
- Non-Genetically Modified Organisms (GMO) Food Market Report 2019-2029
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Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.
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