Fort Collins, Colorado, Sept. 19, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Vertical Farming Market Size, Growth, Share, Statistics Report, By Structure (Shipping Container, Building-based), By Component (Lighting System, Irrigation and Fertigation System), By Growth Mechanism, By Crop Category, By Region and Segment Forecasts, 2023-2032.”
According to DataHorizzon Research, The vertical farming market size was valued at USD 6.4 Billion in 2022 to arrive at a market size of USD 53.1 Billion by 2032 with a CAGR of 23.7%. Climate change and the increasing need for water conservation are key factors driving the growth of the market for vertical farming.
Conventional agricultural practices consume large amounts of water, contributing to water scarcity in many regions. Vertical farming uses hydroponic and aeroponic systems that require less water than traditional soil-based farming. Through water recycling, it can be reused for vertical farming reduces water waste, and encourages efficient water management. Vertical farming provides a controlled environment, allowing plants to grow regardless of external conditions. In addition, clearing reduces land requirements and greenhouse gas emissions associated with transport, thereby promoting sustainable farming practices. Furthermore, vertical farming makes it possible to produce food in urban areas with limited land, allowing new products to be developed closer to the consumer market.
Growing interest in sustainable and innovative agriculture has led to increased investment in entrepreneurial ventures, and vertical farming, significantly offering lucrative opportunities to the market. Startups and established companies are developing and deploying vertical farming systems, driving further research, development, and improvement of technology. Also, advances in lighting technology, automation, data analytics, and precision agriculture have greatly contributed to the growth of vertical farming.
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Report Snapshot:
| Report Title | Vertical Farming Market |
| Market Size in 2022 | USD 6.4 Billion |
| Market Size by 2032 | USD 53.1 Billion |
| CAGR from 2023 to 2032 | 23.7% |
| Largest Market | North America |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends and Growth Factors |
| By Structure | Shipping Container, Building-based |
| By Component | Lighting System, Irrigation and Fertigation System, Climate Control, Sensors, and Others |
| By Growth Mechanism | Hydroponics, Aeroponics, Aquaponics |
| By Crop Category | Fruits Vegetables, & Herbs, Flowers & Ornamentals, Others |
| Region | North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia, South Africa, among others |
| Major Market Players | AeroFarms, Agrilution, AMHYDRO (American Hydroponics), Everlight Electronics Co., Ltd., App Harvest, Bowery Farming Inc., CubicFarm Systems, Hort Americas, Illumitex Inc., Koninklijke Philips N.V., Urban Crop Solutions, and Sky Greens. |
Segmentation Overview
The vertical farming market is segmented based on structure, component, growth mechanism, crop category, and region. According to the component, the lighting system is expected to grow significantly during the forecast period. The hydroponics segment dominates the growth mechanism segment in the vertical farming market with a major share. Based on the crop category, fruits & vegetables segment is expected to lead the market’s growth.
North America dominates the vertical farming market, with the United States and Canada being the key contributor in the region. This region has a high level of technological advancement, entrepreneurial activity, and consumer demand for locally-grown produce. Asia-Pacific is anticipated to grow remarkably, owing to the rising demand for organic foods from the region.
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Key Developments in the Industry:
- In September 2023, Grönska, a Swedish agritech startup received funding from Nefco (Nordiac Green bank) to expand its vertical farming solution called GrowOff. Growoff units are closed-loop systems for growing leafy greens locally, and they can be placed in various locations.
- In March 2023, ERGOPONICS and Harvest Today announced a strategic collaboration for developing innovative products with vertical farming. This partnership will help in enhancing plant growth by optimizing space, resulting in more efficient use of resources. The solution is expected to provide higher yields and better-quality crops with limiting energy consumption.
Vertical Farming Market Report Highlights:
- The vertical farming market is projected to attain a CAGR of 23.7% by 2032.
- The lighting systems are at the forefront of the component segment’s growth and are expected to continue its dominance.
- Hydroponics is anticipated to have significant growth during the forecast period based on the growth mechanism of vertical farming.
- North America leads the vertical farming market. Major cities like New York, Chicago, and Vancouver have seen the establishment of vertical farms that cater to urban populations.
- The prominent players in the vertical farming market research report and analysis are 4D Bios Inc., AeroFarms, Agrilution, AMHYDRO (American Hydroponics), Everlight Electronics Co., Ltd., App Harvest, Bowery Farming Inc., CubicFarm Systems, Hort Americas, Illumitex Inc., Koninklijke Philips N.V., Urban Crop Solutions, and Sky Greens.
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Vertical Farming Market Report Segmentation:
Vertical Farming Market, By Structure (2023-2032)
- Shipping Container
- Building-based
Vertical Farming Market, By Component (2023-2032)
- Lighting System
- Irrigation and Fertigation System
- Climate Control
- Sensors
- Others
Vertical Farming Market, By Growth Mechanism (2023-2032)
- Hydroponics
- Aeroponics
- Aquaponics
Vertical Farming Market, By Crop Category (2023-2032)
- Fruits, Vegetables, & Herbs
- Flowers & Ornamentals
- Others
Vertical Farming Market, By Region (2023-2032)
- North America
-
- U.S.
- Canada
- Europe
-
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
-
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
-
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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