New York, NY, April 24, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Vertical Farming Market Share, Size, Trends, Industry Analysis Report, By Growth Mechanism (Aeroponics, Hydroponics, Aquaponics), By Structure, By Components, By Crops, By Region, Segments & Forecast, 2023 – 2032” in its research database.
“According to the latest research analysis, the global vertical farming market size/share is anticipated to be valued at approximately USD 5,771.78 Million in 2022 and is projected to hit a revenue of around USD 30,911.23 Million By 2032, at a CAGR of around 18.43% between 2023 and 2032.”
What is Vertical Farming? How Big is Vertical Farming Market Size & Share?
- Overview
Vertical farming is a modern agricultural practice that involves growing crops in vertically stacked layers using controlled-environment agriculture techniques. This approach often incorporates soilless farming methods such as hydroponics, aquaponics, and aeroponics.
The growth of the vertical farming market size in recent years can be attributed to the declining arable land and water scarcity, along with factors such as increasing demand for fresh and locally grown produce, advancements in technology and automation, and growing awareness of the benefits of sustainable agriculture. These trends are expected to continue driving market growth in the forecast period.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Players Are:
- Aerofarms
- Infarms
- SweGreen
- skyGreens Pte Ltd.
- Jones Food Company
- Signify
- Sky Greens
- Freight Farms
- Valoya
- Osram
- Heliospectra AB
- Osram
- Urban Crop Solutions
- Plenty Unlimited Inc
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Prominent Drivers of the market
- Declining arable land and water crisis: The loss of arable land and water scarcity is one of the primary driving factors for vertical farming market growth. As traditional agriculture becomes increasingly challenging due to soil degradation, urbanization, and water shortages, vertical farming provides an alternative method for growing crops using less land and water.
- Efficient use of space and resources: Vertical farming allows for the efficient use of space and resources. Growing crops in vertically stacked layers requires less land than traditional farming methods. Farming in urban areas is possible, bringing fresh produce closer to consumers while reducing transportation costs and emissions.
- Precise control over water usage: Vertical farming can significantly reduce water usage in agriculture. It allows for precise control of plant water delivery, reducing waste and optimizing water use. This is especially crucial in areas where water is scarce. Thus, vertical farming market shares are expanding.
- Increasing demand for fresh and locally grown produce: The demand for fresh and locally grown produce is increasing as consumers become more interested in where their food comes from and how it is grown. Vertical farming, which allows for year-round production of fresh and pesticide-free produce, is an attractive alternative to traditional farming methods.
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Top Report Findings
- Loss of arable land and scarcity of water are the driving factors for the market's growth.
- The market is primarily segmented based on growth mechanism, structure, components, crops, and region.
- North America region dominates the market.
Top Trends Influencing the Market
- Technological advancements: The vertical farming industry is experiencing rapid technological advancement with IoT, artificial intelligence, and automation innovations. These technologies enable vertical farmers to monitor and control parameters such as temperature, humidity, and nutrient levels to enhance crop quality and yield and reduce operational costs.
- Growing demand for locally produced food: The demand for locally produced food is surging due to consumers' growing concerns over the environment, food safety, and health. Vertical farming's ability to produce fresh, nutritious, and pesticide-free food in urban areas with limited space is attracting attention from consumers and investors.
- Shift towards sustainable and eco-friendly agriculture: Vertical farming is a sustainable and eco-friendly farming method that uses significantly less water and land than conventional farming methods. This approach also eliminates the need for harmful pesticides and herbicides, making it an environmentally conscious solution. Thus, this vertical farming market trend is giving pace to growth.
- Rising global population and urbanization: The world's population is continuously increasing, and urbanization is also on the rise. Vertical farming can help address the growing population's challenges by producing fresh and healthy food in urban areas without the need for large land areas.
Segmental Analysis
- In 2022, the Hydroponics sector was expected to be the dominant player in the market
Based on the growth mechanism of vertical farming market segmentation, Hydroponic systems can utilize less water than conventional farming methods since the water is reused in a closed-loop system, resulting in up to 90% water savings. This makes hydroponics a more sustainable and environmentally conscious way of cultivating crops. In addition, hydroponic systems provide ideal growing conditions, resulting in increased crop yields compared to traditional farming methods.
- Building-based Vertical Farms segment held the top position in the market in 2022
Vertical farming market sales have witnessed a surge in building-based vertical farms in recent years. These farms are an innovative solution for producing fresh, nutritious, and sustainable food in urban areas with limited space. The growth of this segment can be attributed to various factors such as efficient use of space, reduced transportation costs, a controlled environment, and higher crop yields.
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Vertical Farming Market: Report Scope
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 30,911.23 Million |
| Market size value in 2023 | USD 6,746.06 Million |
| Expected CAGR Growth | 18.43% from 2023 - 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | Aerofarms, Infarms, SweGreen, skyGreens Pte Ltd., Jones Food Company, Signify, Sky Greens, Freight Farms, Valoya, Osram, Heliospectra AB, Osram, Urban Crop Solutions, Plenty Unlimited Inc. |
| Segments Covered | By Growth Mechanism, By Structure, By Components, By Crops, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
North America: The vertical farming market demand in the North American region is going through a notable surge and is predicted to expand further in the upcoming years. The primary impelling forces behind this upswing are the mounting acceptance by commercial growers and a growing desire for fresh, locally cultivated produce. To augment efficiency and profitability, commercial growers in North America are progressively embracing this farming technique.
Browse the Detail Report “Vertical Farming Market Share, Size, Trends, Industry Analysis Report, By Growth Mechanism (Aeroponics, Hydroponics, Aquaponics), By Structure, By Components, By Crops, By Region, Segments & Forecast, 2023 – 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/vertical-farming-market
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Recent Developments
- The biggest indoor vertical farm in Saudi Arabia and the MENA region is set to be built and operated by AeroFarms in February 2023, per their agreement with PIF.
- In October 2022, Urban Crop Solutions (UCS) and Rudi Pauwels agreed to create a research center in Southern Spain to enhance the nutrient content of indoor farming applications.
Frequently Asked Questions:
- What is vertical farming?
- What are the key drivers of the market?
- Which region is expected to dominate the market?
- What are the recent developments that took place in the market?
- What factors are responsible for the growth of the market?
Polaris Market Research has segmented the vertical farming market report based on growth mechanism, structure, components, crops, and region:
By Growth Mechanism Outlook
- Aeroponics
- Hydroponics
- Aquaponics
By Structure Outlook
- Building-based Vertical Farms
- Shipping Container-based Vertical Farms
By Component Outlook
- Hardware
- Lighting
- Hydroponic components
- Climate control
- Sensors
- Software
- Services
By Crops Outlook
- Fruits, Vegetables, & Herbs
- Tomato
- Lettuce
- Strawberry
- Cucumber
- Herbs
- Others
- Flowers & Ornamentals
- Perennials
- Annuals
- Ornamentals
- Others
By Region Outlook
- North America (U.S, Canada, Mexico)
- Asia-pacific (China, Japan, India, Australia, Rest of Asia- pacific)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- LAMEA (Latin America, Middle East & Africa)
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