Pune, India, May 29, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global vertical farming market size was valued at USD 4.16 billion in 2022 and is projected to grow from USD 5.05 billion in 2023 to USD 27.42 billion by 2030, exhibiting a CAGR of 27.3% during the forecast period. Robotics and Artificial Intelligence to Drive the Market Growth. Fortune Business Insights, provide this information in its report titled, Global Vertical Farming Market Forecast, 2023-2030.
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Food security, low water usage, enhanced efficiency, and resistance to weather and environmental conservation are projected to upsurge the market growth globally. The growth of the urban population globally escalates the demand for food and vegetables.
Key Industry Development:
March 2023: UP Vertical Farms has developed an innovative solution to the obstacles handled by traditional farming methods. The company launched a high-density contactless vertical farm to be the most maintainable vertical farm by 2023. The solution improves quality control with minimal environmental impact, higher yield, and faster production.
Key Takeaways
- Vertical farming market size in North America was USD 1.62 Billion in 2022
- Growing Demand and Need for Safe and Healthy Food to Drive Hydroponics Growth
- Climate Control Components of LED Lightening Systems to Drive the Demand for Lightening Systems
- The lighting systems segment is anticipated to hold maximum market share
Discover the Leading Players Featured in the Report:
“Companies leading the global vertical farming market are AeroFarms (U.S.), OSRAM Licht AG (Germany), Urban Crop Solutions (Europe), Heliospectra AB (Sweden), Everlight Electronics Co. Ltd. (Taiwan), Signify Holding (Netherlands), Sky Greens (Singapore), BrightFarms. (U.S.), Plenty Unlimited Inc. (U.S.), Freight Farms, Inc. (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 27.3% |
| 2030 Value Projection | USD 27.42 Billion |
| Base Year | 2022 |
| Vertical Farming Market Size in 2022 | USD 4.16 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 140 |
| Segments covered | Type, Structure, Component and Geography |
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Drivers & Restraints:
Rising Water Crisis and Decline of Arable Land to Propel Adoption of Vertical Farms
The rising obstacles of land availability for food production, as per the rising demand, propel the adoption of vertical farms globally. The agriculture and food industries are continuously concerned about the increasing demand for food due to the decline of land resources for agriculture worldwide. It is anticipated that climate change may worsen water scarcity and its effect on the food system. The obstacles faced owing to water scarcity; vertical farms offer solutions to the obstacles.
The expense of air cooling and heating to maintain the proper temperature, precision monitoring, and other relevant software is expected to hamper vertical farming market growth.
Segmentation:
By Type
- Hydroponics
- Aeroponics
- Aquaponics
By Structure
- Building-Based Vertical Farms
- Shipping-Container Vertical Farms
By Component
- Lighting System
- Irrigation and Fertigation System
- Climate Control
- Sensors
- Others (HVAC Systems, Building materials, etc.)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
Growing Demand for the Fresh and Organic Food to Foster the Market Growth In North America
North America dominates the vertical farming market share due to various vertical farms throughout the U.S. and the adoption of various advanced automation technologies and robotics.
Europe is predicted to witness subsequent growth during the forecast period. European countries such as Germany, Spain, the U.K., France, Russia, Italy, Nordics, and Benelux are predicted to propel the progress of vertical farming.
The Asia Pacific is anticipated to show extraordinary growth during the forecast period. In countries such as India, China, and some Asian countries, the decline of arable land for agriculture is anticipated to drive market growth for this innovative farming system.
The Middle East and Africa show extraordinary market growth due to rising water scarcity and less arable land availability during the projected period.
South America is predicted to rise at a steady rate. There is a huge loss of fruits and vegetables produced using traditional Mexico during processing, storage, and transportation.
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Competitive Landscape:
Innovative Launch Operations by Key Players to Boost Market Growth
Players in the vertical farming market have launched new techniques in the market to boost the market growth with their solutions and to elevate the competition in the market. It includes launching new patterns, such as investments and new and advanced products. Companies have been applying new plans, such as partnerships and mergers, to support their position in the market.
FAQs
How big is the vertical farming market?
Vertical farming market size was USD 4.16 billion in 2022. It is expected to reach USD 27.42 billion by 2030.
How fast is the vertical farming market growing?
The vertical farming market will exhibit a CAGR of 27.3% during the forecast period, 2023-2030.
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