Wilmington, Delaware , Nov. 20, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Vertical Farming Market by Component (Irrigation Component, Lighting, Sensor, Climate Control, Building Material, and Others), Structure (Building-Based Vertical Farms and Container-Based Vertical Farms), and Growth Mechanism (Hydroponics, Aeroponics, and Aquaponics): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global vertical farming industry generated $4.5 billion in 2022, and is projected to reach $42.5 billion by 2032, registering a CAGR of 25.5% from 2023 to 2032.
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- 127 – Tables
- 60 – Charts
- 300 – Pages
Prime Determinants of Growth
The vertical farming market is expected to witness notable growth owing to optimum use of vertical space and balanced energy utilization, ease of crop monitoring and harvesting and increase in popularity of organic foods. Moreover, the growth in urban population is expected to provide lucrative opportunity for the growth of the market during the forecast period. On the contrary, high initial investments limit the growth of the vertical farming market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $4.5 billion |
| Market Size in 2032 | $42.5 billion |
| CAGR | 25.46% |
| No. of Pages in Report | 300 |
| Segments covered | Component, Structure, growth mechanism, and region |
| Drivers | Optimum use of vertical space and balanced energy utilization Ease of crop monitoring and harvesting Increase in popularity of organic foods |
| Opportunities | Growing in urban population |
| Restraints | High initial investments |
The Irrigation Component Segment to maintain its leadership status throughout the forecast period.
Based on component, the irrigation component segment held the highest vertical farming industry in 2022, accounting for nearly one-third of the global vertical farming market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to technological advancements in drip irrigation methods to minimize water consumption due to rise in water concerns worldwide. However, Climate Control is projected to manifest the highest CAGR of 28.95% from 2023 to 2032 due to increase in demand for farming.
The building-based Vertical Farms segment to maintain its leadership status throughout the forecast period.
Based on structure, the building-based vertical farms segment held the highest market share in 2022, accounting for more than half of the global Vertical farming market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the ongoing global urbanization process. However, the Container-based Vertical Farms is projected to manifest the highest CAGR of 25.94% from 2023 to 2032.
The Hydroponics segment to maintain its leadership status throughout the forecast period.
Based on growth mechanism, the hydroponics segment held the highest market share in 2022, accounting for more than two-fifths of the global vertical farming market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to growing inclination is observed towards incorporating hydroponic systems with sustainable practices like the adoption of renewable energy, water recycling, and organic nutrient management solutions, underscoring the environmental significance of hydroponics.
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North America to Maintain its Dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global Vertical farming market revenue owing to the government initiatives and cooperation from private companies along with the continuous research and development for hydroponics segment which are fueling the growth of the market in this region.
Key Industry Development
- In July 2023, AeroFarms announced expansion of retail availability of its microgreens at both Walmart and Stop & Shop across the Mid-Atlantic and Northeast, respectively.
- In May 2023, AeroFarms, announced national expansion with Amazon Fresh online and at all Amazon Fresh grocery store locations, known for its unique, high-tech consumer-focused grocery store experience.
- In June 2023, ort Americas announced a division within the company to bring quality, technically advanced and cost-effective products to commercial greenhouse growers in Canada. It provides the best-in-class products, educating growers and continuing to research advancements in controlled environment agriculture.
Leading Market Players: -
- 4D Bios Inc
- AeroFarms
- Hort Americas
- Urban Crops Solution
- Am Hydro
- Signify Holding,
- Everlight Electronics CO., LTD.
- Agrilution
- GreenTech
- ams-OSRAM AG
The report provides a detailed analysis of these key players of the global Vertical farming market. These players have adopted different strategies such as product launch, product development, partnership, investment, acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits For Stakeholders:
- As per the vertical farming market outlook, this report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the vertical farming market analysis from 2022 to 2032 to identify the prevailing vertical farming market opportunities.
- The vertical farming market Forecast research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the vertical farming market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global vertical farming market trends, key players, market segments, application areas, and vertical farming Market growth strategies.
Vertical Farming Key Segments:
By Component
- Others
- Irrigation Component
- Lighting
- Sensor
- Climate Control
- Building Material
By Structure
- Building-based Vertical Farms
- Container-based Vertical Farms
By Growth mechanism
- Hydroponics
- Aeroponics
- Aquaponics
By Region
- North America (U.S., Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Brazil, Saudi Arebia, United Arab Emirates, South Africa, Rest of LAMEA)
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