Dublin, Sept. 02, 2024 (GLOBE NEWSWIRE) -- The "Vertical Farming Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The vertical farming market is estimated to grow from US$9.742 billion in 2024 to US$18.690 billion in 2029 at 13.92% (CAGR).
The increasing need for food to feed the population will increase the demand for vertical farming since it is possible to grow fruits and vegetables all year given in different weather & climates at lower labor and raw material costs. Major economies globally are investing in such technology, which has led to the implementation of various vertical farming projects.
Vertical Farming Market Drivers:
The rising global population and urbanization are driving the market's growth
The proximity to the point of end consumption and the reduced dependence on water and other natural resources are further expected to boost the market growth. Furthermore, various government initiatives and investments are being taken to promote the adoption of vertical farming practices globally. In April 2024, the Oishii Mega Farm LLC received a US$15 million loan under the "Rural Energy of America" project, which the facility would use in converting its vacant building in Phillipsburg for growing Koyo strawberries and Omakase. The facility would have high-tech tools to bolster indoor vertical farming operations.
Booming organic food preference is augmenting the market expansion
Vertical farming is a revolutionary approach to agricultural practices that has enabled the production of large quantities of nutritious and quality fresh food without using pesticides and fungicides. The constant use of chemical fertilizers and pesticides has raised major health concerns, leading to the rise in the adoption of organic farming practices. Consumer health awareness and self-consciousness regarding sustainable practices have further led to an upward trajectory for the vertical farming market.
Favorable investment and establishment of vertical farming projects are expected to drive market growth
In the current time when sustainability plays a key role in the agriculture sector, vertical farming is at the forefront of the technologies being adopted to bolster organic crop production. Moreover, the growing awareness regarding pesticides and other chemicals usage in farming activities has further stimulated the market demand for vertical farms. Owing to this, companies operating in the market are raising investments to enhance their product offerings.
Companies are also undertaking vertical farming projects besides investment funding. For instance, in April 2024, Vertical Harvest secured US$59.5 million in project financing from USDA to construct a 51,000-square-foot hydroponic vertical farm in Westbrook, Maine.
Vertical Farming Market Segmentation Analysis
Hydroponics is expected to account for a considerable market share
By mechanism, the vertical market is segmented into aeroponics, hydroponics, and aquaponics. Hydroponics is set to capture a remarkable market share as modern agriculture systems provide high crop productivity by utilizing nutrient-rich water rather than soil for plant nourishment. Favorable investment in such technology followed by the production of new variants is positively impacting the segment growth.
Similarly, less water, fertilizer, and pesticide usage in aeroponics growth mechanisms are increasingly gaining popularity. This is driving its adoption, while the relatively low maintenance of aquaponics systems is fueling its growth.
North America is set to constitute a remarkable share, while Asia Pacific will witness the quickest growth
Based on geography, the North American region held a significant market share owing to the presence of well-established companies and the rapid adoption of advanced technology. Increasing investment by major market players due to the rising popularity and efficacy of vertical farming, followed by the ongoing trend of consuming organic crops, is set to provide new growth prospects for vertical farming solutions.
The Asia-Pacific (APAC) region is projected to grow substantially in the coming years. Rising demand for organic food products coupled with investment in technological adoption in agricultural practices has paved the way for regional market expansion in the forecast period.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 135 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $9.74 Billion |
| Forecasted Market Value (USD) by 2029 | $18.69 Billion |
| Compound Annual Growth Rate | 13.9% |
| Regions Covered | Global |
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
3.1. Key Findings
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.4. Industry Value Chain Analysis
4.5. Analyst View
5. VERTICAL FARMING MARKET BY COMPONENT
5.1. Introduction
5.2. Platforms
5.3. Containers
5.4. LEDs
5.5. Others
6. VERTICAL FARMING MARKET BY MECHANISM
6.1. Introduction
6.2. Aeroponics
6.3. Hydroponics
6.4. Aquaponics
7. VERTICAL FARMING MARKET BY GEOGRAPHY
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Market Share Analysis
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Competitive Dashboard
9. COMPANY PROFILES
- AeroFarms
- Grow Pod Solutions
- Grodan B.V.
- Koninklijke Philips N.V
- Sky Greens
- UrbanKisaan
- Kroptek
- Freight Farms
For more information about this report visit https://www.researchandmarkets.com/r/smfip
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