Global Vertical Farming Market to Reach US$ 33.3 Billion by 2032, Propelled by Increasing Scarcity of Arable Land

July 20, 2022 | Agriculture

The latest report by IMARC Group, titled “Vertical Farming Market Report by Component (Irrigation Component, Lighting, Sensor, Climate Control, Building Material, and Others), Structure (Building-based Vertical Farms, Container-based Vertical Farms), Growth Mechanism (Hydroponics, Aeroponics, Aquaponics), Application (Indoor, Outdoor), and Region 2024-2032”, finds that the global vertical farming market size reached US$ 5.6 Billion in 2023. Vertical farming is an innovative farming technique that includes growing medicinal plants and food vertically. It is used to produce crops with artificial control of light, humidity, temperature, and gases. Vertical farming uses a combination of procedures, including aeroponics, hydroponics and aquaponics, to grow crops without soil through mineral nutrient solutions, such as peat moss and coconut husk, or aquatic animals such as snail, fish, and pawns. It is extremely beneficial for crop cultivation on mountains, arid lands, indoors, and on rooftops of buildings. In recent years, vertical farming has gained momentum as it is sustainable and has lesser energy and water requirements as compared to conventional farming techniques. 

Global Vertical Farming Market Trends:

One of the primary factors driving the market is the rapid increase in the global population and the increasing scarcity of arable land. Additionally, the depleting ground water and rising need for stabilized crop production, irrespective of changing climatic conditions, have urged conventional farmers to adopt alternate farming methods like vertical farming to cater to the rising food demands. Other than this, the legalization of cannabis cultivation for recreational and medical purposes is propelling the market growth. Furthermore, various technological advancements in light emitting diode (LED) technology, and the integration of monitoring devices and the Internet of Things (IoT) with mobile and drones to provide real-time information on crop health are providing a thrust to the market growth. Other growth-inducing factors are expanding disposable incomes, the popularity of organic food, optimum utilization of vertical space and balanced energy, ease of crop monitoring and harvesting, and the implementation of stringent government policies. Looking forward, the IMARC Group expects the market value to reach US$ 33.3 Billion by 2032, expanding at a CAGR of 21.41% during the forecast period (2024-2032).

Market Summary:

  • Based on the component, the market is divided into irrigation component, lighting, sensor, climate control, building material (glass and plastic greenhouse), and others.
  • On the basis of the structure, the market has been classified into building-based and container-based vertical farms.
  • Based on the growth mechanism, the market has been categorized into hydroponics, aeroponics, and aquaponics.
  • On the basis of the application, the market has been divided into indoor and outdoor.
  • The market has been divided on the basis of the region into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), the Middle East and Africa.
  • The competitive landscape of the market has also been analyzed, with some of the ley players being AeroFarms, Agrilution Systems GmbH, AmHydro, Everlight Electronics Co. Ltd, Freight Farms Inc., Gronska Stadsodling, Heliospectra AB, Jones Food Company Limited, Koninklijke Philips N.V., OSRAM GmbH (ams-OSRAM AG), Signify N.V., Urban Crop Solutions, and Vertical Farm Systems Pty Ltd.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
 Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Component, Structure, Growth Mechanism, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered AeroFarms, Agrilution Systems GmbH, AmHydro, Everlight Electronics Co. Ltd., Freight Farms Inc., Grönska Stadsodling, Heliospectra AB, Jones Food Company Limited, Koninklijke Philips N.V., OSRAM GmbH (ams-OSRAM AG), Signify N.V., Urban Crop Solutions and Vertical Farm Systems Pty Ltd.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us


USA: +1-631-791-1145
Follow us on twitter : @imarcglobal

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Vertical Farming Market to Reach US$ 33.3 Billion by 2032, Propelled by Increasing Scarcity of Arable Land
Purchase options

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-713-2163


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More