The latest report by IMARC Group, titled “Vertical Farming Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028”, finds that the global vertical farming market size reached US$ 4.6 Billion in 2022. 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$ 17.0 Billion by 2028, expanding at a CAGR of 23% during the forecast period (2023-2028).
- 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.
|Base Year of the Analysis
| Historical Period
||Component, Structure, Growth Mechanism, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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.
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