Global vertical farming market is predicted to grow at 21.4% CAGR during the forecast period with the market size reaching USD 8.8 billion by 2024. The major factor fueling the growth of the market include increasing awareness regarding the consumption of high-quality food products, increasing demand for food-based on no herbicide and pesticide, limited agricultural land space. In addition, Adoption of independent farming techniques with a focus on vegetables and fruits also supports the growth of the vertical farming market, globally.
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Insight by Growth Mechanism
Different growth mechanism for vertical farming includes aeroponics, hydroponics, and aquaponics. Among all, hydroponics hold the largest share in the vertical farming market. However, the aquaponics based vertical farming market is anticipated to grow at the fastest rate during the forecast period.
Insight by Structure
Based on the structure, the vertical farming market is segmented into building-based and shipping container vertical farms. Building based vertical farms hold the larger share in the market and the category is also anticipated to grow at the faster rate during the forecast period.
Insight by Crop Type
Based on crop type, the vertical farming market is categorized into broccoli, pepper, tomato, spinach, cucumber, lettuce, and others. Lettuce is the most grown crop in vertical farm and the demand for vertical farm products is anticipated to be the highest for this crop type during the forecast period.
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Geographically, North America is the largest vertical farming market, due to the technological advancements, increasing research and development and increasing demand for no or low herbicide and pesticide-based crops. Moreover, increasing awareness among farmers, an increasing number of independent farmers producing crops in minimum space are also supporting the growth of the market in the region. Similarly, owing to the limited land space and the huge investment for vertical farming techniques, the demand for these farms is also increasing considerable in the second largest vertical farm market, among all regions, Europe.
Market players in the vertical farming industry are focusing on the advancements for the providing controlled environment in the buildings to support conditions as close to nature. AeroFarms, Urban Crop Solutions, Sky Greens, agrilution GmbH, Vertical Farm Systems, Green Sense Farms, LLC, Everlight Electronics Co., Ltd., Illumitex, Inc., Koninklijke Philips N.V., and American Hydroponics are some of the key players offering solutions in the vertical farming industry.
Vertical Farming Market by Region
- Rest of North America
- Rest of Europe
- Rest of Asia-Pacific
- Rest of Latin America
Middle East & Africa
- South Africa
- Rest of Middle East & Africa