Major players in the vertical farming market are 4D Bios Inc., AeroFarms, Agricool, Agrilution, American Hydroponics, CropOne, Freight Farms, Green Sense Farms, Heliospectra Ab, Illumitex Inc., Infarms, Osram, Plenty Unlimited Inc., Signify Holding, Sky Greens, Spread, Square Mile Farms Ltd., Swegreen, Urban Crop Solutions, Valoya, Eden Green Technology, Gotham Greens Holdings LLC, AppHarvest, Kalera, General Hydroponics Inc., Mirai Co. Ltd., Altius Farms, Bowery Farming, Future Crops, Growpod Solutions, and Intelligent Growth Solutions.
The global vertical farming market grew from $5.07 billion in 2022 to $6.2 billion in 2023 at a compound annual growth rate (CAGR) of 22.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The vertical farming market is expected to grow to $14.33 billion in 2027 at a CAGR of 23.3%.
The vertical farming market includes revenues earned by entities by precision farming, and sustainable agriculture.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
A vertical farming refers the process of producing vegetables in layers that are piled vertically.The technique may employ hydroponic, aeroponic, or soil growing techniques.
In tough circumstances, such as those where arable land is few or unavailable, vertical farms try to generate food.It is a technique for growing food in water without soil using mineral nutrition solutions.
The main benefits of this approach are that it lessens soil-related cultivation issues such soil-borne pests, illnesses, and insects.
North America was the largest region in the vertical farming market in 2022.Europe is expected to be the fastest-growing region in the forecast period.
The regions covered in the vertical farming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of vertical farming are hydroponics, aeroponics, and aquaponics.Hydroponics vertical farming refers to the cultivation of plants without using soil.
Hydroponic flowers, herbs, and vegetables are planted in inert growing media into vertical farming techniques and are supplied with nutrient-rich solutions, oxygen, and water.The components of vertical farming are irrigation component, lighting, sensor, climate control, building material, and others.
These have different structures such as shipping container and building-based.The various crop types are leafy green, pollinated plants, and nutraceutical plant.
Vertical farming has several applications such in indoor and outdoor farming.
The rise in urbanization is expected to propel the growth of the vertical farming market.Urbanization increases the total cropland area and decreases the rural population which results in a higher per-capita cropland area of rural residents and, therefore, increased farm size.
By 2050, approximately 80% of the world’s population will be living in cities, and the human population will have grown by three billion people.Also, according to the World Economic Forum, it is expected that over one-third of the projected urban growth between now and 2050 will occur in just three countries: India, China, and Nigeria.
India is expected to gain 416 million urban residents by 2050, China 255 million, and Nigeria 189 million. Therefore, the rise in urbanization is driving the vertical farming market.
As the vertical farming industry expands, new developing trends in the sector are emerging to keep up with the technological advancements surrounding the market.One of the latest such kinds of trends is next generation vertical farms, which are farms that make use of hi-tech growing methods to produce high quantities of crops all year round.
For instance, Sweetgreen, a Swedish company that operates in the vertical farming market and offers Hyper-local leafy greens manufacturing using a digitally based in-store service, developed and debuted the ’NextGen’ of super-efficient in-store vertical farms in Linköping’s Ica Maxi megastore on April 16, 2021.The company’s ‘Farming-as-a-Service growing’ unit for leafy greens is now right at the store’s door.
The new vertical farm will be the largest in-store cultivation market in Scandinavia.
In October 2021, Kalera SA, a Norway-based technology-driven vertical farming company, acquired &ever GmbH, for a deal amount of $147.67 million. With this acquisition, Kalera will hold 100% of &ever’s activities in Europe, Asia, and the Middle East, and will be able to spread its engineering, plant science, seed science, IT infrastructure, and back-office operations to all farms using a single platform. &ever GmbH is a Germany-based firm that combines best practices in technology, agriculture, and crop science to create indoor vertical farming, and was founded in 2015.
The countries covered in the vertical farming market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The vertical farming market research report is one of a series of new reports that provides vertical farming market statistics, including vertical farming industry global market size, regional shares, competitors with a vertical farming market share, detailed vertical farming market segments, market trends and opportunities, and any further data you may need to thrive in the vertical farming industry. This vertical farming market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.