The latest report by IMARC Group, titled “Vertical Farming Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the market. The vertical farming market report also includes competitor and regional analysis, and contemporary advancements in the market. The global vertical farming market size reached US$ 4.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 17.0 Billion by 2028, exhibiting a growth rate (CAGR) of 23% during 2023-2028.
Vertical Farming Market Overview:
Vertical farming is a revolutionary agricultural practice that involves cultivating crops in vertically stacked layers, utilizing indoor environments with controlled conditions. By optimizing space utilization, vertical farming addresses the challenges of limited land availability and adverse weather conditions, offering sustainable and efficient food production solutions. In vertical farms, crops are grown in vertically aligned shelves or towers, often using hydroponic or aeroponic systems that deliver water, nutrients, and light directly to the plants. This method eliminates the need for traditional soil-based agriculture and minimizes water usage, pesticide requirements, and transportation costs. It offers numerous benefits, including higher crop yields, reduced water consumption, year-round production, minimal pesticide reliance, and shorter supply chains. It also mitigates the environmental impact of conventional farming practices and promotes local food production, enhancing food security in urban areas. With advancements in technology and increased investment, vertical farming is gaining momentum globally, revolutionizing how we grow and consume fresh produce while addressing the challenges of population growth, urbanization, and sustainability.
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Global Vertical Farming Market Trends:
The global market is majorly driven by limited arable land availability. In line with this, the rapidly growing population and the increasing food demand are significantly contributing to the market. Furthermore, climate change and unpredictable weather patterns are positively influencing the demand for vertical farming as it provides a controlled environment that reduces the impact of adverse weather conditions, ensuring consistent crop production throughout the year. Apart from this, the rapid urbanization and the escalating need for local food production are catalyzing the market.
Moreover, vertical farming employs efficient irrigation systems, such as hydroponics or aeroponics, which use significantly less water than traditional agriculture. This factor is propelling the adoption of vertical farming. Besides, the reduction in pesticide use and the increasing consumer demand for organic and sustainable products are strengthening the market. Additionally, technological advancements in lighting and automation are expected to offer numerous opportunities for the market. Many governments are promoting vertical farming through grants, subsidies, and supportive policies to enhance food security and environmental sustainability. This, in turn, is creating a positive outlook for the market.
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Key Market Segmentation:
Top Vertical Farming Companies Worldwide:
- 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
- Vertical Farm Systems Pty Ltd
Breakup by Component:
- Irrigation Component
- Lighting
- Sensor
- Climate Control
- Building Material
- Glass Greenhouse
- Plastic Greenhouse
- Others
Breakup by Structure:
- Building-based Vertical Farms
- Container-based Vertical Farms
Breakup by Growth Mechanism:
- Hydroponics
- Aeroponics
- Aquaponics
Breakup by Application:
- Indoor
- Outdoor
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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