The latest report by IMARC Group, titled “Vertical Farming Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028” provides an extensive analysis of the industry, including vertical farming market trends, size, demand, and growth opportunities. The report also covers competitor and regional analysis and the latest advancements in the global 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 refers to the practice of growing food crops and medicinal plants in vertically stacked layers, using artificial lighting, temperature control, and a soilless medium such as hydroponics or aeroponics. This innovative agricultural technique allows for year-round crop production in a controlled environment, thus maximizing space and reducing the need for land, water, and pesticides. One of the key features of vertical farming is its scalability, as it can be implemented in both small and large-scale applications, which has made it popular in urban areas, where space is limited, and traditional farming methods are not feasible.
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Global Vertical Farming Market Trends:
The steadily increasing global population base, along with the rising demand for food represents one of the key factors driving the market growth. This, in confluence with the rising scarcity of arable land is driving the growth of the market. The market is also being driven by the significant technological advancements and the rising environmental consciousness among the farmers and crop producers, who are consequently seeking sustainable methods of farming. Other factors, including the growing expenditure capacities of the consumers, the implementation of favorable government policies, extensive research and development (R&D) activities, and the expanding agricultural and allied sectors, are creating a positive outlook for the market growth.
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)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
Who we are:
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.
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