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 vertical farming market value. The 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 process of raising crops in a controlled environment, stacked in layers or shelves, using artificial lighting and climate control technology. This approach allows for year-round fresh produce production with a smaller land footprint, reduced water usage, and higher crop yields than traditional agriculture. Vertical farming also removes the need for pesticides and herbicides, reducing transportation costs since the product can be grown in urban areas closer to consumers. The technology is gaining popularity globally, especially in areas with limited arable land, high population density, and unfavorable weather conditions for traditional farming.

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Global Vertical Farming Market Trends:

The global market is majorly driven by the increasing demand for fresh produce. In line with this, the rising need for sustainable agriculture practices is significantly contributing to the market. Furthermore, the rising demand for high-quality food and rapid urbanization are significantly contributing to the market. Apart from this, the growing awareness of the benefits of sustainable agriculture practices is creating a positive outlook for the market.

Several leading players are heavily investing in vertical farming research and development (R&D) activities. This, in turn, is expected to fuel the market. Moreover, the shifting inclination towards climate control technology's need for less water and energy for irrigation is offering lucrative opportunities for the market. Additionally, the emerging trend of integrating robotics and artificial intelligence across farms is anticipated to provide a boost to 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)

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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