Vertical Farming Market - Positive Long-Term Growth Outlook 2030

 

Vertical Farming Industry Overview

The global vertical farming market size was valued at USD 6.92 billion in 2023 and is expected to grow at a CAGR of 20.1% from 2023 to 2030. Market growth is attributed to the growing adoption of environment-friendly production of fruits and vegetables. Unprecedented growth of the global population has increased the demand for urban agriculture.

Gather more insights about the market drivers, restrains and growth of the Vertical Farming Market

Vertical farming is the practice of producing food in vertically stacked layers, such as in a used warehouse, skyscraper, or shipping container. Organic foods are perceived as healthier, more nutritious, safer, and more environmentally friendly. A critical factor that influences demand for organic food is the food purchasing behavior of consumers, which is essential for producers, policymakers, and suppliers to implement successful marketing strategies.

Obesity and heart diseases are prevalent health-related issues among consumers. Furthermore, growing depletion of groundwater and changing climatic conditions have urged traditional growers to adopt alternate farming methods. Increasing consumer concerns about health and the abovementioned factors are likely to elevate industry demand.

Unlike traditional farming, indoor farming can produce crops throughout the year, which results in increased productivity. Furthermore, indoor farming can protect crops from extreme weather conditions through the usage of techniques such as controlled environment agriculture technology, where facilities use artificial environmental control, control of light, and fertigation.

Increasing demand for high-quality food, independent agriculture techniques, and growing urbanization are some of the critical factors responsible for market growth. These factors have increased the requirement for food. Demand for food is expected to witness significant growth with a growing population by 2030. The adoption of vertical cultivation techniques allows consumers to grow crops in a warehouse or a multi-story building.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

The global indoor farming market size was valued at USD 37.9 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 13.2% from 2024 to 2030.

The global shipping container market size was valued at USD 6.41 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.0% from 2020 to 2028.

Key Companies profiled:

·         AeroFarms (U.S.)

·         Illumitex, Inc. (U.S.)

·         American Hydroponics (U.S.)

·         Agrilution GmbH

·         Brightfarms Inc.

·         Everlight Electronics Co., Ltd.

·         Freight Farms

·         GrowUp Urban Farms Ltd.

·         Green Sense Farms, LLC

·         Vertical Farm Systems

Key Vertical Farming Company Insights

Some of the key players operating in the market include Agrilution GmbH; Aerofarm; Brightfarms Inc.; Everlight Electronics Co., Ltd; Freight Farms; GrowUp Urban Farms Ltd.; Green Sense Farms, LLC; Vertical Farm Systems.

Vertical Farm Systems is engaged in the development of fully automated growing systems with reusable medium and energy efficient climate cells. The company utilizes artificial intelligence (AI) and automation for optimized growing conditions.

Brightfarms Inc., is an indoor farming company that provides fresh packaged salad. The company sells their product locally that are grown in controlled environment. The company is inclined towards development of efficient vertical farming system with a focus on resource efficiency and sustainable practices.

Bowery Farming and Aerofarm are some of the emerging market participants in the target market.

Bowery Farming is engaged in providing solutions related to vertical farming and digital agriculture. Bowery Farming is a New York based company having farms in New Jersey, Maryland, and Pennsylvania.

Aerofarm, is a U.S.- based indoor vertical farming solution provider. The company uses artificial intelligence and plant biology to fix broken food system and improve the fresh produce growth

Recent Developments

In March 2023, BrightFarms, a pioneer in the indoor farming industry, is growing by establishing four additional regional greenhouse centers that introduce sustainably farmed leafy greens to a broader audience in the Eastern and Central United States. The newly built greenhouse centers are expected to meet the rising demand for organic food and initiate distribution to retailers by 2024. With this expansion, the company is expecting 10x revenue growth by 2024.

In February 2023, AeroFarms and Public Investment Fund (PIF), a wealth funding body of Saudi Arabia, announced a joint venture to establish indoor vertical farms in the Middle East and Saudi Arabia.

Order a free sample PDF of the Vertical Farming Market Intelligence Study, published by Grand View Research.

 

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