Global Vertical Farming Market

Vertical Farming Market Size, Share, Growth Analysis, By Growth Mechanism(Hydroponics, Aeroponics, Aquaponics), Structure(Building-based, Shipping Container-based), Offering(Lighting, Hydroponic Components, Climate Control, Sensors, Software, Services), Crop Type, and Region - Industry Forecast 2024-2031


Report ID: SQMIG45I2097 | Region: Global | Published Date: June, 2024
Pages: 197 | Tables: 60 | Figures: 75

Vertical Farming Market Regional Insights

North America is the largest region in the vertical farming market and held the maximum share in 2023. The presence of major vertical forms in US and Canada contributes towards its dominance. Additionally, the continuous adoption of advanced and automated technologies across the farms helps in growing of the pesticide free and year-round production of different crops in the region. Furthermore, the region has a well-established distribution network which makes it easier to transport crops. The major players such as John Deere, AGCO, and others in this region are contributing towards the growth of the market.  

On the other hand, the Asia-Pacific region is the fastest growing region in the vertical farming market. Due to the large population in this region, there is a rising demand for food which is contributing towards the market growth. The continuously growing urbanization is leading to words the production of high value crops such as fruits, vegetables and others. The middle-class sector is also continuously growing which is also driving the region's growth. China and India for the major players in this region driving the market during the forecasted period.

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Global Vertical Farming Market size was valued at USD 6.88 billion in 2022 and is poised to grow from USD 8.27 billion in 2023 to USD 36.04 billion by 2031, growing at a CAGR of 20.2% in the forecast period (2024-2031).

The market is competitive and includes large and small players in the industry. The entry of new players contributes to intensifying the competition. The government initiatives are contributing towards research and development which improves efficiency and sustainability of vertical farming processes. 'AeroFarms (US) ', 'BrightFarms (US) ', 'Everlight Electronics (Taiwan) ', 'Green Sense Farms (US) ', 'Growtainer (US) ', 'Illumitex (US) ', 'Sky Greens (Singapore) ', 'Koninklijke Philips N.V. (Netherlands) ', 'Plenty (US) ', 'Signify Holding B.V. (Netherlands) ', 'Urban Crops Solutions (Belgium) ', 'Vertical Farm Systems (Australia) ', 'Alesca Life Technologies (Hong Kong) ', 'American Hydroponics (US) ', 'FarmOne (US) ', 'Freight Farms (US) ', 'General Hydroponics (US) ', 'Heliospectra AB (Sweden) ', 'Local Roots Farms (US) ', 'Modular Farms Co. (Canada)'

The Shift Towards Sustainable Farming Procedures: There is a rising demand for fresh and farm-grown food products and the advancements in artificial lighting technology are contributing towards the expansion of the market. The increase in the popularity of urban farming is also driving the market growth. The farmers are adopting sustainable methods for increasing their production and meeting consumer demands. Due to the minimal consumption of the resources, it is contribution to the expansion. Additionally, many companies are adopting business models which include vertical farming and community supported programs to meet the consumer preferences, thus driving the market expansion. 

North America is the largest region in the vertical farming market and held the maximum share in 2023. The presence of major vertical forms in US and Canada contributes towards its dominance. Additionally, the continuous adoption of advanced and automated technologies across the farms helps in growing of the pesticide free and year-round production of different crops in the region. Furthermore, the region has a well-established distribution network which makes it easier to transport crops. The major players such as John Deere, AGCO, and others in this region are contributing towards the growth of the market.  

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Global Vertical Farming Market

Report ID: SQMIG45I2097

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