Vertical Farming Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F

Report
111 Pages
August 2023
Region: Global
TechSci Research
ID: 5869898

Global Vertical Farming market is anticipated to grow significantly through 2028 due to the growing demand for healthy and safe food. In 2019, Hydroponics made up around 51.33 % of the market value of indoor farming technology worldwide.

The increased demand for organic and high-quality foods has changed the production capacity of vertical farming businesses and given them a foundation to assure high-quality and quantity-authorized production to satisfy the growing needs. In addition, individuals have begun growing fruits and vegetables indoors, giving rise to the idea of indoor vertical farming resulting in the growth of global vertical farming market in the forecast period.

Increasing Demand for Healthy and Safe Food

Due to the rising need for nutritious and secure food, hydroponics is expected to experience exceptional growth. Growth in hydroponics is driven by expanding inventions to enhance the tastes and sustainability of fruits and vegetables. The demand for this kind of farming method is fueled by decreased water consumption and increased output potential. When grown hydroponically, plants typically yield more than those that are grown in soil. By utilizing this technique, the danger of illnesses that affect soil is decreased. In this technique, a mineral solution is used in lieu of the soil to surround the roots of the plant.

For instance, according to United Nations Convention to Combat Desertification (UNCCD), due to an increase in urbanization annual loss of 1.6 to 3.3 million hectares of prime agricultural land between 2000 and 2030 is expected.

Therefore, the demand for alternative farming practices such as hydroponics which are less dependent on land and space leads to the growth of Global Vertical Farming Market in the upcoming years.

Growing Demand for Container-Based Vertical Farming

The key advantages of container-based farming are that the entire operation of crop production is done in a container, making it simple to transport and requiring less land. In comparison to single-level agricultural land, this method of cultivation offers roughly eight times as much growing space, extending the time during which a city's food security is guaranteed.

For instance, in November 2021, Bowery Farming built urban vertical farms, based on NASA's data-driven model, built into existing structures such as vacant warehouses.

Therefore, increasing demand for container-based farming results in growing the demand of Global Vertical Farming market during the projected period.

Lighting will be the Key Component

In order to support vertical farming, the lighting system includes LED lights, pink lights, grow lights, grow light ballasts, grow light reflectors, and other kinds of artificial cultivation lights which save operating expenses and limit power usage. LED lighting systems are becoming more and more popular. LED lighting systems produce less heat than traditional light sources, making them perfect for agricultural settings.

Furthermore, the need for temperature control components is driven by a shift in customer demand for out-of-season food. Components of climate control aid in regulating the humidity, lighting, and temperature. The ability to control sophisticated temperature control systems from a computer or mobile device is anticipated to spur the development of hydroponics components. All these factors increase the demand for Global Vertical Farming market in the forecast years.

Recent Developments

In November 2022, AeroFarms and QFZA Announced the Middle East Expansion of AeroFarms with a New Commercial Indoor Vertical Farm in Qatar Free Zones.

Bowery opened a new vertical farm in Pennsylvania in May 2022.

In the Ica Maxi superstore in Linköping, Sweden, Swegreen debuted the "NextGen" of very effective in-store vertical farms in April 2021.

In October 2020, Bright Farms assured USD100 million to expand its indoor farming.

Market Segmentation

Global Vertical Farming Market is segmented based on structure, growing mechanism, crop type, component, application, region and competitive landscape. Based on structure, the market is categorized into building-based and container-based. Based on growing mechanism, the market is divided into hydroponics, aeroponics, and aquaponics Based on crop type, the market is fragmented into leafy green, pollinated plants, and nutraceutical plants. Based on application, the market is segregated into indoor, and outdoor. Based on region, the market is divided into North America, Europe, Asia Pacific, South America, Middle East & Africa.

Company Profiles

AeroFarms LLC, AmHydro, Urban Crop Solutions, Bowery Farming Inc., Freight Farms, Inc., Crop One Holdings, Inc., Altius Farms, Inc., Plenty Unlimited Inc., Upward Enterprises Inc., Intelligent Growth Solutions Limited are some of the key players in the Global Vertical Farming Market.

Report Scope:

In this report, Global Vertical Farming market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:

Vertical Farming Market, By Structure:

Building-Based
Container-Based

Vertical Farming Market, By Growing Mechanism:

Hydroponics
Aeroponics
Aquaponics

Vertical Farming Market, By Crop Type:

Leafy Green
Pollinated Plants
Nutraceutical Plants

Vertical Farming Market, By Component:

Lighting
Hydroponic Component
Climate Control
Sensors
Others

Vertical Farming Market, By Application:

Indoor
Outdoor

Vertical Farming Market, By Region:

North America
United States
Mexico
Canada
Europe
France
Germany
United Kingdom
Spain
Italy
Asia-Pacific
China
India
South Korea
Japan
Singapore
South America
Brazil
Argentina
Middle East & Africa
South Africa
Saudi Arabia
UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies in global vertical farming market.

Available Customizations:

With the given market data, the publisher offers customizations according to a company’s specific needs.

This product will be delivered within 1-3 business days.

1. Product Overview

1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Vertical Farming Market Outlook

5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Structure (Building-Based, Container-Based)
5.2.2. By Growing Mechanism (Hydroponics, Aeroponics, Aquaponics)
5.2.3. By Crop Type (Leafy Green, Pollinated Plants, Nutraceutical Plants)
5.2.4. By Component (Lighting, Hydroponic Component, Climate Control, Sensors, Others)
5.2.5. By Application (Indoor, Outdoor)
5.2.6. By Region (North America, Europe, Asia Pacific, South America, Middle East & Africa)
5.2.7. By Company (2022)
5.3. Market Map
5.3.1. By Structure
5.3.2. By Growing Mechanism
5.3.3. By Crop Type
5.3.4. By Component
5.3.5. By Application
5.3.6. By Region

6. North America Vertical Farming Market Outlook

6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Structure
6.2.2. By Growing Mechanism
6.2.3. By Crop Type
6.2.4. By Component
6.2.5. By Application
6.2.6. By Country
6.3. North America: Country Analysis
6.3.1. United States Vertical Farming Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Structure
6.3.1.2.2. By Growing Mechanism
6.3.1.2.3. By Crop Type
6.3.1.2.4. By Component
6.3.1.2.5. By Application
6.3.2. Mexico Vertical Farming Market Outlook
6.3.2.1. Market Size & Forecast
6.3.2.1.1. By Value
6.3.2.2. Market Share & Forecast
6.3.2.2.1. By Structure
6.3.2.2.2. By Growing Mechanism
6.3.2.2.3. By Crop Type
6.3.2.2.4. By Component
6.3.2.2.5. By Application
6.3.3. Canada Vertical Farming Market Outlook
6.3.3.1. Market Size & Forecast
6.3.3.1.1. By Value
6.3.3.2. Market Share & Forecast
6.3.3.2.1. By Structure
6.3.3.2.2. By Growing Mechanism
6.3.3.2.3. By Crop Type
6.3.3.2.4. By Component
6.3.3.2.5. By Application

7. Europe Vertical Farming Market Outlook

7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Structure
7.2.2. By Growing Mechanism
7.2.3. By Crop Type
7.2.4. By Component
7.2.5. By Application
7.2.6. By Country
7.3. Europe: Country Analysis
7.3.1. France Vertical Farming Market Outlook
7.3.1.1. Market Size & Forecast
7.3.1.1.1. By Value
7.3.1.2. Market Share & Forecast
7.3.1.2.1. By Structure
7.3.1.2.2. By Growing Mechanism
7.3.1.2.3. By Crop Type
7.3.1.2.4. By Component
7.3.1.2.5. By Application
7.3.2. Germany Vertical Farming Market Outlook
7.3.2.1. Market Size & Forecast
7.3.2.1.1. By Value
7.3.2.2. Market Share & Forecast
7.3.2.2.1. By Structure
7.3.2.2.2. By Growing Mechanism
7.3.2.2.3. By Crop Type
7.3.2.2.4. By Component
7.3.2.2.5. By Application
7.3.3. United Kingdom Vertical Farming Market Outlook
7.3.3.1. Market Size & Forecast
7.3.3.1.1. By Value
7.3.3.2. Market Share & Forecast
7.3.3.2.1. By Structure
7.3.3.2.2. By Growing Mechanism
7.3.3.2.3. By Crop Type
7.3.3.2.4. By Component
7.3.3.2.5. By Application
7.3.4. Spain Vertical Farming Market Outlook
7.3.4.1. Market Size & Forecast
7.3.4.1.1. By Value
7.3.4.2. Market Share & Forecast
7.3.4.2.1. By Structure
7.3.4.2.2. By Growing Mechanism
7.3.4.2.3. By Crop Type
7.3.4.2.4. By Component
7.3.4.2.5. By Application
7.3.5. Italy Vertical Farming Market Outlook
7.3.5.1. Market Size & Forecast
7.3.5.1.1. By Value
7.3.5.2. Market Share & Forecast
7.3.5.2.1. By Structure
7.3.5.2.2. By Growing Mechanism
7.3.5.2.3. By Crop Type
7.3.5.2.4. By Component
7.3.5.2.5. By Application

8. Asia-Pacific Vertical Farming Market Outlook

8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Structure
8.2.2. By Growing Mechanism
8.2.3. By Crop Type
8.2.4. By Component
8.2.5. By Application
8.2.6. By Country
8.3. Asia-Pacific: Country Analysis
8.3.1. China Vertical Farming Market Outlook
8.3.1.1. Market Size & Forecast
8.3.1.1.1. By Value
8.3.1.2. Market Share & Forecast
8.3.1.2.1. By Structure
8.3.1.2.2. By Growing Mechanism
8.3.1.2.3. By Crop Type
8.3.1.2.4. By Component
8.3.1.2.5. By Application
8.3.2. India Vertical Farming Market Outlook
8.3.2.1. Market Size & Forecast
8.3.2.1.1. By Value
8.3.2.2. Market Share & Forecast
8.3.2.2.1. By Structure
8.3.2.2.2. By Growing Mechanism
8.3.2.2.3. By Crop Type
8.3.2.2.4. By Component
8.3.2.2.5. By Application
8.3.3. South Korea Vertical Farming Market Outlook
8.3.3.1. Market Size & Forecast
8.3.3.1.1. By Value
8.3.3.2. Market Share & Forecast
8.3.3.2.1. By Structure
8.3.3.2.2. By Growing Mechanism
8.3.3.2.3. By Crop Type
8.3.3.2.4. By Component
8.3.3.2.5. By Application
8.3.4. Japan Vertical Farming Market Outlook
8.3.4.1. Market Size & Forecast
8.3.4.1.1. By Value
8.3.4.2. Market Share & Forecast
8.3.4.2.1. By Structure
8.3.4.2.2. By Growing Mechanism
8.3.4.2.3. By Crop Type
8.3.4.2.4. By Component
8.3.4.2.5. By Application
8.3.5. Singapore Vertical Farming Market Outlook
8.3.5.1. Market Size & Forecast
8.3.5.1.1. By Value
8.3.5.2. Market Share & Forecast
8.3.5.2.1. By Structure
8.3.5.2.2. By Growing Mechanism
8.3.5.2.3. By Crop Type
8.3.5.2.4. By Component
8.3.5.2.5. By Application

9. South America Vertical Farming Market Outlook

9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Structure
9.2.2. By Growing Mechanism
9.2.3. By Crop Type
9.2.4. By Component
9.2.5. By Application
9.2.6. By Country
9.3. South America: Country Analysis
9.3.1. Brazil Vertical Farming Market Outlook
9.3.1.1. Market Size & Forecast
9.3.1.1.1. By Value
9.3.1.2. Market Share & Forecast
9.3.1.2.1. By Structure
9.3.1.2.2. By Growing Mechanism
9.3.1.2.3. By Crop Type
9.3.1.2.4. By Component
9.3.1.2.5. By Application
9.3.2. Argentina Vertical Farming Market Outlook
9.3.2.1. Market Size & Forecast
9.3.2.1.1. By Value
9.3.2.2. Market Share & Forecast
9.3.2.2.1. By Structure
9.3.2.2.2. By Growing Mechanism
9.3.2.2.3. By Crop Type
9.3.2.2.4. By Component
9.3.2.2.5. By Application

10. Middle East and Africa Vertical Farming Market Outlook

10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Structure
10.2.2. By Growing Mechanism
10.2.3. By Crop Type
10.2.4. By Component
10.2.5. By Application
10.2.6. By Country
10.3. MEA: Country Analysis
10.3.1. South Africa Vertical Farming Market Outlook
10.3.1.1. Market Size & Forecast
10.3.1.1.1. By Value
10.3.1.2. Market Share & Forecast
10.3.1.2.1. By Structure
10.3.1.2.2. By Growing Mechanism
10.3.1.2.3. By Crop Type
10.3.1.2.4. By Component
10.3.1.2.5. By Application
10.3.2. Saudi Arabia Vertical Farming Market Outlook
10.3.2.1. Market Size & Forecast
10.3.2.1.1. By Value
10.3.2.2. Market Share & Forecast
10.3.2.2.1. By Structure
10.3.2.2.2. By Growing Mechanism
10.3.2.2.3. By Crop Type
10.3.2.2.4. By Component
10.3.2.2.5. By Application
10.3.3. UAE Vertical Farming Market Outlook
10.3.3.1. Market Size & Forecast
10.3.3.1.1. By Value
10.3.3.2. Market Share & Forecast
10.3.3.2.1. By Structure
10.3.3.2.2. By Growing Mechanism
10.3.3.2.3. By Crop Type
10.3.3.2.4. By Component
10.3.3.2.5. By Application

11. Market Dynamics

11.1. Drivers
11.1.1. Growing Demand for Organic Food
11.1.2. Limited Land Availability for Traditional Agriculture
11.1.3. Decreasing Arable Land and Increasing Water Crisis
11.2. Challenges
11.2.1. High cost of initial investment
11.2.2. Complexity of Horticulture Lighting

12. Market Trends & Developments

12.1. Product Launches
12.2. Mergers & Acquisitions
12.3. Technological Advancements

13. Global Vertical Farming Market: SWOT Analysis

14. Porter’s Five Forces Analysis

14.1. Competition in the Industry
14.2. Potential of New Entrants
14.3. Power of Suppliers
14.4. Power of Customers
14.5. Threat of Substitute Products

15. Competitive Landscape

15.1. Business Overview
15.2. Product Offerings
15.3. Recent Developments
15.4. Financials (In Case of Listed Companies)
15.5. Key Personnel
15.6. SWOT Analysis
15.6.1. AeroFarms LLC
15.6.2. AmHydro
15.6.3. Urban Crop Solutions
15.6.4. Bowery Farming Inc.
15.6.5. Freight Farms, Inc.
15.6.6. Crop One Holdings, Inc.
15.6.7. Altius Farms, Inc.
15.6.8. Plenty Unlimited Inc.
15.6.9. Upward Enterprises Inc.
15.6.10. Intelligent Growth Solutions Limited

16. Strategic Recommendations

Companies Mentioned

AeroFarms LLC
AmHydro
Urban Crop Solutions
Bowery Farming Inc.
Freight Farms, Inc.
Crop One Holdings, Inc.
Altius Farms, Inc.
Plenty Unlimited Inc.
Upward Enterprises Inc.
Intelligent Growth Solutions Limited

Table Information

Report Attribute	Details
No. of Pages	111
Published	August 2023
Forecast Period	2022 - 2028
Estimated Market Value ( USD ) in 2022	$ 3.35 Billion
Forecasted Market Value ( USD ) by 2028	$ 6.44 Billion
Compound Annual Growth Rate	11.4%
Regions Covered	Global
No. of Companies Mentioned	10

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