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.
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.
Gather more insights about the market drivers, restrains and growth of the Vertical Farming Market
Vertical Farming Market Report Highlights
• The escalating production of biopharmaceutical products is anticipated to drive the market
• The shipping container segment accounted for the largest market share in 2022. Shipping container-based farming uses less water than traditional farming with drip irrigation. Shipping containers can be easily stacked, modified, recycled, and refurbished at a lower cost. Additionally, the excess availability of unused shipping containers across the region will likely influence segment growth over the forecast period
• The hardware segment accounted the largest market share in 2022. The hardware plays a significant role in maintaining the environment of the indoor farms. The segment is further categorized into climate control systems, lighting systems, sensors, and irrigation systems, which enables the cultivation of indoor-grown crops
• The fruits vegetables, & herbs segment is also expected to have considerable growth over the forecast period. The increasing cultivation of commonly grown fruits and vegetables in greenhouses is driving the segment growth. Crops grown in vertical farming provide maximum profit to companies involved in their cultivation
• Based on offering, the climate control segment is expected to witness high growth over the forecast period as the growth of crops can be controlled by monitoring and adjusting the concentrations of minerals
• By growing mechanism, the aeroponics segment is expected to observe considerable growth over the forecast period as the aeroponics facilitate fast growth in plants (under normal conditions)
• The North American regional market is expected to witness significant growth over the forecast period owing to the expansion of small-scale, commercial vertical farms
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Vertical Farming Market Segmentation
Grand View Research has segmented the global vertical farming market report based on structure, growing mechanism, crop category and region
Vertical Farming Structure Outlook (Revenue, USD Million, 2017 - 2030)
• Shipping Container
• Building-based
Vertical Farming Component Outlook (Revenue, USD Million, 2017 - 2030)
• Hardware
o Lighting
o Hydroponic components
o Climate control
o Sensors
• Software
• Services
o System Integration & Consulting
o Managed Services
o Assisted Professional Services
Vertical Farming Growing Mechanism Outlook (Revenue, USD Million, 2017 - 2030)
• Hydroponics
• Aeroponics
• Aquaponics
Vertical Farming Crop Category Outlook (Revenue, USD Million, 2017- 2030)
• Fruits Vegetables, & Herbs
o Tomato
o Lettuce
o Bell & Chili Peppers
o Strawberry
o Cucumber
o Leafy Greens (excluding lettuce)
o Herbs
o Others
• Flowers & Ornamentals
o Perennials
o Annuals
o Ornamentals
• Others (Cannabis, Microgreens)
Vertical Farming Regional Outlook (Revenue, USD Million, 2017 - 2030)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o U.K.
o France
o Italy
o Spain
• Asia Pacific
o China
o Japan
o India
o Singapore
o South Korea
• South America
o Brazil
• Middle East and Africa (MEA)
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