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Vertical Farming Market Valuation – 2022-2030
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Rapid urbanization is demanding more of deforestation, which is leading to dramatic changes in the climate. The huge impact of these factors on conventional farming methods is proving promising for the Vertical Farming Market.
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The decrease in the availability of land for agriculture is anticipated to expedite the sales, aiding the market size to reach around USD 31.26 Billion by 2030 surpassing USD 4.74 Billion which was valued in 2021. Furthermore, the numerous mouths to feed are insisting the government and private organizations to opt for vertical farming to increase crop yield, enabling the market to substantially grow at a CAGR of 23.33% over the forecast period.
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Vertical Farming Market: Definition/Overview
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Vertical farming is primarily a modern technique of producing crops in vertically stacked structures or layers. The requirement of a climate-controlled environment, no soil, less space, and lower resources are the major advantages enabling year-round production with minimal wastage. Vertical farming is thus likely to gain traction in the coming years to meet the demand for higher and sustainable yields.
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The current modern method of cultivation is a game-changer for the harsh environment of places such as deserts, tundra, and other arid places by enabling fresh produce with limited use of resources. In addition to this, the integration of artificial intelligence, the internet of Things, and other advanced solutions in farming methods helps control resources such as light, fertilizer, soil fertility, environmental changes, and irrigation. Thus, technological advancements will further drive the sales of vertical farming solutions over the forecast period.
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Will Demand for Food and Plantation Spur the Sales of Vertical Farming Techniques?
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A growing number of ailments is leading to an upsurge in the trend related to health consciousness and fitness, thereby stirring the demand for fresh and locally cultivated food. It is the preference for quality and safety among the customers that is primarily encouraging more of vertical farming to reduce transportation costs as well as to ensure food quality.
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Also, the growth in population across the globe is necessitating more of arable land and water resources, creating immense opportunities for sustainable solutions, such as vertical farming. Thus, vertical farming is likely to gain rapid momentum compared to conventional farming techniques.
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With rising technological advancements in agriculture, vertical farming is expected to attain triumph in both the commercial and residential sectors. In response to this, both the manufacturers and civic are also willing to invest in hydroponics systems, LED lighting, electronic traceability, and other innovative technologies for higher productivity at favorable costs. Meanwhile, growing demand for organic farming practices is also permitting the practice of vertical farming, offering significant prospects of market growth.
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Growing public awareness regarding Controlled Environment Agriculture (CEA) and government-backing sustainable agricultural techniques will further drive innovation and investments in the vertical farming industry. Correspondingly, increasing disposable income in developed countries is surging the demand for premium quality food products, offering vertical farming a positive outlook in the coming years.
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Above all, the impact of pesticides, greenhouse gas emissions, water, and land utility through conventional farming on the environment is shifting the focus of clientele on sustainable alternatives such as vertical farming. Thus, the effect of consumers’ food choices on the environment is a windfall for modern farming techniques.
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Will Costing of Vertical Farming Solutions Have a Negative Impact on Growth of Market?
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While the potential benefits of vertical farming are significant, this industry still faces an immense number of challenges and restraints. It is these shortcomings that might inhibit its widespread adoption. Hence, the need to address these limitations is necessary such that vertical farming can reach its full potential.
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The requirement of upfront investment in the establishment of infrastructure, specialized equipment, and other technologies act as a huge barrier for the low-budgeted businesses. Likewise, spurring demand for light, climate control, skilled labor, and nutrient solutions is likely to skyrocket operational costs. Thereby, making it difficult for vertical farming technology to sustain its foothold.
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Despite the advantages offered by vertical farming, this technology is suitable for only limited crops. The research and development in the field of vertical farming grains and root vegetables is still underway. This selectiveness in farming might restrain the growth of the Vertical Farming Market.
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Moreover, the quality concerns and the technical restrictions associated with vertical farming are conceivably one of the primary factors hindering the practice of vertical farming. Another important restraining factor is the competition set forth by conventional agricultural techniques in terms of infrastructure and production costs.
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Despite these challenges and restraints, the vertical farming industry has the potential to become one of the major players in the future of food production.
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Category-wise Acumens
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How will Lighting Empower the Domination of Hardware Segment Over the Forecast Period?
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The need for controlled environment conditions in vertical farming is projected to stir up the adoption of advanced lighting systems, including LEDs, for offering sunlight-like effect. This factor is the fundamental factor influencing the hardware segment to dominate the global Vertical Farming Market.
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In addition to this, lower risks related to heat damage, power-efficient, cost-effectiveness, and extended lifespan are the adaptabilities of LEDs that have upsurged its implementation in vertical farming. This favored choice is anticipated to make the hardware segment a crucial role in the expansion of this innovative farming technique.
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On the other hand, the software segment is estimated to grow at a rapid pace over the forecast period. Growing demand for cloud-based software and others to obtain real-time data to analyze the effect of environmental parameters on the taste and quality of the food product. It is foreseen that the software segment will enable vertical farming to continuously experience growth in the upcoming years.
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Why is Hydroponics the most preferred Choice Among Commercial Growers?
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Hydroponics is luring commercial growers owing to its favorable features including minimal water and soil requirements. Also, the requirement of lower space and year-round high-quality yield are other factors that purposively the Vertical Farming Market gain traction over the forecast period.
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The sustainability and environmental-friendliness of hydroponics is switching the interest of clientele from conventional agriculture to vertical farming. The perspective of vertical farming is projected to experience considerable success and expansion across the world.
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Aquaponics is the second largest market share holder in the Vertical Farming Market. The growth of this segment is owing to the use of fish waste as a nutrient-rich source for crop production, thereby eliminating the need for chemicals for cultivation.
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Which Crop Type Holds Maximum Share in the Global Vertical Farming Market?
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According to Market Research analysts, increasing mouths to feed is driving the demand for alternative sustainable farming to enhance yield. In response to this, the clientele is majorly focused on cultivating fruits, vegetables, and herbs to tackle the global food crisis. The fruits, vegetables, and herbs segment is thus projected to dominate the global Vertical Farming Market.
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The economic viability of the crops, such as tomatoes, lettuce, herbs, and others, could be best proven by through the implementation of vertical farming. Thereby, increasing the adoption of this sustainable farming technique among the cultivators.
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Furthermore, the need for cost-effective production and easy vending of cultivated fruits, vegetables, and herbs will bolster the expansion of the Vertical Farming Market over the forecast period.
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Will Easy Transportation and Less of Space Requirement Drive Adoption of Shipping Container?
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Rising demand for easy cultivation of crops irrespective of geographical locations is projected to boost the implementation of shipping container-based vertical farming. Also, the no requirement of land or any kind of infrastructure and easy transportation are other aspects projected to facilitate the adoption of vertical farming worldwide.
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Growing benefits and awareness about indoor vertical farms are encouraging various clientele to adopt the shipping container-based structure for vertical farming owing to the integration of a growth management system that could be monitored using smartphones or computers. These facets are likely to act opportunistically for this segment.
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Country-wise Acumens
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Will the Diversity in Food in Asia Pacific Boost the Implementation of Vertical Farming?
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The diversity in the food in various Asia Pacific nations, such as India, China, and others, is stirring the demand for vertical farming to enhance the yield and quality of food. This growing requirement for diversity in cultivation is projected to bolster the growth of the Vertical Farming Market.
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Additionally, the growing population in developing nations such as China, South Korea, and India is propelling the demand for higher food productivity, driving the implementation of vertical farming by businesses of all sizes.
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Besides all these, the climatic changes, drought lands, financial crisis, and limited space for agriculture in the Asian regions are fostering the need for innovative farming techniques such as vertical farming. For instance, according to Singapore Food Agency (SFA), Singapore imports 90% of its food due to the availability of only 1% of land for cultivation. Thus, the geo-political conflicts, segregated supply chains, and other problems are surging the demand for innovative techniques to enable the production of food at home. Such spurring needs are anticipated to play a critical role in supporting the practice of vertical farming.
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Will Innovative Technologies in the U.S. Boost Vertical Farming Market in North America?
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Increasing disposable income in developed nations such as the U.S. is shifting the interest of consumers from conventional farming to fresh, supreme quality, and at-home vertical farming techniques. Also, the prevalence of various diseases is generating more health and fitness awareness among the public, creating immense opportunities for favorable and high-quality vertical farming methods. The wide-scale adoption of vertical farming in the U.S. is anticipated to boost the adoption of vertical farming in North America.
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Additionally, the government backing coupled with the abundance of capital resources and favorable environmental regulations are all proving valuable for fueling the growth of the Vertical Farming Market.
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The presence of prominent players such as Gotham Greens and AeroFarms, among others in the region is likely to enhance the implementation of vertical farming across the entire region. These facets are projected to assist the market in experiencing substantial growth in the coming years.
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Competitive Landscape
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The “Global Vertical Farming Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Plenty Unlimited, Inc., Osram Licht AG, Signify Holding, Valoya, Sky Greens, Freight Farms, AeroFarms, Spread, Everlight Electronics, Heliospectra AB, Agrilution GmbH, GreenTech, Vertical Farm Systems, 4D Bios, Inc., Gronska stadsodling ab, Brightfarms, Inc., Hort Americas, Illumitex, Inc., American Hydroponics, Agricool, Koninklijke Philips N.V., InFarm, AMHYDRO, GrowUp Urban Farms, Ltd., Urban Crop Solutions, Future Crops, GrowY, Intelligent Growth Solutions Limited, SweGreen, Jones Foods Company.
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Latest Developments
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- In October 2019, Grow Shop Hydroponics has been acquired by Hydroponics, a technology-enabled provider of worldwide agricultural supplies, data and analytics, and procurement for large-scale, commercial cannabis farms. Grow Shop Hydroponics, a cannabis equipment retailer, is situated in Desert Hot Springs, a fast-expanding cannabis hub in California. This comes on the heels of the Company’s announcement of a $75 million strategic acquisition drive.
- In April 2020, AeroFarms has announced that it would build a 90,000 square-foot indoor vertical farm in Abu Dhabi, UAE, as part of a USD 100 million AgTech investment by the Abu Dhabi Initiative Office (ADIO).
- In July 2021, Sky Greens, the brainchild of engineer Jack Ng, has expanded from a vertical farm system into a micro-farm franchise, with Green Trade Financing from UOB providing an additional push to the innovative business model.
- In August 2021, Kalera, one of the world’s fastest-growing and largest vertical farming companies, announces the signing of a share purchase agreement to acquire all shares of &ever, a global leader in baby leaf indoor farming, for a total consideration reflecting an enterprise value of EUR 130 million on a cash and debt-free basis.
- In March 2021, Spring Valley Acquisition, a special-purpose acquisition company, entered into a merger agreement and plan with AeroFarms, an indoor vertical farming firm (SPAC). AeroFarms’ equity needs, which include expanding retail distribution and market penetration, developing additional farms, introducing future generations of proprietary farming technology, and entering new product categories, are expected to be fully funded by the newly combined corporation.
- In June 2022, Sky Urban Solutions Holding, the parent company of Sky Greens, one of the world’s first commercial-scale vertical farms, announced signing an agreement with GEM, a Luxembourg-based private substitute investment group. The agreement provides Sky Urban, with a shared membership facility of up to $50 million USD for a 36-month term following a public listing.
- In May 2023, AeroFarms announced that it would be nationally expanding Amazon Fresh online and Amazon Fresh Grocery stores. This partnership will help AeroFarms build on a national success of industry-first Whole Food Market Global Planogram.
- In February 2023, Realty Income entered into a partnership with Plenty Unlimited, Inc. During the collaboration, Realty agreed to invest USD 1 Billion in Plenty’s indoor vertical farms.
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Report Scope
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| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period |
2018-2030 _x000D_ |
| Growth Rate |
CAGR of ~23.33% from 2023 to 2030 _x000D_ |
| Base Year for Valuation |
2021 _x000D_ |
| Historical Period |
2018-2020 _x000D_ |
| Forecast Period |
2023-2030 _x000D_ |
| Quantitative Units |
Value in USD Billion _x000D_ |
| Report Coverage |
Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis _x000D_ |
| Segments Covered |
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| Regions Covered |
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| Key Players |
Plenty Unlimited, Inc., Osram Licht AG, Signify Holding, Valoya, Sky Greens, Freight Farms, AeroFarms, Spread, Everlight Electronics, Heliospectra AB, Agrilution GmbH. _x000D_ |
| Customization |
Report customization along with purchase available upon request _x000D_ |
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Vertical Farming Market by Category
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Growth Mechanism:
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- Aeroponics
- Hydroponics
- Aquaponics
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Structure:
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- Building-Based Vertical Farms
- Shipping Container-Based Vertical Farms
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Component:
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- Hardware
- Irrigation System
- Fertigation System
- Climate Control
- Hydroponic Components
- Lighting System
- Building Material
- Sensor
- Shelves and Racks
- HVAC Systems
- Software
- Vertical Farming Management Software
- Services
- Managed Services
- System Integration and Consulting
- Professional Services
- Maintenance and Support Services
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Crop Type
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- Fruits, Vegetables, and Herbs
- Flowers and Ornamentals
- Cannabis
- Microgreens
- Others
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Region:
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- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Vertical Farming Market Infographic
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Research Methodology of Market Research:
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