Global Vertical Farming Market to Reach USD 26,419.27 Million by 2031 | CAGR of 24.4%
Category : Agriculture & Animal Feed | Published Date : Nov 2024 | Type : Press Release
Vertical Farming Market Scope & Overview:
As per the Consegic Business Intelligence newly published report, the Vertical Farming Market size was valued at USD 4,610.46 million in 2023 and is projected to grow at a CAGR of 24.4%, reaching USD 26,419.27 million by 2031. Vertical farming involves cultivating crops and medicinal plants in vertically stacked layers under controlled environmental conditions, often in urban areas such as skyscrapers or repurposed warehouses. This innovative farming technique optimizes space, reduces water consumption, and minimizes exposure to pests and diseases, ensuring year-round production of fresh produce.
The report comprises the Vertical Farming Market Share, Size & Industry Analysis, based on Structure (Building-Based, Shipping Container-Based), Component (Lighting System, Irrigation and Fertigation System, Climate Control, Sensors, Others), Growth Mechanism (Aeroponics, Hydroponics, Aquaponics), and Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa), and Forecast, 2024-2031.
The report contains detailed information on Vertical Farming Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profiles, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
The rising demand for sustainable agricultural practices and advancements in AI-integrated farming systems drive the market's growth, while limitations in crop diversity pose challenges.
Segmental Analysis :
Based on structure, the market is segmented into Building-Based and Shipping Container-Based.
- The shipping container-based segment accounted for the largest share in 2023, driven by its scalability, energy efficiency, and suitability for high-value crops like leafy greens and herbs.
- The building-based segment is projected to grow at the fastest rate, supported by its adoption in urban areas to maximize space and meet local food demands.
Based on component, the market is segmented into Lighting System, Irrigation and Fertigation System, Climate Control, Sensors, and Others.
- The sensors segment held the largest revenue share in 2023, driven by its ability to provide real-time data for optimizing growing conditions and reducing resource waste.
- The climate control segment is expected to grow rapidly, supported by its role in ensuring consistent crop quality and enabling year-round production.
Based on growth mechanism, the market is segmented into Aeroponics, Hydroponics, and Aquaponics.
- The hydroponics segment dominated the market in 2023, accounting for 57.09% of the revenue, driven by its efficient use of water and nutrients.
- The segment is also projected to register the fastest CAGR, supported by advancements in hydroponic technologies and increasing adoption in urban farming.
Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
- Asia-Pacific: Held the largest market share in 2023, driven by rapid technological advancements and increasing investments in sustainable agriculture in China and India.
- North America: Expected to grow significantly due to limited farming land and the rising demand for fresh produce in urban areas.
| Report Attributes | Report Details |
| Study Timeline | 2018-2031 |
| Market Size in 2031 | USD 26,419.27 Million |
| CAGR (2024-2031) | 24.4% |
| Structure | Building-Based, Shipping Container-Based |
| Component | Lighting System, Irrigation and Fertigation System, Climate Control, Sensors, Others |
| Growth Mechanism | Aeroponics, Hydroponics, Aquaponics |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
are thoroughly examined by Consegic Business Intelligence in terms of their strengths, weaknesses, and value-addition potential. This report includes detailed profiles of key players, market share analysis, mergers and acquisitions, resulting market fragmentation, and emerging partnership trends and dynamics.
List of prominent players in the Vertical Farming Industry:
- AeroFarms (US)
- Freight Farms (US)
- Sky Greens (Singapore)
- Signify (Netherlands)
- Spread (Japan)
- Plenty (US)
- Valoya (Finland)
- Osram (Germany)
- Everlight Electronics (Taiwan)
- Heliospectra AB (Sweden)
Recent Industry Developments :
- September 2024: Plenty Unlimited Inc. launched a vertical farm for berries, producing 4 million pounds of strawberries annually in a 40,000 sq ft facility.
- December 2023: Senn Brothers partnered with AmplifiedAg to offer modular farm infrastructure and farm management advisory services.
- March 2023: Sky Greens introduced its next-generation vertical farming system to enhance energy efficiency and crop yields.
