Vertical Farming Market Overviews
Global Vertical Farming Market size was valued at US$ 10.84 Bn. in 2023.
Vertical farming is done in a closed environment where plants are grown on shelves to minimize the space required for growth. Vertical farming is the process of growing crops in a vertical stack layer using artificial light and temperature. Compared to traditional farming methods, vertical farming requires less physical space, less water consumption, lower labour costs, and higher productivity. Crop such as summer squash, pepper, eggplant, melon, English cucumber, herbs, tomatoes, mushrooms is considered in vertical farming.
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Vertical Farming Market Scope and Methodology:
Players due to the growth of the vertical farming market include the growing popularity of organic foods, ease of crop monitoring and harvesting, reduced transportation costs, reduced area and reduced labour costs. Apart from this, higher yields associated with vertical farming than traditional farming are also giving immense growth for the market.
Vertical Farming Market Regional Insights
The North American region dominated the market with a 45.6% share in 2023. Strong agricultural development in these regions, as well as increased emphasis on smart farming and digitalization in agriculture, is expected to spur the growth of vertical farming in these regions this area. The United States is an important player in the North American vertical farming market. The US is dominated by major vertical farming companies including Aero Farms, Plenty Unlimited Inc., Bowery Farming, Gotham Greens, among others. The country has seen the production of many green vegetables, such as kale, arugula, lettuce, and pak choi. In 2019, there are more than 2,000 vertical farms in the United States, with 60% of the market led by small and medium businesses which are considered as a major reason for driving the growth of this region.
Vertical Farming Market Segmentation
By Type, the market is segmented as Hydroponics, Aeroponics, and Aquaponics. Hydroponics dominated the market with a 41.2% share in 2020. Hydroponic farms are typically grown vertically, with LED lighting for each layer of the plant, making the most of small spaces, making them a viable option for indoor growing plants. Crops can be planted much closer together for saving space. Hydroponics, also known as soilless agriculture, is a process of growing crops without the use of soil. In this segment, the roots are grown in a liquid nutrient solution. The needs driving the installation of hydroponic farming are low installation costs, water-saving methods, ease of operation, and higher profit rates.
Vertical Farming Market Key Players
- AeroFarms
- Plenty
- Green Spirit Farms
- Bowery farming
- BrightFarms
- Gotham Greens
- Iron Ox
- Infarm
- Agricool
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Key questions answered in the Vertical Farming Market are:
- What is Vertical Farming ?
- What was the Vertical Farming market size in 2023?
- What is the growth rate of the Vertical Farming Market?
- Which are the factors expected to drive the Vertical Farming market growth?
- What are the different segments of the Vertical Farming Market?
- What growth strategies are the players considering to increase their presence in Vertical Farming ?
- What are the upcoming industry applications and trends for the Vertical Farming Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Vertical Farming Market?
- Who are the leading companies and what are their portfolios in Vertical Farming Market?
- What segments are covered in the Vertical Farming Market?
- Who are the key players in the Vertical Farming market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size Forecast by Different Segment | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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