Vertical Farming Market Size Worth $30,911.23 Million By 2032 | CAGR: 18.6%

The global vertical farming market size is expected to reach USD 30,911.23 Million by 2032, according to a new study by Polaris Market Research. The report “Vertical Farming Market Share, Size, Trends, Industry Analysis Report, By Growth Mechanism (Aeroponics, Hydroponics, Aquaponics), By Structure, By Components, By Crops, By Region, Segments & Forecast, 2014 – 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The shrinking arable land and depletion of groundwater levels are the two major boosting factors for adopting vertical farming among farmers. Increasing demand for fresh and locally grown produce, advancements in technology and automation, and the growing awareness of the benefits of sustainable agriculture are other factors expected to support the market growth in the forecast period.

Vertical farming is a method of agriculture that involves growing crops in vertically stacked layers, often in a controlled indoor environment. The farming method uses advanced technologies to create a controlled environment for plant growth, providing the necessary nutrients, water, and light for optimal growth. The system is designed to be efficient in space, water, and energy usage, making it a promising solution for sustainable food production.

Several factors projected to hamper the market growth in the forecasted period include higher capital costs, limited crop selection, energy consumption, consumer acceptance, and regulatory challenges. For example, one of the primary limiting factors for the vertical farming market is the high initial investment required to set up and operate a vertical farm. It also requires significant energy to maintain the indoor environment, including lighting and climate control systems.

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The COVID-19 pandemic has positively and negatively affected the vertical farming industry. While the pandemic has created some challenges for the industry owing to labor shortages and supply chain disruptions, it has also highlighted the potential for indoor agriculture to provide a sustainable and resilient solution to food production in the future.

Report Highlights

• The Hydroponics segment is accounted to dominate the market in 2022. The growth of the segment can be attributed to its several benefits compared to traditional farming methods, including efficient use of resources, higher crop yields, faster growth, year-round production, reduced pesticide use, and locally grown produce.
• Building-based Vertical Farms segment was leading the market in 2022. The growth of building-based vertical farms in the vertical farming market is attributed to their effective space optimization, reduced transportation costs, better-controlled environment, higher crop yields, and using less water and fertilizers compared to traditional farming methods
• The Climate Control segment is projected to witness the quickest growth rate in the forecast period. Supporting factors of the segment can be contributed to the benefits of climate control components in vertical farming, including consistent and optimized growing conditions, reduced risk of crop failure, increased energy efficiency, flexibility in crop selection, and year-round crop production.
• The North American region is projected to account for a major market share in the forecast period. The segment is expected to grow in the coming years, driven by increasing demand for locally grown, fresh produce, technological advancements, government support, investment in research and development, and growing adoption by commercial growers.

Polaris Market Research has segmented the vertical farming market report based on growth mechanism, structure, components, crops, and region:

Vertical Farming Market, Growth Mechanism Outlook (Revenue - USD Million, 2019 - 2032)

• Aeroponics
• Hydroponics
• Aquaponics

Vertical Farming Market, Structure Outlook (Revenue - USD Million, 2019 - 2032)

• Building-based Vertical Farms
• Shipping Container-based Vertical Farms

Vertical Farming Market, Components Outlook (Revenue - USD Million, 2019 - 2032)

• Hardware
  • Lighting
  • Hydroponic components
  • Climate control
  • Sensors
  • Software
• Services

Vertical Farming Market, Crops Outlook (Revenue - USD Million, 2019 - 2032)

• Fruits, Vegetables, & Herbs
  • Tomato
  • Lettuce
  • Strawberry
  • Cucumber
  • Herbs
  • Others
• Flowers & Ornamentals
  • Perennials
  • Annuals
  • Ornamentals
• Others

Vertical Farming Market, Regional Outlook (Revenue - USD Million, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa