Vertical Farming Market, By Growth Mechanism (Aeroponics, Hydroponics, Aquaponics), By Structure (Building-based Vertical Farms, Shipping Container-based Vertical Farms), By component (Lighting, Climate Control, Sensors, Other Components), By Crop (Tomato, Berries, Lettuce and Leafy Vegetables, Pepper, Cucumber, Microgreens, Other Crop Types), and By Geography (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

Published In : Jan 2023

Code : CMI5469

Pages :145

Formats :

Excel and PDF

Industry : Smart Technologies

Market Challenges And Opportunities

Global Vertical Farming Market Drivers:

Rapid Growth Of Precision Farming To Augment Market Growth

Strong growth of precision farming is driving growth of the vertical farming market. Advent of harvesting robots, automatic seed planters, and greenhouse roof washers is creating high demand for vertical farming. Also, the automating movement of the plants is gaining popularity which includes seeding, unit tasks of transplanting, harvesting, packaging, and cleaning. All these factors are propelling market growth.

Decreasing Agricultural Land Area to Foster Market Growth

According to Food and Agriculture Organization, there is a decline in land resources for agriculture. Policymakers are facing the challenge of maintaining sustainability and feeding the rapidly growing world population, which is projected to reach around 9.7 billion by 2050. Rapid urbanization, changing climatic conditions, and reducing water supply have contributed to the decreasing arable land, this in turn boosting growth of the vertical farming market.

Restraints & Challenges:

Restriction On Types Of Crops Grown & Technical Expertise
High Capital Investment And Operating Costs

Global Vertical Farming Market Opportunities:

Increasing cannabis cultivation via vertical farming is expected to provide significant growth opportunities for key players in the market. For instance, in April 2020, Agrify Corporation, the most innovative provider of advanced cultivation and extraction solutions for the cannabis industry, announced that it has signed an agreement with Greenlight Cannabis to provide premium grow solutions and related services for Greenlight’s cultivation facilities.

Rising adoption of technology-driven agriculture and a steady economic growth are expected to hold potential growth opportunities in the market. For instance, in September 2020, Urban Crop Solutions announced the release of their ModuleX Plant Factory - a “best-in-class” vertical farming system focused on helping entrepreneurs achieve profitability faster.