VERTICAL FARMING MARKET ANALYSIS

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

Vertical Farming MarketSize and Trends

The global vertical farming market size was valued at US$ 11.55 Billion in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 10.30% from 2022 to 2030. Vertical farming market is expected to witness strong growth in coming years. The rising urbanization and increasing consumption of organic food are driving growth of the vertical farming industry. The growing need to produce food locally and the lack of land to grow crops are other factors driving market growth. Furthermore, the increased usage of advanced technology such as Aeroponics, Hydroponics, and the Internet of Things (IoT) are further boosting the revenue of the market.

Global Vertical Farming Market Trends:

Increasing Trend Of Nano-Farming

The industry is also influenced by the increasing trend of nano-farming. Nano-farms are small-scale farms with stacked vertical gardens, usually made of wood. Such farms are designed to produce crops year-round. Besides, this technology can reduce the surface area needed for farming and helps farmers control the level of moisture and fertilizers.

Development Of The Nutraceutical, Cosmetic, And Medicinal Industries

Other factors that contribute to the growth of the vertical farming market are advancement in technology and the emergence of several new players. Moreover, the industry is expected to benefit from the development of the nutraceutical, cosmetic, and medicinal industries. It will also benefit from the escalating production of biopharmaceutical products.