Vertical Farming Market Cultivates a Sustainable Future
In the landscape of agriculture, the Vertical Farming Market stands tall as a beacon of innovation and sustainability. Valued at USD 22.19 Billion in 2022, it’s projected to reach USD 15.78 Billion by 2029, boasting a robust CAGR of 18.6% during the forecast period (2023-2029). What propels this vertical ascent in farming?
Vertical Farming Unveiled: A Layered Approach
Vertical farming revolutionizes crop cultivation by stacking layers vertically. This involves controlled-environment agriculture, maximizing plant growth through soilless techniques like hydroponics, aquaponics, and aeroponics. Structures like buildings, shipping containers, tunnels, and abandoned mine shafts host these futuristic farms, amounting to approximately 30 hectares globally as of 2020.
Vertical Farming Market Key Insights:
Vertical Farming Market was valued at USD 22.19 Billion in 2022, and it is expected to reach USD 15.78 Billion by 2029, exhibiting a CAGR of 18.6 % during the forecast period (2023-2029)
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Vertical Farming Market Report Scope
The report provides insights into prevailing trends within the Vertical Farming market, offering a detailed analysis of regional dynamics related to demand, supply, sales, and recent market shifts. Focusing on critical elements, the Vertical Farming market report outlines key drivers and constraints impacting major players, emphasizing the competitive landscape and avenues for development. With up-to-date market statistics, the report encompasses future trajectories, sizes, and emerging trends, facilitating an understanding of products and end-users steering revenue growth and profitability. This comprehensive global Vertical Farming market research report includes Company Profiles, Product Specifications, Production Capacity/Sales, Revenue, Pricing, Gross Margin, and Product-specific Sales data.
Vertical Farming Market Regional Analysis
Vertical Farming Region dominated the Vertical Farming Market in 2021 and is expected to witness significant growth during the forecast period. Government initiatives in the sector and regulations drive the Vertical Farming Market growth in the region. The Vertical Farming market report includes a geographic condition of the market, market size and share as well as in-depth research into the business network structure, opportunities, and news updates.
Segment Insights: Shipping Containers Leading the Crop
In terms of structure, shipping containers dominate the vertical farming market, constituting over 50% of the market share in 2022. Their mobility, low initial cost, and adaptability contribute to this dominance. However, challenges like poor productivity and competition between light, heat, and layout persist. The growing technological improvements and precision farming are expected to drive the shipping container segment’s growth.
In growing mechanisms, hydroponics leads with a revenue share of over 50% in 2022. Its cost-effectiveness and simplicity drive its popularity. However, aquaponics and aeroponics are gaining traction, offering environmentally friendly alternatives. The aquaponics segment, leveraging a combination of hydroponics and aquaculture, is anticipated to grow significantly, while aeroponics, requiring no soil, is expected to witness notable expansion.
by Growth Mechanism
Hydroponic
Aeroponic
Aquaponic
by Structure
Building based structure
Container based structure
by Application
Indoor
Outdoor
Regional Harvests: North America Takes the Green Crown
North America commands the vertical farming market, boasting over 2000 farms and projecting a CAGR of 14.5% during the forecast period. The region’s focus on fresh and organic produce, coupled with government initiatives like the “USAID HYDROPONIC GREEN FARMING INITIATIVE,” propels its leadership. Asia-Pacific follows closely, driven by a growing population and a shift from traditional agricultural methods.
Europe anticipates significant growth, fueled by advancements in genetically modified agricultural technology and the integration of nanotechnology and robotics in agriculture. Africa, while facing challenges like limited resources and restricted access to water and land, shows potential for growth with the commercialization of indoor farming.
Vertical Farming Market Key Players
Some of the key players in the Global Vertical Farming Market include:
1. AeroFarms 2. Plenty 3. Green Spirit Farms 4. Bowery farming 5. BrightFarms 6. Gotham Greens 7. Iron Ox 8. Infarm 9. Agricool 10. CropOne 11. Illumitex 12. PodPonics 13. Surna 14. Freght Farms 15. Voeks Inc 16. Signify 17. Osram 18. Freight Farms 19. Sky Greens 20. Spread 21. Valoya 22. Everlight Electronics 23. Heliospectra AB
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