Increased urbanization at a very rapid pace is exerting pressure on deforestation, which in turn is creating phenomenal changes in climate. The large-scale influence of these phenomena on traditional agriculture patterns is looking favorable for the Vertical Farming Market.
The decline in the supply of land for farming is expected to hasten the sales, supporting the market size to grow up to approximately USD 39.26 Billion by 2035 over USD 5.74 Billion that was valued in 2024. In addition, the many mouths to be fed are demanding the government and private institutions to use vertical farming to boost crop yield, supporting the market to grow significantly at a CAGR of 26.23% during the forecast period.
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Competitive Environment
The study report of “Global Vertical Farming Market” will give us meaningful information keeping a focus on the worldwide market. Key market players include Plenty Unlimited, Inc., Osram Licht AG, Signify Holding, Valoya, Sky Greens, Freight Farms, AeroFarms, Spread, Everlight Electronics, Heliospectra AB, Agrilution GmbH, GreenTech, Vertical Farm Systems, 4D Bios, Inc., Gronska stadsodling ab, Brightfarms, Inc., Hort Americas, Illumitex, Inc., American Hydroponics, Agricool, Koninklijke Philips N.V., InFarm, AMHYDRO, GrowUp Urban Farms, Ltd., Urban Crop Solutions, Future Crops, GrowY, Intelligent Growth Solutions Limited, SweGreen, Jones Foods Company.
Latest Developments
Grow Shop Hydroponics has been acquired by Hydroponics, a technology-driven provider of global agricultural materials, information and insights, and procurement for large-scale, commercial cannabis cultivation facilities, in October 2019. Grow Shop Hydroponics is a cannabis equipment store located in Desert Hot Springs, a rapidly growing cannabis center in California. This follows the Company’s announcement of a $75 million strategic acquisition initiative.
In April 2020, AeroFarms has revealed that it will construct a 90,000 square-foot indoor vertical farm in Abu Dhabi, UAE, as part of a USD 100 million AgTech investment by Abu Dhabi Initiative Office (ADIO).
In July 2021, Sky Greens, an idea conceived by engineer Jack Ng, has grown from a vertical farm system to a micro-farm franchise, with Green Trade Financing from UOB giving the innovative business model an added boost.
In August 2021, Kalera, a world leader in fastest-growing and largest vertical farming companies, announces the execution of a share purchase agreement to buy all the shares of &ever, the global indoor farming leader in baby leaf, for a total consideration representing an enterprise value of EUR 130 million on a cash and debt-free basis.
Vertical Farming Market by Category
Growth Mechanism
- Aeroponics
- Hydroponics
- Aquaponics
Structure
- Building-Based Vertical Farms
- Shipping Container-Based Vertical Farms
Component
- Hardware
- Irrigation System
- Fertigation System
- Climate Control
- Hydroponic Components
- Lighting System
- Building Material
- Sensor
- Shelves and Racks
- HVAC Systems
- Software
- Vertical Farming Management Software
- Services
- Managed Services
- System Integration and Consulting
- Professional Services
- Maintenance and Support Services
Crop Type
- Fruits, Vegetables, and Herbs
- Flowers and Ornamentals
- Cannabis
- Microgreens
- Others
Structure Insights
The container shipping segment was the market leader with a share of approximately 53.32% in 2022 and is anticipated to continue being dominant from 2023 to 2030. This is because structure has the capability to assist in the growth of crops regardless of location. Among the key advantages of farming using containers is that container farms are portable, and one doesn’t need to have a vast piece of land or specialized building to begin farming.
Also, the cost of shipping containers is lower with greater competition since the cost of obtaining used containers is comparatively lower, which provides an opportunity for other firms to move into the space of the market. Low comparative output and opposition between light, heat, and layout are a few of the disadvantages of this type of agriculture.
Key Companies & Market Share Insights
Agrilution GmbH; Aerofarm; Brightfarms Inc.; Everlight Electronics Co., Ltd; Freight Farms; GrowUp Urban Farms Ltd.; Green Sense Farms, LLC; Vertical Farm Systems are some of the prominent players in the market.
Vertical Farm Systems is involved in designing fully automated growing systems with reusable medium and energy efficient climate cells. The firm applies artificial intelligence (AI) and automation for optimal growing conditions.
Brightfarms Inc., is a company involved in indoor farming that offers fresh packaged salad. The firm retails their product locally that are cultivated in controlled environment. The firm is leaning towards innovation of effective vertical farming system with emphasis on resource efficiency and sustainable operations.
Bowery Farming and Aerofarm are some of the new market entrants in the target market.
Bowery Farming is involved in offering solutions for vertical farming and digital agriculture. Bowery Farming is a New York company with farms located in New Jersey, Maryland, and Pennsylvania.
Aerofarm, is an American indoor vertical farming solution company. The firm employs artificial intelligence and plant biology to repair broken food system and enhance fresh produce growth
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Crop Category Insights
The fruits, vegetables, & herbs segment accounted for the highest market share in 2022 and is anticipated to be the dominant segment during the period 2023-2030. The growth of the segment is being spurred by increasing cultivation of the commonly cultivated fruits and vegetables through vertical farming. Plants cultivated in vertical farming generate maximum revenue to firms engaged in their cultivation. Vertical farming enhances biodiversity at the same time because it does not result in land disturbances. Therefore, vertical farming is in demand for cultivation of various types of crops. In addition, fruits, vegetables, & herbs are categorized under tomato, lettuce, bell, chili peppers, strawberry, cucumber, leafy greens (not lettuce), herbs, and others. Among which tomatoes category dominated the market and generated over 24.23% of global fruits, vegetables, & herbs revenue in 2022. This huge percentage is due to the high average demand for tomatoes across all regions than other crops like lettuce, leafy greens, peppers, cucumbers, herbs, etc. A number of the most widely cultivated fruits, vegetables, and herbs around the world include strawberries, lettuce, bell, chili peppers, tomato, cucumber, and leafy greens, among others. Among the crucial reasons for cultivating any crop through vertical farming is to confirm whether the economic sustainability of that crop is possible or not, whereby the firm confirms that it earns a lot of money from that cultivation.