PUBLISHER: Allied Market Research | PRODUCT CODE: 1414727
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414727
According to a new report published by Allied Market Research, titled, "Vertical Farming Market," The vertical farming market was valued at $4.5 billion in 2022, and is estimated to reach $42.5 billion by 2032, growing at a CAGR of 25.5% from 2023 to 2032.
Vertical farming uses vertical stacking of the farms. This has enabled small land to be utilized for more production. It is a non-traditional way of growing crops, which enables ease of harvesting, negligible effect of climate, high yield, minimal usage of pesticides, less area requirement, and less water consumption. For instance, one hectare of vertical farming is equivalent to nine hectares of traditional outdoor farming and saves nearly 200 tons of water every day. The core principle of vertical farming lies in efficiently using limited space, making it particularly well-suited for urban areas where horizontal land availability is limited. The vertical arrangement of crops significantly diminishes the land required for agriculture, addressing concerns related to deforestation and land degradation. In addition, vertical farming promotes water conservation through advanced irrigation methods and contributes to lowering the environmental impact of agriculture by minimizing pesticide use and reducing transportation distances. Thus, vertical farming represents an environmentally conscious and technologically advanced solution to the challenges posed by traditional farming, offering a sustainable and year-round approach to food production.
The growth of the global vertical farming market is driven by ease of crop monitoring and harvesting and an increase in popularity of organic foods. This demand is fueled by the Increasing demand for environment-friendly a n d space-efficient farming practices. Vertical farming relies on cutting-edge technologies, including sensors, cameras, and data analytics, to facilitate real-time monitoring of crop health and growth parameters. This precision enables farmers to closely observe factors like nutrient levels, humidity, and temperature, ensuring the optimal conditions for plant development. Moreover, the vertical arrangement of crops within controlled environments simplifies the harvesting process. Automated systems can efficiently handle harvesting tasks by cultivating crops in stacked layers, diminishing the reliance on manual labor. This not only improves operational efficiency but also leads to cost savings for vertical farming enterprises.
The streamlined processes of crop monitoring and harvesting in vertical farming not only enhance agricultural operations but also address challenges commonly associated with traditional farming, such as
1) labor shortages and the expenses related to manual harvesting. The surge in the popularity of organic foods is also a key driver propelling the growth of the vertical farming market. Increase in preference for organic produce, free from synthetic pesticides and chemicals among consumers, aligns with the sustainable and controlled cultivation methods used in vertical farming. Vertical farming meets the rising demand for healthier and environmentally conscious food options by offering a reliable source of fresh, pesticide-free, and locally produced organic crops. This trend contributes significantly to the expansion of the vertical farming sector, reflecting the responsiveness of the market to evolving consumer preferences and the broader shift toward sustainable agricultural practices.
The primary goal of the vertical farming market is to transform conventional agriculture through the provision of a sustainable and efficient alternative for cultivating crops. Vertical farming addresses key challenges faced by traditional farming, such as
1) limited arable land, reliance on weather conditions, and the environmental impact of agriculture. It seeks to optimize land usage by cultivating crops in vertically stacked layers or structures, maximizing production in confined urban or indoor spaces. Vertical farming facilitates year-round cultivation through the creation of controlled environments, reducing dependence on seasonal changes and external climate conditions. The vertical farming market aims to minimize the environmental impact of agriculture by adopting practices that decrease the need for deforestation, reduce transportation distances, and limit the use of harmful chemicals. Responding to the growing consumer demand for fresh, locally produced food, vertical farming brings cultivation closer to urban centers, shortening supply chains, and providing a more dependable source of produce.
The vertical farming market is segmented on the basis of structure, growth mechanism, component and region. By structure, the market is bifurcated into building based vertical farms and container based vertical farms. By growth mechanism, the market is divided into hydroponics, aeroponics and aquaponics. By component, the market is categorized into irrigation component, lighting, sensor, climate control, building material, and others.
By region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Netherland and the rest of Europe), Asia-Pacific (China, India, Japan, Australia, Singapore, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
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