PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1108397
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1108397
Global Vertical Farming Market, By Growth Mechanism, By Structure, By Crop, By Application, By Offering, By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa, Industry Trends & Forecast Report 2028
Global Vertical Farming Market to Grow at a CAGR of 19.5% during 2022-2028
Global Vertical Farming Market is growing at a high rate because of the degradation of land, increasing demand for organic food, and adoption of space-saving farming along with the expanding technological advancements in the agriculture sector…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Vertical Farming Market was worth USD 3.72 billion in the year 2022. It is estimated to grow at a CAGR of 19.5%, earning revenue of around USD 13.2 billion by the end of 2028. The significant growth of the Global Vertical Farming Market is attributed to urbanization, rapid technological innovation, and the benefit of year-round crop production by vertical farming. Also, vertical farming assures quite stable crop yields. This is easy to make long-term contracts with suppliers since there will be a stable supply of crops and income. All these factors increase vertical farming across the globe. Furthermore, Global Vertical Farming Market is one of the most booming markets that grow continuously owing to the fast advantages and integration of new technologies like the Internet of Things (IoT), Hydroponics, Aeroponics, and Aquaponics. This new technology helps to improve plant growth and allows farms to be more profitable, efficient, and safe. In addition, vertical farming is a revolutionary and more sustainable method of agriculture as it reduces the use of water, and soil, as well as saves considerable space. Thus, Vertical Farming is the best way of growing crops without impacting the environment. However, some factors like maintenance of temperature, humidity, and air circulation in a vertical farm are the major restraining factor for the growth of the market. Moreover, vertical farming can be done indoors as well as outdoor including in buildings, shipping containers, and tunnels. This does not affect the crops by climate change, floods, and droughts like in conventional farming. Resulting in driving the growth of the Global Vertical Farming Market. Since crops grown in vertical farming are fully organic. So, it may also benefit vertical farming operators to sell their crops for higher prices. As our world population is growing quite fast, it is very important to use our land efficiently for a sustainable future. Therefore, the Global Vertical Farming Market is anticipated to proliferate during the forecast period (2023-2028) around the globe.
Based on the structure, the Global Vertical Farming Market is fragmented into Building-Based Vertical Farms and Shipping Container-Based Vertical Farms. The Building-Based-Vertical Farms segment dominates the market owing to the rising shifting of abandoned buildings in cities. In Chicago, 'The Plant' vertical farm was constructed in an old pork-packing plant. Moreover, Shipping Container-Based Vertical Farms are also growing in some countries. It includes the use of 40 feet shipping containers, installed with LED lights, and drip irrigation. This shipping-container farming system allows users to monitor the plant growth remotely from a smartphone or computer. All these factors boost the growth of the Global Vertical Farming Market during the forecast period (2023-2028) around the globe.
Geographically, the Global Vertical Farming Market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA). The Asia-Pacific segment accounts to hold the largest share in the market owing to the rising investments and expanding operations in vertical farming by various companies in this region. Many countries in APAC are densely populated with limited availability of land farming. Since the demand for food is increasing and conventional farming is not sufficient to serve this demand. Thus, growing food locally in limited space is rising thereby resulting in the expansion of farms by companies in this region. Moreover, The sudden outbreak of coronavirus disease (COVID-19), initially declines the growth of the Food and Agriculture sector. However, post the COVID-19 pandemic, there is an increase in the awareness of health and food safety. Interest in indoor farming and vertical gardens rise during the pandemic. People started growing small crops on their balconies and terrace. which in turn accelerated the growth of the Global Vertical Farming Market. This trend in the market is likely to continue during the forecast period (2023-2028).
The leading market players in the Global Vertical Farming market are Signify Holding, OSRAM GmbH, Freight Farms Inc., Aerofarms, Sky Greens, Plenty, Valoya, Everlight Electronics Co. Ltd., Heliospectra AB, Green Sense Farms, Agrilution, BrightFarms, Illumitex Inc., American Hydroponics, Koninklijke Philips N.V., Urban Crop Solutions, and Other Prominent Players. The Global Vertical Farming Market is highly fragmented with the presence of multinational Food and beverages and pharmaceutical companies. These companies constantly launch a wide range of products to innovations to attract consumers and significantly invest in research and development activities to further innovate their offerings. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
Don't miss the business opportunity in the Global Vertical Farming Market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Vertical Farming Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Vertical Farming market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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Table of Contents
1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
2. Research Methodology
- 2.1. Qualitative Research
- 2.1.1. Primary & Secondary Research
- 2.2. Quantitative Research
- 2.3. Market Breakdown & Data Triangulation
- 2.3.1. Secondary Research
- 2.3.2. Primary Research
- 2.4. Breakdown of Primary Research Respondents, By Region
- 2.5. Assumption & Limitation
3. Executive Summary
4. Global Vertical Farming Market Insights
- 4.1. Industry Value Chain Analysis
- 4.2. DROC Analysis
- 4.2.1. Growth Drivers
- 4.2.1.1. High yield associated with vertical farming over conventional farming
- 4.2.1.2. Advancements in light-emitting diode (LED) technology
- 4.2.2. Restraints
- 4.2.2.1. Lack of technically skilled workforce and limited crop types
- 4.2.2.2. High initial investments
- 4.2.3. Opportunities
- 4.2.3.1. Reduced environmental impact from agriculture by adoption of vertical farming
- 4.2.3.2. Cannabis cultivation through vertical farming
- 4.2.4. Challenges
- 4.2.4.1. Maintenance of temperature, humidity, and air circulation in a vertical farm
- 4.2.1. Growth Drivers
- 4.3. Technological Landscape/Recent Development
- 4.4. Patent Analysis
- 4.5. Regulatory Framework
- 4.6. Porter's Five Forces Analysis
- 4.6.1. Bargaining Power of Suppliers
- 4.6.2. Bargaining Power of Buyers
- 4.6.3. Threat of New Entrants
- 4.6.4. Threat of Substitutes
- 4.6.5. Intensity of Rivalry
5. Global Vertical Farming Market Overview
- 5.1. Market Size & Forecast by Value, 2018-2028
- 5.1.1. By Value (USD Billion)
- 5.2. Market Share & Forecast
- 5.2.1. By Growth Mechanism
- 5.2.1.1. Hydroponics
- 5.2.1.2. Aeroponics
- 5.2.1.3. Aquaponics
- 5.2.2. By Structure
- 5.2.2.1. Building-Based Vertical Farms
- 5.2.2.2. Shipping Container-Based Vertical Farms
- 5.2.3. By Crop
- 5.2.3.1. Tomato
- 5.2.3.2. Berries
- 5.2.3.3. Lettuce and Leafy Vegetables
- 5.2.3.4. Pepper
- 5.2.3.5. Cucumber
- 5.2.3.6. Others
- 5.2.4. By Application
- 5.2.4.1. Indoor
- 5.2.4.2. Outdoor
- 5.2.5. By Offering
- 5.2.5.1. Hardware
- 5.2.5.1.1. Irrigation Components
- 5.2.5.1.2. Lighting
- 5.2.5.1.3. Sensor
- 5.2.5.1.4. Climate Control
- 5.2.5.1.5. Building Materials
- 5.2.5.1.6. Others (HVAC System, Shelves, Racks etc.)
- 5.2.5.2. Software
- 5.2.5.3. Services
- 5.2.6. By Region
- 5.2.6.1. North America
- 5.2.6.2. Europe
- 5.2.6.3. The Asia-Pacific
- 5.2.6.4. Latin America
- 5.2.6.5. The Middle-East and Africa
- 5.2.1. By Growth Mechanism
6. North America Vertical Farming Market
- 6.1. Market Size & Forecast by Value, 2018-2028
- 6.1.1. By Value (USD Billion)
- 6.2. Market Share & Forecast
- 6.2.1. By Growth Mechanism
- 6.2.2. By Structure
- 6.2.3. By Crop
- 6.2.4. By Application
- 6.2.5. By Offering
- 6.2.6. By Country
- 6.2.6.1. United States
- 6.2.6.2. Canada
7. Europe Vertical Farming Market
- 7.1. Market Size & Forecast by Value, 2018-2028
- 7.1.1. By Value (USD Billion)
- 7.2. Market Share & Forecast
- 7.2.1. By Growth Mechanism
- 7.2.2. By Structure
- 7.2.3. By Crop
- 7.2.4. By Application
- 7.2.5. By Offering
- 7.2.6. By Country
- 7.2.6.1. Germany
- 7.2.6.2. United Kingdom
- 7.2.6.3. Italy
- 7.2.6.4. France
- 7.2.6.5. Spain
- 7.2.6.6. Rest of Europe
8. The Asia Pacific Vertical Farming Market
- 8.1. Market Size & Forecast by Value, 2018-2028
- 8.1.1. By Value (USD Billion)
- 8.2. Market Share & Forecast
- 8.2.1. By Growth Mechanism
- 8.2.2. By Structure
- 8.2.3. By Crop
- 8.2.4. By Application
- 8.2.5. By Offering
- 8.2.6. By Country
- 8.2.6.1. China
- 8.2.6.2. India
- 8.2.6.3. Japan
- 8.2.6.4. South Korea
- 8.2.6.5. Rest of Asia Pacific
9. Latin America Vertical Farming Market
- 9.1. Market Size & Forecast by Value, 2018-2028
- 9.1.1. By Value (USD Billion)
- 9.2. Market Share & Forecast
- 9.2.1. By Growth Mechanism
- 9.2.2. By Structure
- 9.2.3. By Crop
- 9.2.4. By Application
- 9.2.5. By Offering
- 9.2.6. By Country
- 9.2.6.1. Brazil
- 9.2.6.2. Mexico
- 9.2.6.3. Rest of Latin America
10. The Middle East & Africa Vertical Farming Market
- 10.1. Market Size & Forecast by Value, 2018-2028
- 10.1.1. By Value (USD Billion)
- 10.2. Market Share & Forecast
- 10.2.1. By Growth Mechanism
- 10.2.2. By Structure
- 10.2.3. By Crop
- 10.2.4. By Application
- 10.2.5. By Offering
- 10.2.6. By Country
- 10.2.6.1. Saudi Arabia
- 10.2.6.2. UAE
- 10.2.6.3. South Africa
- 10.2.6.4. Rest of Middle East & Africa
11. Competitive Landscape
- 11.1. List of Key Players and Their Offerings
- 11.2. Global Players Market Share Analysis, 2021
- 11.3. Competitive Benchmarking, By Operating Parameters
- 11.4. Key Strategic Development (Merger, Acquisition, Business Expansion, Agreement, Partnership and Product Launch)
12. Impact of COVID-19 on Global Vertical Farming Industry
13. Case Study
- 13.1. Aerofarms - Taking Vertical Farming To New Heights By Using Advanced Technology
- 13.2. Benefits Of IoT Deployment For Indoor Vertical Farms That Use Data-Driven Insights To Increase Yield, Conserve Resources, And Improve Quality Of Produce
- 13.3. Signify's (Netherlands) Led Lighting Solution Used By RIAT For Growing Tomatoes And Cucumbers In A Vertical Farm
- 13.4. Karma Farm Added Hydroponic Solution To Its Traditional Farm Solution To Achieve Sustainability
14. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
- 14.1. Signify Holding
- 14.2. OSRAM GmbH
- 14.3. Freight Farms Inc.
- 14.4. Aerofarms
- 14.5. Sky Greens
- 14.6. Plenty
- 14.7. Valoya
- 14.8. Everlight Electronics Co. Ltd.
- 14.9. Heliospectra AB
- 14.10. Green Sense Farms
- 14.11. Agrilution
- 14.12. BrightFarms
- 14.13. Illumitex Inc.
- 14.14. American Hydroponics
- 14.15. Koninklijke Philips N.V.
- 14.16. Urban Crop Solutions
15. Key Strategic Recommendations
Note:
1. Financial Information of non-listed companies will be provided as per the availability
2. The segmentation and the companies are subjected to modification based on in-depth secondary for the final deliverable.
List of Figures
- Figure 1 Global Vertical Farming Segmentation
- Figure 2 Global Vertical Farming Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2021
- Figure 4 Global Vertical Farming Market Size, By Value (USD Billion), 2018-2028
- Figure 5 Global Vertical Farming Market Share, By Growth Mechanism, By Value, 2018-2028
- Figure 6 Global Vertical Farming Market Share, By Structure, By Value, 2018-2028
- Figure 7 Global Vertical Farming Market Share, By Crop, By Value, 2018-2028
- Figure 8 Global Vertical Farming Market Share, By Application, By Value, 2018-2028
- Figure 9 Global Vertical Farming Market Share, By Offering, By Value, 2018-2028
- Figure 10 Global Vertical Farming Market Share, By Region, By Value, 2018-2028
- Figure 11 North America Vertical Farming Market Size, By Value (USD Billion), 2018-2028
- Figure 12 North America Vertical Farming Market Share, By Growth Mechanism, By Value, 2018-2028
- Figure 13 North America Vertical Farming Market Share, By Structure, By Value, 2018-2028
- Figure 14 North America Vertical Farming Market Share, By Crop, By Value, 2018-2028
- Figure 15 North America Vertical Farming Market Share, By Application, By Value, 2018-2028
- Figure 16 North America Vertical Farming Market Share, By Offering, By Value, 2018-2028
- Figure 17 North America Vertical Farming Market Share, By Country, By Value, 2018-2028
- Figure 18 Europe Vertical Farming Market Size, By Value (USD Billion), 2018-2028
- Figure 19 Europe Vertical Farming Market Share, By Growth Mechanism, By Value, 2018-2028
- Figure 20 Europe Vertical Farming Market Share, By Structure, By Value, 2018-2028
- Figure 21 Europe Vertical Farming Market Share, By Crop, By Value, 2018-2028
- Figure 22 Europe Vertical Farming Market Share, By Application, By Value, 2018-2028
- Figure 23 Europe Vertical Farming Market Share, By Offering, By Value, 2018-2028
- Figure 24 Europe Vertical Farming Market Share, By Country, By Value, 2018-2028
- Figure 25 The Asia-Pacific Vertical Farming Market Size, By Value (USD Billion), 2018-2028
- Figure 26 The Asia-Pacific Vertical Farming Market Share, By Growth Mechanism, By Value, 2018-2028
- Figure 27 The Asia-Pacific Vertical Farming Market Share, By Structure, By Value, 2018-2028
- Figure 28 The Asia-Pacific Vertical Farming Market Share, By Crop, By Value, 2018-2028
- Figure 29 The Asia-Pacific Vertical Farming Market Share, By Application, By Value, 2018-2028
- Figure 30 The Asia-Pacific Vertical Farming Market Share, By Offering, By Value, 2018-2028
- Figure 31 The Asia-Pacific Vertical Farming Market Share, By Country, By Value, 2018-2028
- Figure 32 Latin America Vertical Farming Market Size, By Value (USD Billion), 2018-2028
- Figure 33 Latin America Vertical Farming Market Share, By Growth Mechanism, By Value, 2018-2028
- Figure 34 Latin America Vertical Farming Market Share, By Structure, By Value, 2018-2028
- Figure 35 Latin America Vertical Farming Market Share, By Crop, By Value, 2018-2028
- Figure 36 Latin America Vertical Farming Market Share, By Application, By Value, 2018-2028
- Figure 37 Latin America Vertical Farming Market Share, By Offering, By Value, 2018-2028
- Figure 38 Latin America Vertical Farming Market Share, By Country, By Value, 2018-2028
- Figure 39 The Middle East & Africa Vertical Farming Market Size, By Value (USD Billion), 2018-2028
- Figure 40 The Middle East & Africa Vertical Farming Market Share, By Growth Mechanism, By Value, 2018-2028
- Figure 41 The Middle East & Africa Vertical Farming Market Share, By Structure, By Value, 2018-2028
- Figure 42 The Middle East & Africa Vertical Farming Market Share, By Crop, By Value, 2018-2028
- Figure 43 The Middle East & Africa Vertical Farming Market Share, By Application, By Value, 2018-2028
- Figure 44 The Middle East & Africa Vertical Farming Market Share, By Offering, By Value, 2018-2028
- Figure 45 The Middle East & Africa Vertical Farming Market Share, By Country, By Value, 2018-2028
List of Tables
- Table 1 Global Vertical Farming Market Size, By Growth Mechanism, By Value, 2018-2028
- Table 2 Global Vertical Farming Market Size, By Structure, By Value, 2018-2028
- Table 3 Global Vertical Farming Market Size, By Crop, By Value, 2018-2028
- Table 4 Global Vertical Farming Market Size, By Application, By Value, 2018-2028
- Table 5 Global Vertical Farming Market Size, By Offering, By Value, 2018-2028
- Table 6 Global Vertical Farming Market Size, By Region, By Value, 2018-2028
- Table 7 North America Vertical Farming Market Size, By Growth Mechanism, By Value, 2018-2028
- Table 8 North America Vertical Farming Market Size, By Structure, By Value, 2018-2028
- Table 9 North America Vertical Farming Market Size, By Crop, By Value, 2018-2028
- Table 10 North America Vertical Farming Market Size, By Application, By Value, 2018-2028
- Table 11 North America Vertical Farming Market Size, By Offering, By Value, 2018-2028
- Table 12 North America Vertical Farming Market Size, By Country, By Value, 2018-2028
- Table 13 Europe Vertical Farming Market Size, By Growth Mechanism, By Value, 2018-2028
- Table 14 Europe Vertical Farming Market Size, By Structure, By Value, 2018-2028
- Table 15 Europe Vertical Farming Market Size, By Crop, By Value, 2018-2028
- Table 16 Europe Vertical Farming Market Size, By Application, By Value, 2018-2028
- Table 17 Europe Vertical Farming Market Size, By Offering, By Value, 2018-2028
- Table 18 Europe Vertical Farming Market Size, By Country, By Value, 2018-2028
- Table 19 The Asia-Pacific Vertical Farming Market Size, By Growth Mechanism, By Value, 2018-2028
- Table 20 The Asia-Pacific Vertical Farming Market Size, By Structure, By Value, 2018-2028
- Table 21 The Asia-Pacific Vertical Farming Market Size, By Crop, By Value, 2018-2028
- Table 22 The Asia-Pacific Vertical Farming Market Size, By Application, By Value, 2018-2028
- Table 23 The Asia-Pacific Vertical Farming Market Size, By Offering, By Value, 2018-2028
- Table 24 The Asia-Pacific Vertical Farming Market Size, By Country, By Value, 2018-2028
- Table 25 Latin America Vertical Farming Market Size, By Growth Mechanism, By Value, 2018-2028
- Table 26 Latin America Vertical Farming Market Size, By Structure, By Value, 2018-2028
- Table 27 Latin America Vertical Farming Market Size, By Crop, By Value, 2018-2028
- Table 28 Latin America Vertical Farming Market Size, By Application, By Value, 2018-2028
- Table 29 Latin America Vertical Farming Market Size, By Offering, By Value, 2018-2028
- Table 30 Latin America Vertical Farming Market Size, By Country, By Value, 2018-2028
- Table 31 The Middle East & Africa Vertical Farming Market Size, By Growth Mechanism, By Value, 2018-2028
- Table 32 The Middle East & Africa Vertical Farming Market Size, By Structure, By Value, 2018-2028
- Table 33 The Middle East & Africa Vertical Farming Market Size, By Crop, By Value, 2018-2028
- Table 34 The Middle East & Africa Vertical Farming Market Size, By Application, By Value, 2018-2028
- Table 35 The Middle East & Africa Vertical Farming Market Size, By Offering, By Value, 2018-2028
- Table 36 The Middle East & Africa Vertical Farming Market Size, By Country, By Value, 2018-2028
- Table 37 Signify Holding Company Overview
- Table 38 Signify Holding Financial Overview
- Table 39 OSRAM GmbH Company Overview
- Table 40 OSRAM GmbH Financial Overview
- Table 41 Aerofarms Company Overview
- Table 42 Aerofarms Financial Overview
- Table 43 Sky Greens Company Overview
- Table 44 Sky Greens Financial Overview
- Table 45 Valoya Company Overview
- Table 46 Valoya Financial Overview
- Table 47 Heliospectra AB Company Overview
- Table 48 Heliospectra AB Financial Overview
- Table 49 Green Sense Farms Company Overview
- Table 50 Green Sense Farms Financial Overview
- Table 51 Agrilution Company Overview
- Table 52 Agrilution Financial Overview
- Table 53 BrightFarms Company Overview
- Table 54 BrightFarms Financial Overview
- Table 55 Illumitex Inc. Company Overview
- Table 56 Illumitex Inc. Financial Overview
- Table 57 American Hydroponics Company Overview
- Table 58 American Hydroponics Financial Overview
- Table 59 Koninklijke Philips N.V. Company Overview
- Table 60 Koninklijke Philips N.V. Financial Overview
- Table 61 Urban Crop Solutions Company Overview
- Table 62 Urban Crop Solutions Financial Overview
