PUBLISHER: Global Insight Services | PRODUCT CODE: 1598613
PUBLISHER: Global Insight Services | PRODUCT CODE: 1598613
The vertical farming market is anticipated to expand from $5.5 billion in 2023 to $25 billion by 2033, reflecting a CAGR of approximately 16.5%.
The vertical farming market encompasses the innovative practice of cultivating crops in vertically stacked layers, often integrating controlled-environment agriculture technology. This market includes hydroponics, aeroponics, and aquaponics systems, offering sustainable solutions to urban food production challenges. It emphasizes resource efficiency, reduced land use, and year-round crop cultivation, catering to the growing demand for fresh, locally-sourced produce in urban settings.
The market is witnessing growth, driven by technological advancements and increasing urbanization. Hydroponics is the leading sub-segment, favored for its efficient water usage and high crop yields. Aeroponics follows closely, gaining traction due to its minimal resource requirements and potential for rapid plant growth. Regionally, North America leads the market, propelled by strong investments in agricultural technology and a growing demand for locally sourced produce. Europe is the second-highest performing region, supported by government initiatives promoting sustainable farming practices and food security. The United States stands out as the top-performing country, with significant advancements in vertical farming infrastructure and innovation. The United Kingdom follows, benefiting from a supportive regulatory environment and increasing consumer awareness of sustainable food production. As urban populations expand, vertical farming is poised to play a critical role in addressing food scarcity and sustainability challenges globally.
Key Companies
Aero Farms, Plenty, Bowery Farming, Infarm, Gotham Greens, Iron Ox, Bright Farms, Crop One Holdings, Vertical Harvest, Sky Greens, Agricool, Jones Food Company, Farm. One, Urban Crop Solutions, Sky Vegetables, Green Sense Farms, Mirai, Spread, Sky Urban Solutions, Everlight Electronics
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