Vertical Farming Market to reach $43.88 Billion by 2031

Vertical Farming Market Size, Share, Forecast, & Trends Analysis by Component (Hardware {Lighting}, Software), Growth Mechanism (Hydroponics, Aeroponics, Aquaponics), Structure, Crop Type (Tomato, Berries, Lettuce, Microgreens) - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled Vertical Farming Market Size, Share, Forecast, & Trends Analysis by Component (Hardware {Lighting}, Software), Growth Mechanism (Hydroponics, Aeroponics, Aquaponics), Structure, Crop Type (Tomato, Berries, Lettuce, Microgreens) - Global Forecast to 2031.

According to this latest publication from Meticulous Research^®, the vertical farming market is projected to reach $43.88 billion by 2031, at a CAGR of 22.6% from 2024 to 2031. The growth of the vertical farming market is driven by the decrease in arable land & the growing need to increase crop yield, population growth & rapid urbanization, the rising demand for chemical-free fruits & vegetables, and increasing water scarcity & changing climatic conditions. However, the high capital investment requirements for implementing large-scale farms and the need for technical knowledge for efficient farm management restrain the market’s growth.

Moreover, technological advancements in vertical farming and the increase in urban farming & the growing consumption of fresh foods are expected to generate growth opportunities for the stakeholders in this market. However, the high energy consumption of vertical farms and the limited types of crops grown are major challenges in the vertical farming market.

Additionally, the growing emphasis on sustainability & reducing the environmental impact of farming is a prominent trend in this market.

Key Players:

The vertical farming market is moderately competitive due to the presence of many global, regional, and local players. The key players operating in the vertical farming market are Signify Holding B.V. (Netherlands), Heliospectra AB. (Sweden), AmHydro (U.S.), Freight Farms, Inc. (U.S.), Intelligent Growth Solutions Limited (U.K.), Everlight Electronics Co., Ltd. (China), ams-OSRAM AG (Austria), Vertical Farm Systems Pty Ltd (Australia), Urban Crop Solutions BV (Belgium), Vertical Future (U.K.), 4D Bios Inc. (U.S.), and Argus Control System Ltd. (Canada).

The vertical farming market is segmented by component (hardware {lighting, irrigation components, climate controllers, sensors, building materials, and other hardware}, software, and services), growth mechanism (hydroponics, aeroponics, and aquaponics), structure (building-based vertical farms and shipping container-based vertical farms), crop type (tomato, berries, lettuce & leafy vegetables, pepper, cucumber, microgreens, herbs, and other crop types), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on component, the vertical farming market is segmented into hardware, software, and services. In 2024, the hardware segment is expected to account for the largest share of 54.7% of the vertical farming market. The large market share of this segment can be attributed to factors such as rising urban farming, the increasing availability of technologically advanced components, the growing adoption of precision farming techniques, and the rising demand for advanced LED lighting and autonomous irrigation systems.

Based on growth mechanism, the vertical farming market is segmented into hydroponics, aeroponics, and aquaponics. In 2024, the hydroponics segment is expected to account for the largest share of 61.1% of the vertical farming market. The large market share of this segment can be attributed to factors such as the increasing penetration of controlled-environment agriculture, the benefits of hydroponics such as low water consumption & low risk of soil-borne diseases, and technological advancements in hydroponics. Hydroponics enables year-round crop production despite changing climatic conditions. It yields high-quality produce and reduces excess resource utilization.

Based on structure, the vertical farming market is segmented into building-based vertical farms and shipping container-based vertical farms. In 2024, the shipping container-based vertical farms segment is expected to account for the larger share of 56.0% of the vertical farming market. The large market share of this segment can be attributed to factors such as technological advancements in shipping container-based vertical farming, the extensive acceptance of shipping container-based vertical farms across several countries, and the rising demand for locally sourced fresh produce. Furthermore, shipping container-based vertical farms can be implemented in any location, regardless of challenging climatic or weather conditions. Also, shipping container-based vertical farming is suitable for locations facing difficulties in traditional farming. These structures are easy to transport and do not require dedicated building space, which further supports the growth of this segment.

Based on crop type, the vertical farming market is segmented into tomato, berries, lettuce & leafy vegetables, pepper, cucumber, microgreens, herbs, and other crop types. In 2024, the tomato segment is expected to account for the largest share of 16.6% of the vertical farming market. The large market share of this segment can be attributed to factors such as the extensive use of vertical farming in the production of tomato crops, the increasing demand for tomatoes, and the high yields & natural pest suppression in vertical farming.

This research report analyzes major geographies and provides a comprehensive analysis of the vertical farming market in North America (U.S. and Canada), Europe (Germany, France, Netherlands, Italy, Spain, U.K., and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Argentina, Mexico, and Rest of Latin America), and the Middle East & Africa (UAE, Israel, Egypt, and Rest of Middle East & Africa).

In 2024, North America is expected to account for the largest share of 29.5% of the vertical farming market, followed by Europe and Asia-Pacific. The vertical farming market in North America is expected to reach $3.10 billion in 2024. North America's significant market share can be attributed to the extensive vertical farming carried out across the region, the increasing adoption of precision farming techniques and advanced technologies, and the growing demand for locally sourced fresh and organic produce.

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Key Questions Answered in the Report:

What is the revenue generated from the sale of vertical farming solutions?
At what rate is the global demand for vertical farming solutions projected to grow over the next 5-7 years?
What is the historical market size for vertical farming solutions?
What are the major factors influencing the growth of this market at the global and regional levels?
What are the major opportunities for existing players and new entrants in this market?
Which component, growth mechanism, structure, and crop type segments are expected to create major traction for the players in this market?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the vendors in this market during the analysis period?
Who are the major players in the vertical farming market? What are their specific offerings in this market?
What are the recent developments in the vertical farming market? What are the impacts of these developments on the market?

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