Global vertical farming market had value of US$4.16B in 2022 and is projected to grow from US$5.05B in 2023 to US$27.42B in 2030, representing a CAGR of 27.3% during time period: Fortune Business Insights

May 26, 2023 (press release) –

The global vertical farming market size was USD 4.16 billion in 2022. The market is projected to grow from USD 5.05 billion in 2023 to USD 27.42 billion in 2030 at a CAGR of 27.3% during the 2023-2030 period. Fortune Business Insights presents this information in its report titled, “Vertical Farming Market Size, Share & COVID-19 Impact Analysis, By Type (Hydroponics, Aeroponics, and Aquaponics), By Structure (Building-Based Vertical Farm and Shipping-Container Vertical Farm), By Component (Lighting System, Irrigation & Fertigation System, Climate Control, Sensors, and Others), and Regional Forecast, 2023-2030”.  

During the forecast period, the demand for high-end automation and robotics technology in manufacturing facilities and remote maintenance is anticipated to grow. Increasing demand for processed food and ready-to-eat food to propel vertical farming market growth.

Disruption of Supply Chain Troubled Market Growth during COVID-19

The pandemic has impacted various agricultural and food sectors. Due to the growing population across urban areas, COVID-19 disrupted the retail, urban food system, and distribution. But, COVID-19 faster need for healthy and safe food, and vertical farms have to spur development amid COVID-19 owing to an increased demand for organically grown foods.

Increasing Crisis of Water Scarcity and Decline in Arable Land to Propel Adoption of Vertical Farms

The food and agriculture industries are continually concerned about the growing food demand due to the decline of land resources for agriculture globally. Industries are fronting massive obstacles in feeding the rapidly growing global population. Due to all these factors, it has been compelled to adopt major traditional agriculture alternatives. Vertical farms have been an appropriate alternative for growing high-quantity and quality crops.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/vertical-farming-market-101958

Dream Harvest Farming Company Secured Funds to Drive the Market Growth

In December 2021, Orion Energy Partners approved giving USD 50 million funds to Dream Harvest Farming Company, a company based in Houston that targets to balance up to produce and construct a 100,000 sq. ft. indoor vertical farming capacity. Moreover, the company aims to balance its operations and help additional retailers.

Leading Players Adopt Acquisition Strategies to Stay Competitive

Due to disruptions created by the COVID-19 pandemic, most market players weren't ready to risk their businesses and make losses by entering volatile markets. However, as the impacts of COVID-19 began subsiding, companies were seen expanding their businesses across new markets. For instance, Imperial Dade acquired Empire Distributors to operate; significant players are adopting 91 new distribution centers across the U.S. Similar strategies as they eye new markets for expansion and business growth.  

Notable Industry Development:

• October 2022: Singrow, a Singapore-based tech company, introduced Bloom, a consumer concept brand, with plans to expand in Asia and beyond. The company plans to multiply its firm partner presence beyond Singapore, China, and Indonesia to Thailand, the Philippines, the Middle East, and Hong Kong.

The Report Lists the Key Players Profiled in the Market Report:

• AeroFarms (U.S.)
• OSRAM Licht AG (Germany)
• Urban Crop Solutions (Europe)
• Heliospectra AB (Sweden)
• Everlight Electronics Co. Ltd. (Taiwan)
• Signify Holding (Netherlands)
• Sky Greens (Singapore)
• BrightFarms. (U.S.)
• Plenty Unlimited Inc. (U.S.)
• Freight Farms, Inc. (U.S.)

Further Report Findings:

• North America dominates the market as the region holds the most significant vertical farming market share due to the presence of many vertical farms across the U.S. and the adoption of automation and robotics technologies across the farms.
• Europe is predicted to showcase subsequent growth during the projected years. European countries such as Germany, Italy, the U.K., France, Russia, Spain, Nordics, and Benelux, are predicted to grow the market of vertical farms.
• The Asia Pacific is expected to witness extraordinary growth from 2023-2030. The increased food demand and water scarcity for the vast population of China, Japan, and India are projected to introduce new market opportunities across the region.
• The Middle East and Africa show significant growth of the market during the projected period owing to water scarcity and due to less availability of arable land
• South America is anticipated to grow at a steady rate. The application of vertical farms is expected to help address Mexican farmers' obstacles.

Table of Segmentation

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