NEW YORK, Nov. 5, 2023 /PRNewswire/ — The vertical farming market size is expected to grow by USD 6.49 billion from 2021 to 2026, progressing at a CAGR of 16.55% as per the latest Technavio market research report. The need to meet the rising demand for food products is one of the major factors driving the vertical farming market growth. To produce high quantities of food products without depending on favorable climatic conditions, vertical farming offers a revolutionary approach. However, with the increasing population, the demand for food production is also increasing. Technologies used in vertical farming can significantly be used with different farming systems in multi-level designs and deliver more area than single-level systems. This leads to an increase in the crop yield and offers a high-profit agricultural activity for the end-users. Therefore, the maximum crop yield and minimum overhead offered by vertical farming are anticipated to satisfy the rising demand for food products and can positively impact the growth of the vertical farming market during the forecast period. For more insights on the market share of various regions- Download a sample report in MINUTES
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Market Dynamics
Vertical Farming Market Challenge: Growing Concerns Regarding Vertical Farming
The major factor challenging the vertical farming market growth is the limitations of vertical farming. It is appropriate for growing only a few varieties of vegetables and fruits. moreover, through vertical farming, farmers can grow only limited types of fruits and vegetables. Also, vertical farming does not provide calorie-rich foods as they require high food security. However, traditional farming methods are used to produce domesticated grain crops such as wheat, barley, corn, and rice. Similarly, calorie-rich root crops can grow well only with outdoor farming methods. Therefore, the limitations of vertical farming can influence the growth of the vertical farming market during the forecast period.
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Some of the key Vertical Farming Market Players:
AS GIRI AND AQUA LLP, Bowery Farming Inc., Dream Harvest Farming Company LLC, Eataly Net USA LLC, Elevate Farms, Hortifrut SA, Kalera Inc., Nordic Harvest AS, Plenty Unlimited Inc., SPREAD Co. Ltd., Triton Foodworks, Upward Enterprises Inc., URBAN GREEN FATE FARMS, UrbanKisaan, Vertical Harvest, Vertical Roots, and Village Farms International Inc.
The vertical farming market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Vertical Farming Market: Segmentation Analysis
This market research report segments the vertical farming market by product (Tomato, Lettuce, Bell and chilli pepper, and Strawberry) and geography (APAC, North America, Europe, South America, and Middle East and Africa).
- The vertical farming market share growth by the tomato segment will be significant during the forecast period. The significant factor behind growing crops such as tomatoes in vertical farming is to validate the economic viability of that crop, as it ensures that the company will make a large amount of money from its cultivation. In the food and beverage industry tomatoes are popular and are used in abundance in hotels, restaurants, and fast-food outlets worldwide. Additionally, the fast-food business is growing across the world, driving the demand for tomatoes. Thus, the growing demand for tomatoes is anticipated to drive the demand for vertical farming during the forecast period.
- APAC is estimated to account for 43% of the market’s growth during the forecast period. In APAC, China and India are the major markets for the vertical farming market. In this region, market growth will be faster than the growth of the market in other regions. Over the forecast period, the increasing population and less availability of fertile land will facilitate the vertical farming market growth in APAC.
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Table of contents
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Product
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
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