Vertical Farming Market: Global Size, Share, Trends, Growth and Forecast, 2022-2032
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The global vertical farming market is anticipated to flourish at a CAGR of 19.3% during the forecast period i.e. 2022-2032. The market was valued to be USD 2.1 Billion in 2022 and is anticipated to reach to USD 9.9 Billion by the end of 2032. Factors such as high crop yield, decreasing arable land, increasing demand for foods are believed to offer significant market growth opportunities in the years ahead. Asia Pacific ranks as the fastest growing market led by increasing population in the region.
Market Insights
Vertical Farming Market: Growth Factors
Increasing Demand for Organic Foods
With the rising awareness about source of food being consumed, people are switching food items which are produced using synthetics to organic food items. In various developing nations across the globe, the sale of organic food items has seen a lucrative growth and is believed to grow at a significant rate during the forecast period on the account of rising awareness among people coupled with growing disposable income. In the United States, organic sales of food account for only 4% of the overall food market. However, organic product demand continues to showcase double-digit growth.
Vertical farming displays various advantages as compared to conventional farming. These includes less space, reduced labor cost, less material wastage and more productivity. Moreover, various uninhibited properties and buildings can be redesigned as a vertical farming food production center. These factors are believed to positively impact the growth of global vertical farming market during the forecast period.
Vertical Farming Market: Segmentation Analysis
The global vertical farming market is segmented by growing system, equipment and offerings, farm products and application. Based on growing system, the market is segmented into hydroponics, aeroponics, aquaponics, and others, out of which, hydroponics segment is anticipated to grow at a significant CAGR over the forecast period, i.e., 2022-2027. Further, it was followed by aquaponics segment in terms of market share in 2021.
By equipment, the market is divided into lighting, climate control, sensors, growing supplies, hydroponic components, and aquaponic components, out of which, hydroponic components segment is expected to register a higher revenue share in the global vertical farming market over the forecast period. Apart from this, the aquaponic components segment is projected to attain a noteworthy CAGR over the forecast period.
Based on application, the vertical farming market is further sub-segmented into commercial, home food production and others. Among this segment, commercial segment has acquired lion market share and is estimated to grow at a notable CAGR over the upcoming years.
Vertical Farming Market: Geographical Analysis
In terms of geography, the report offers an analysis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In the vertical farming market, Asia Pacific is captured largest share of overall vertical farming market in 2021. Factors such as increasing population, decreasing arable land and growing demand for food are believed to further intensify the growth of Asia Pacific market. North America accounted for second position in overall vertical farming market. High adoption of advanced farming techniques is envisioned to bolster the growth of the market in the years ahead. Furthermore, favorable government initiatives and campaigns are also poised to impel the growth of market in the upcoming years.
Vertical Farming Market: Competitive Analysis
The report also covers detailed competitive analysis of major market players of global vertical farming market, such as Pentair Plc, Nelson and Pade Inc., Aerofarms, AmHydro, Green Life Aquaponics, American Hydroponics, Green Sense Farms, LLC, Aerofarms LLC, Gotham Greens LLC, Green Sense Farms LLC and other major & niche players. The global vertical farming market is witnessing a wide range of industry activities such as product launch, innovation, acquisition, partnership, and expansion across the globe.
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Segmentation
By Growing System
- Hydroponics
- Aeroponics
- Aquaponics
- Others
By Equipment & 0fferings
- Lighting
- Climate Control
- Sensors
- Growing Supplies
- Hydroponics Components
- - - Pumps and Irrigation System
- - - Water Filtration System
- - - Others
- Aquaponics Components
- - - Rearing Tank
- - - Settling Basin
- - - Filtration unit
- - - Others
By Farm Products
- Leafy Greens
- Herbs
- Microgreens
- Herbs
- Tomatoes
- Medical Cannabis
- Cucumber
- Strawberry
- Peppers
- Onion
- Fish
- Flowers
- Others
By Application
- Commercial
- Home Food Production
- Others
By Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
Competitive Landscape
The report profiles various major market players such as
• Pentair Plc
• Nelson and Pade Inc.
• Aerofarms
• AmHydro
• Green Life Aquaponics
• American Hydroponics
• Green Sense Farms, LLC
• Aerofarms LLC
• Gotham Greens LLC
• Green Sense Farms LLC
• Other Major & Niche Players
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development and other market activities).
The study also provides company’s positioning and market share in vertical farming market.
Timeline Considered for Analysis:
- 2021: Base Year
- 2022: Estimated Year
- 2022 to 2027: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global vertical farming market by the following segments:
- Growing System
- Equipment & Offerings
- Farm Products
- Application
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Vertical Farming Industry Report
• What is the overall market size in 2021? What will be the market growth during the forecast period i.e. 2022-2027?
• Which region would have high demand for product in the upcoming years?
• What are the factors driving the growth of the market?
• Which sub-market will make the most significant contribution to the market?
• What are the market opportunities for existing and entry-level players?
• What are various long-term and short-term strategies adopted by the market players?
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- Publication date: 25th February 2023
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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