Vertical Farming Market Size, Share, Trends, Technology, Competitive Analysis, Demand and Opportunities by 2023

Global vertical farming market is expected to reach $6,372.5 million by 2023, witnessing CAGR of 24.2% on account of increasing awareness levels among consumers and rising disposable income, leading to the consumption of high value crops. Adoption of organic foods, rising urban population, growing focus towards efficient production of fresh fruits and vegetables among the consumers in the developing countries are expected to boost the growth of the vertical farming market during the forecast period. of the vertical farming is also known as urban farming or indoor farming.

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Lettuce, spinach, broccoli, cucumber, and pepper are the major types of crops that are grown through vertical farming technique. These crops contributed around 80% to the vertical farming market. The market for spinach is likely to register the highest growth during the forecast period. Hydroponics growth mechanism accounted for the largest revenue share, as it does not require any soil and offers solutions where water can be reused for growing crops, making this mechanism highly preferable among crop producers.

North America is projected to remain the largest vertical farming market throughout the period of analysis. Although small residential urban farming in the region has been around for decades, commercial urban farming has gained traction in the last few years. The region is witnessing a growing inclination towards this farming technology.

The vertical farming market is gaining traction as many pharmaceutical companies are adopting this type of farming to produce a variety of medicinal plants used in biopharmaceutical products. Companies are developing their own patented products from raw seed and further provide proprietary products to the medicinal, nutraceutical and cosmetic industries, which helps them in expanding their customer base.

Some of the major players in the global vertical farming industry are Koninklijke Philips N.V., AeroFarms LLC, Sky Greens Pte. Ltd, Illumitex Inc, Everlight Electronics Co. Ltd, Hort Americas, Agrilution GmbH, American Hydroponics Systems Inc., Urban Crop Solutions Inc., and Vertical Farm Systems. Asia-Pacific, North America and Europe show a strong tendency to adopt urban farming solutions, thus the key competitors are specifically focusing on these regions to expand their product offerings in the vertical farming market.