Vertical Farming System Market was valued at USD 5.36 Billion in 2022 and is projected to reach USD 24.28 Billion by 2030, growing at a CAGR of 20.2% from 2024 to 2030.
The market for vertical farming systems grew steadily between 2018 and 2022, with a compound annual growth rate (CAGR) of approximately 24% during this period. This surge in growth was primarily due to advances in hydroponics, aeroponics, and aquaponics systems, which reduced water consumption and increased crop yield efficiency. Vertical farming became particularly appealing in regions with limited arable land, such as urban areas and densely populated cities. As more consumers and businesses recognize the benefits of locally grown, pesticide-free food, the market has attracted a wide range of stakeholders including investors, farmers, and technology developers.
Looking ahead from 2023 to 2033, the vertical farming system market is projected to experience even greater demand. This is largely attributed to increased environmental awareness and a rising global population. The increasing urgency to address climate change and its impact on traditional agriculture will drive innovation in vertical farming technologies. Moreover, advancements in automation and AI will play a pivotal role in optimizing farming processes and minimizing labor costs, making vertical farming more accessible and cost-effective for a broader range of markets.
Furthermore, the demand for vertical farming systems is likely to be fueled by the growing need for food security in urban areas. The convenience of growing food in controlled, local environments will become more attractive to both governments and consumers. As a result, vertical farming will not only be an important source of fresh food but will also contribute significantly to reducing transportation costs, waste, and carbon emissions.
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The vertical farming system market has undergone significant transformation between 2018 and 2022, with increasing demand for more sustainable and efficient agricultural practices. The technology has seen substantial investment from both private companies and governments, aiming to tackle urban food shortages and reduce environmental impact. This rapid growth is driven by the demand for fresh produce in urban areas and the need for environmentally friendly farming methods. As we look ahead to the 2023-2033 period, the vertical farming market is expected to continue evolving, influenced by both technological advancements and shifts in consumer preferences.
AeroFarms
Gotham Greens
Plenty (Bright Farms)
Lufa Farms
Beijing IEDA Protected Horticulture
Green Sense Farms
Garden Fresh Farms
Mirai
Sky Vegetables
TruLeaf
Urban Crops
Sky Greens
GreenLand
Scatil
Jingpeng
Metropolis Farms
Plantagon
Spread
Sanan Sino Science
Nongzhong Wulian
Vertical Harvest
Infinite Harvest
Metro Farms
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Vertical Farming System Market
Vegetable Cultivation
Fruit Planting
Other
Based on Types the Market is categorized into Below types that held the largest Vertical Farming System market share In 2023.
Hydroponics
Aeroponics
Others
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Vertical Farming System Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Vertical Farming System Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Vertical Farming System Market, By Type
6. Global Vertical Farming System Market, By Application
7. Global Vertical Farming System Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Vertical Farming System Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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