Vertical Farming Market Size Worth USD 41.53 Billion in 2032 | Emergen Research

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Rising demand for food globally and urbanization around the world and increasing popularity of vertical farming due to their higher yield than conventional farming are key factors driving vertical farming market revenue growth.

Vancouver, Nov. 28, 2023 (GLOBE NEWSWIRE) — The global vertical farming market size was USD 4.80 Billion in 2022 and is expected to register a rapid revenue CAGR of 24.1% during the forecast period. Key drivers propelling this surge include the increasing demand for food worldwide, global urbanization trends, and the growing popularity of vertical farming due to its higher yield compared to conventional methods.

Vertical farming, a sustainable agricultural approach, enables the cultivation of food crops in vertically stacked layers, optimizing space and minimizing energy and water usage. The controlled environment of hydroponic greenhouses allows for year-round cultivation and harvesting, resulting in 11-13 harvests per year. This method offers a consistent yield with enhanced nutrient content and better control over plant diseases.

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One of the significant advantages of vertical farming is its independence from climatic conditions. Improved control over temperature, moisture, and fertilizers in confined spaces contributes to uniform yields and disease prevention. As the world’s urban population grows, innovators are exploring alternative agricultural practices like vertical farming to ensure food security with minimal impact on land and water resources.

Latest Trends in Vertical Farming:

Integration of Robotics and AI:

Robotics and AI enhance plant monitoring, irrigation, and harvesting.

Real-time information through big data analytics, IoT, and smart devices optimizes crop production.

Evolving Technologies:

Indoor farming software with data analytics for environmental oversight.

AI-driven solutions for temperature control, disease prediction, and monitoring.

Sustainable Practices:

Vertical farms prioritize resource efficiency with hydroponic or aeroponic systems.

Use of energy-efficient LED lighting, climate control, and renewable energy sources.

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System Insights:

Hydroponics Dominates:

Hydroponics segment leads with the largest revenue share.

Urbanization and decreasing agricultural land availability drive demand for alternative farming practices.

Aquaponics Gaining Traction:

Sustainable aquaponics integrates aquaculture and hydroponics.

Minimal water usage and year-round cultivation contribute to steady growth.

Type Insights:

Aggregate Systems Lead:

Aggregate systems, particularly open systems, dominate with a smart modular design.

Low initial installation cost and scalability drive significant revenue share.

Liquid Systems Innovate:

Liquid systems, including hydroponics and aeroponics, offer resource efficiency.

Precise nutrient delivery, reduced water usage, and accelerated growth contribute to moderate growth.

Regional Insights:

Europe Leads the Way:

Europe secures the largest revenue share, driven by greenhouse agriculture development.

EU policies support sustainable practices, fostering innovation and vertical farming startups.

North America’s Rapid Growth:

North America anticipates the fastest revenue growth, fueled by technological advancements.

Increasing adoption of AI and advanced sensors in vertical farming.

Asia Pacific’s Significant Share:

Asia Pacific holds a considerable revenue share due to water scarcity and demand for innovative agriculture.

Partnerships, investments, and government initiatives drive growth in the region.

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Scope of Research

Report Details Outcome
Market Size in 2022 USD 4.80 Billion
CAGR (2023–2032) 24.1%
Revenue Forecast To 2032 USD 41.53 Billion
Base Year For Estimation 2022
Historical Data 2019–2021
Forecast Period 2023–2032
Quantitative Units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered System, type, structure, equipment and region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies Profiled AeroFarms, LLC, Agricool SAS, Sky Greens, Emirates Vertical Farming Farms, Freight Farms, Inc., Green Sense Farms Holdings, Inc., Heliospectra AB, LumiGrow, Inc., Signify Holding B.V. and Hydrofarm LLC
Customization Scope 10 hours of free customization and expert consultation

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Major Companies and Competitive Landscape

The global vertical farming market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective farming solutions in the market. Some major players included in the global vertical farming market report are:

  • AeroFarms, LLC
  • Agricool SAS
  • Sky Greens
  • Emirates Vertical Farming Farms
  • Freight Farms, Inc.
  • Green Sense Farms Holdings, Inc.
  • Heliospectra AB
  • LumiGrow, Inc.
  • Signify Holding B.V.
  • Hydrofarm LLC

Strategic Development

16 May 2023 AeroFarms, a Certified B Corporation and a pioneer in indoor vertical farming, announced a national expansion with Amazon Fresh, a chain of grocery stores renowned for their innovative, high-tech shopping experiences, both online and in-person. This collaboration builds on AeroFarms’ successful 2022 national launch with Whole Foods Market, which was a first for an indoor leafy greens grower to be included in the Whole Foods Market Global Planogram.

21 February 2023 Realty Income Corporation, The Monthly Dividend Company, and Plenty Unlimited Inc. have formed a strategic real estate relationship to assist the growth of Plenty’s indoor vertical farms. In accordance with the provisions of this contract, Realty Income will buy properties to house Plenty’s indoor farms and provide development capital for those locations. Long-term net leases will be used to lease these assets to Plenty. The arrangement allows for potential development prospects of up to USD1 billion.

13 October 2022 Precision agriculture business Singrow, with its headquarters in Singapore, announced the debut of its consumer concept brand Blooom as well as its intentions to grow throughout and beyond of Asia. Beyond its existing presence in China, Indonesia, and Singapore, the firm will expand its partner farm footprint over the course of the next 15 months to include the Philippines, Thailand, Hong Kong, and the Middle East.

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For the purpose of this report, Emergen Research has segmented the global vertical farming market on the basis of system, type, structure, equipment, and region:

  • System Outlook (Revenue, USD Billion; 2019–2032)
    • Hydroponics
    • Aeroponics
    • Aquaponics
  • Deployment Outlook (Revenue, USD Billion; 2019–2032)
    • Aggregate System
      • Open System
      • Closed System
    • Liquid System
  • Structure Outlook (Revenue, USD Billion; 2019–2032)
    • Building Based
    • Shipping Container Based
  • Equipment Outlook (Revenue, USD Billion; 2019–2032)
    • Heating Ventilation and Air Conditioning (HVAC)
    • Light-Emitting Diode (LED)
    • Grow Lights
    • Irrigation System
    • Material Handling Equipment
    • Control System
  • Regional Outlook (Revenue, USD Billion; 2019–2032)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. UK
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of Middle East & Africa

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