Global Vertical Farming Market

Report ID : 1278 | Published : 2022-07-04 | Pages: | Format: PDF/EXCEL

The market size of the Global Vertical Farming Market in the year 2021 is valued at 4.08 billion and is predicted to reach 21.99 billion by the year 2030 at an 20.9% CAGR during the forecast period.

Vertical farming prepares food on vertical levels, such as in a skyscraper, abandoned building, or shipping container. The increased adoption of federal agricultural policy program in emerging economies, growing levels of food consumption globally, a growing population, and the introduction of new and highly advanced technology are some of the significant and impactful factors that are further anticipated to boost the growth of the vertical farming market. In addition, the government is implementing several projects aimed at improving the country's current agricultural infrastructure. To boost exports, it also offers farmers financial help for marketing and shipping farm produce. The impact of these activities is projected to be enormous. Agriculture's rising automation and the use of big data and predictive analytics to maximize yields are expected to drive the market.

Organic farming, which produces fruits and vegetables free of insecticides and pesticides and rich in nutritional value, has also benefited from women's raising awareness of what they eat and a greater focus on health problems. Also, agriculture continues to contribute significantly to the country's Gross Domestic Product despite the advent of industrialization and extraordinary expansion in other industries (GDP). However, vertical farming will likely face market limits due to a lack of qualified labor and technological knowledge and a growing requirement for significant capital expenditure.

Market Segmentation:

The Vertical Farming market is segmented based on product and mechanism. By product, the market is segmented as Lighting, Hydroponic components, Climate Control, and Sensors. By mechanism, the market is segmented into Hydroponics, Aeroponics, and Aquaponics.

Based on product, the Lighting devices segment is accounted as a significant contributor in the Vertical Farming market.

The lighting devices category is expected to hold a major share in the global Vertical Farming market in 2021. Artificial lighting helps to increase the hours of natural daylight, which promotes the plant's health, growth rate, and production. Crop availability can be extended using artificial lights such as high-pressure sodium lighting and LED lighting (throughout a season). LED lighting systems have a dual-band color range and create very little heat. Over the forecast period, they are expected to rise significantly.

The hydroponic segment witnessed growth at a rapid rate

The hydroponic segment is projected to grow at a rapid rate in the global Vertical Farming market due to its inexpensive installation costs and ease of use, and hydroponics is a popular growing method. It is an approach to growing plants without soil that involves inserting a mineral solution around the plant roots to replace the dirt. Furthermore, hydroponics technology eliminates the potential of disease transmission from soil organisms.

The demand for hydroponics is projected to rise as customers become more aware of the dangers of pesticides. Because the nutrients are controlled better in hydroponically grown plants, they produce a higher yield than equivalent plants cultivated in the soil.

The North America Vertical Farming market holds a significant revenue share in the region.

The North America Vertical Farming market is projected to register the highest market share in revenue soon. Expanding awareness of the importance of alternative farming because of the scarcity of rich agricultural land and the region's growing population is expected to drive demand.

Also, with the increased adoption of genetically modified crop technologies, North America is expected to grow significantly throughout the forecast period. Furthermore, the increased usage of advanced technologies in vertical farming is driving regional market demand.

Competitive Landscape

The pivotal players in the Vertical Farming market have shifted their focus on product manufacturing. They are initiating effective strategies such as mergers, acquisitions, and joint ventures of major and domestic players to enhance product portfolios and strengthen their global market footprint. Some of the major key players in the Vertical Farming market are "Aero Farms, Apparent, Vertical Harvest, Crop One, Plenty Unlimited Inc., SPREAD Co., Ltd., Agricola, Unfold Inc., Freight Farms, V-Farm, Bridge Greenhouses Ltd., Jones Food Co, Letts Grow Ltd, Grownup Farms Limited, 80 Acres Farms, 808 Factory, Agrarian, Boom Grow, Bowery Farming, Cubic Farm Systems Corp., Garden, Grow Group IFS, IGS Limited, Sweetgreen, Innovation Agi-Tech Group, Vertical Field, Vertical Future, Yes Health Group and Other Prominent Players.

Chapter 1. Methodology and Scope

1.1. Research Methodology

1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Vertical Farming Market Snapshot

Chapter 4. Global Vertical Farming Market Variables, Trends & Scope

4.1. Market Segmentation & Scope

4.2. Drivers

4.3. Challenges

4.4. Trends

4.5. Investment and Funding Analysis

4.6. Industry Analysis – Porter’s Five Forces Analysis

4.7. Competitive Landscape & Market Share Analysis

4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: By Products Estimates & Trend Analysis

5.1. By Products & Market Share, 2020 & 2030

5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2020 to 2030 for the following By Products:

5.2.1. Lighting Devices

5.2.2. Hydroponic Components

5.2.3. Climate Control Devices

5.2.4. Sensing Devices

5.2.5. Other Products

Chapter 6. Market Segmentation 2: By Mechanism Estimates & Trend Analysis

6.1. By Mechanism & Market Share, 2020& 2030

6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2020 to 2030 for the following By Mechanism:

6.2.1. Hydroponics

6.2.2. Aquaponics

6.2.3. Aeroponics

Chapter 7. Vertical Farming Market Segmentation 3: Regional Estimates & Trend Analysis

7.1. North America

7.1.1. North America Vertical Farming Market revenue (US$ Million) estimates and forecasts By Products, 2019-2030

7.1.2. North America Vertical Farming Market revenue (US$ Million) estimates and forecasts By Types, 2019-2030

7.1.3. North America Vertical Farming Market revenue (US$ Million) estimates and forecasts by Mechanism, 2019-2030

7.1.4. North America Vertical Farming Market revenue (US$ Million) estimates and forecasts by country, 2019-2030

7.2. Europe

7.2.1. Europe Vertical Farming Market revenue (US$ Million) By Products, 2019-2030

7.2.2. Europe Vertical Farming Market revenue (US$ Million) By Types, 2019-2030

7.2.3. Europe Vertical Farming Market revenue (US$ Million) estimates and forecasts by Mechanism, 2019-2030

7.2.4. Europe Vertical Farming Market revenue (US$ Million) by country, 2019-2030

7.3. Asia Pacific

7.3.1. Asia Pacific Vertical Farming Market revenue (US$ Million) By Products, 2019-2030

7.3.2. Asia Pacific Vertical Farming Market revenue (US$ Million) By Types, 2019-2030

7.3.3. Asia Pacific Vertical Farming Market revenue (US$ Million) estimates and forecasts by Mechanism, 2019-2030

7.3.4. Asia Pacific Vertical Farming Market revenue (US$ Million) by country, 2019-2030

7.4. Latin America

7.4.1. Latin America Vertical Farming Market revenue (US$ Million) By Products, 2019-2030

7.4.2. Latin America Vertical Farming Market revenue (US$ Million) By Types, 2019-2030

7.4.3. Latin America Vertical Farming Market revenue (US$ Million) estimates and forecasts by Mechanism, 2019-2030

7.4.4. Latin America Vertical Farming Market revenue (US$ Million) by country, 2019-2030

7.5. Middle East & Africa

7.5.1. Middle East & Africa Vertical Farming Market revenue (US$ Million) By Products, 2019-2030

7.5.2. Middle East & Africa Vertical Farming Market revenue (US$ Million) By Types, 2019-2030

7.5.3. Middle East & Africa Vertical Farming Market revenue (US$ Million) estimates and forecasts by Mechanism, 2019-2030

7.5.4. Middle East & Africa Vertical Farming Market revenue (US$ Million) by country, 2019-2030

Chapter 8. Competitive Landscape

8.1. Major Mergers and Acquisitions/Strategic Alliances

8.2. Company Profiles

8.2.1. AeroFarms

8.2.2. AppHarvest

8.2.3. Vertical Harvest

8.2.4. CropOne

8.2.5. Plenty Unlimited Inc.

8.2.6. AmHydro.

8.2.7. Kalera

8.2.8. Heliospectra AB

8.2.9. Hort Americas

8.2.10. Signify Holding (Koninklijke Philips N.V)

8.2.11. OSRAM GmbH.

8.2.12. Valoya

8.2.13. EVERLIGHT ELECTRONICS CO., LTD.

8.2.14. Sky Greens

8.2.15. SPREAD Co., Ltd.

8.2.16. Other Prominent Players

Segmentation of Vertical Farming Market-

By Products

  • Lighting Devices
  • Hydroponic Components
  • Climate Control Devices
  • Sensing Devices
  • Other Products

By Mechanism

  • Hydroponics
  • Aquaponics
  • Aeroponics"

By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Market in the year 2021 is valued at 4.08 billion and is predicted to reach 21.99 billion

2030 at an 20.9% CAGR during the forecast period.

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