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.
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.
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.