Vertical Farming Market is estimated to be US$ 65.2 Billion by 2034 with a CAGR of 26.40% during the forecast period

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Published Date: March 2024

The Vertical Farming market accounted for US$ 7.7 Billion in 2024 and is estimated to be US$ 65.2 Billion by 2034 and is anticipated to register a CAGR of 26.40%. Vertical farming is a cutting-edge technique for growing food and medicinal plants in vertically stacked layers, such as in a skyscraper, repurposed warehouse, or shipping container. Food and medicinal plants are cultivated in vertical farming, which is a hybrid of indoor and outdoor farming. Vertical farming ensures crop production stability and reliability even in adverse climatic conditions. In vertical farming, metal reflectors and artificial lighting are used to supplement natural light. Vertical farming can also feed 75 times more people per square foot than traditional farming, allowing it to feed a larger number of people.

The report " Vertical Farming Market, By Component (Climate control, lighting, Irrigation component, Sensor, Building Material And Others), By Structure (building based and shipping container), By Mechanism (Hydroponics, Aquaponics and Aeroponics ), By Application (Indoor and Outdoor) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2034”

Key Highlights:

In May 2021, Thrive Agritech, Inc. announced the release of the Apex LED grow light for high-intensity applications such as supplementary greenhouse lighting and source lighting for indoor farming.
In February 2021, Signify Holding (Philips Lighting) teamed up with Ecobain Gardens to launch Canada's first commercial vertical farm.

Analyst View:

The urbanisation, increasing demand for high-quality food, and technological advancements in agricultural techniques are the major factors influencing the global vertical farming industry's development. As customers become more concerned about organic food as a result of increasing health issues, the global vertical farming market is expected to expand. Vertically grown organic food contains no toxins that can harm humans or the environment, making diseases like cancer and diabetes avoidable. The development of the vertical farming market is aided by the efficient use of vertical space and the efficient use of electricity.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Vertical Farming Market, By Component (Climate control, lighting, Irrigation component, sensor, building material and others), By Structure (building based and shipping container), By Mechanism (Hydroponics, Aquaponics and Aeroponics ), By Application (Indoor and Outdoor) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2034”

Key Market Insights from the report:

The Vertical Farming market accounted for US$ 7.7 Billion in 2024 and is estimated to be US$ 65.2 Billion by 2034 and is anticipated to register a CAGR of 26.40%. The Vertical Farming Market is segmented based on the component, structure, mechanism, application, and region.

By component, the Vertical Farming Market is segmented into climate control, lighting, Irrigation component, sensor, building material and others
By structure, the market is segmented in building based and shipping container .
By mechanism, the target market is segmented into hydroponics, Aquaponics and Aeroponics.
By Application, the Vertical Farming Market is segmented into Indoor and Outdoor
By region, the Vertical Farming Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is expected to lead the market target.

Competitive Landscape:

The key players operating in the vertical farming market includes Aerofarms, Green sense Farms Holding Inc., 4Dbios Inc., Agrilution, AMHYDRO, Everlight Electronics Co.Ltd., Koninklijke philips N.V., Hort Americas, Illumitex Inc., Sky Greens, plantagon International, Plenty Unlimited Inc. and Thrive Agritech.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period

Key Topics Covered