Vertical Farming Market cover

Vertical Farming Market by Structures (Container Shipping and Building-based), Offerings (Hydroponic Components, Lighting, Climate Control, and Sensors), Growing Mechanisms (Aeroponics, Hydroponics, and Aquaponics), Fruits, Vegetables, & Herbs (Lettuce, Tomato, Bell & Chili Peppers, Cucumber, Strawberry, Leafy Greens, Herbs, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: FB-2110
  • Author: Growth Market Reports
  • Rating: 4.9
  • Total Reviews: 3
  • No. Of Pages: 194
  • Format:
  • Pub. Date: Upcoming
  • Share:

The global vertical farming market size was valued over USD 3.87 billion in 2020 and is expected to expand a CAGR of 23.2% during the forecast period, 2021–2028. The growth of the market is accredited to the increasing adoption rate of environmentally-protected production of vegetables and fruits.

The process of producing food in a vertically stacked-layer in spaces including skyscraper, used warehouse, or shipping container is called vertical farming. The demand for urban agriculture has increased due to unpredicted growth of the global population and continuous shrinking of land areas for cultivation. Organic foods are considered as key sources for nutritious, healthier, safer, and more environmental friendly products. The rising demand for organic food is largely influenced by food purchasing behavior of consumers, which is very crucial for policymakers, producers, and suppliers to execute successful marketing strategies. Unlike conventional farming methods, indoor farming is able to produce crops throughout the year, which increases productivity. Moreover, indoor farming protects crops from unpredicted weather conditions by using techniques, for instance, controlled environment agriculture technology, where the facilities use artificial environmental control, fertigation, and control of light.

Vertical Farming Market summary

The acceptance of the vertical cultivation technique enables consumers to grow crops in a multi-story building or warehouse. The COVID-19 outbreak has largely affected the supply chain method of vertical farming. The pandemic had a negative impact on the systematic functioning of various industries all over the globe. With the closure of the catering, restaurant, and hospitality industries in most parts of the globe, the food service industry also faced severe consequences abruptly.? Meanwhile, companies started using the e-commerce platform for sales to customers. The rising demand for organic products in consumers, boosted by the better standard of living and higher disposable income, have shown way for the development of vertical farming.

Market Trends, Drivers, Restraints, and Opportunities

  • Changing climatic conditions and growing depletion of groundwater for crops cultivation have urged conventional growers to adopt alternate farming methods. This is expected to boost the market growth in the coming years.
  • Rising consumer concerns toward healthy foods and growing number of health-conscious population across the globe are key factors elevating the market growth.
  • Growing demand for independent agriculture technique, high-quality food, and increasing urbanization are some of the critical factors responsible for the growth of the vertical farming methods.
  • Favorable government policies encouraging the development of advanced vertical cultivation technique are expected to accelerate market growth.
  • Growing awareness for vertical cultivation among consumers as well as farmers is expected to create key opportunities for the market growth.

Scope of the Report                         

The report on the global vertical farming market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report  Title

Vertical Farming Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Structures (Container Shipping and Building-based), Offerings (Hydroponic Components, Lighting, Climate Control, and Sensors), Growing Mechanisms (Aeroponics, Hydroponics, and Aquaponics), Fruits, Vegetables, & Herbs (Lettuce, Tomato, Bell & Chili Peppers, Cucumber, Strawberry, Leafy Greens, Herbs, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Freight Farm; AeroFarms; BrightFarms Inc.; Green Sense Farms, LLC; Agrilution Systems GmbH; and Everlight Electronics Co. Ltd.

 

Market Segment Insights

Container shipping segment is expected to grow at a rapid pace

Based on structures, the global vertical farming market is bifurcated into container shipping and building-based. The container shipping segment accounted for a key share of the market and is expected to grow at a rapid pace in the coming years owing to ability of the structure to help grow crops irrespective of different geographic locations. However, the building-based segment is anticipated to register a high growth rate during the forecast period due to the facility to grow crops at a set temperature and at one place.

Lighting segment is projected to expand at a considerable CAGR

On the basis of offerings, the market is segmented into hydroponic components, lighting, climate control, and sensors. The lighting segment is projected to expand at a considerable CAGR due to the dependency of vertical farmers on artificial lighting. On the other hand, the climate control segment is anticipated to hold a considerable market share during the forecast period as it facilitate the shielding and manage optimum growth conditions throughout the development period of a crop.

Vertical Farming Market offering

Hydroponics segment is estimated to exhibit robust growth

In terms of growing mechanisms, the vertical farming market is segregated into aeroponics, hydroponics, and aquaponics. The hydroponics segment is estimated to exhibit robust growth during the projected period owing to low installation costs and ease of operations. Meanwhile, the aeroponics segment is anticipated to account for a major share of the market in the coming years as it creates a sustainable natural system, which eliminates the need for chemicals to produce food.

Tomato segment is expected to register a high CAGR

On the basis of fruits, vegetables, & herbs, the market is divided into lettuce, tomato, bell & chili peppers, cucumber, strawberry, leafy greens, herbs, and others. The tomato segment is expected to register a high CAGR during the forecast period due to high average demand for tomatoes worldwide as compared to other crops. Alternately, the lettuce segment is anticipated to represent a substantial growth rate as the production cost is not higher as compared to other crops.

Asia Pacific is anticipated to constitute a key market share

In terms of regions, the global vertical farming market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific held a large share of the market in 2019 and is anticipated to constitute a key market share in the coming years due to increasing awareness regarding the significance of alternative farming, less availability of fertile agricultural land, and increasing population in the region. On the other hand, the market of North America is likely to account for a major market share during the forecast period due to high investments on the farming sector.

Vertical Farming Market region

Segments

Segments Covered in the Report

The global vertical farming market has been segmented on the basis of

Structures

  • Container Shipping
  • Building-based

Offerings

  • Hydroponic components
  • Lighting
  • Climate control
  • Sensors

Growing Mechanisms

  • Aeroponics
  • Hydroponics
  • Aquaponics

Fruits, Vegetables, & Herbs

  • Lettuce
  • Tomato
  • Bell & Chili Peppers
  • Cucumber
  • Strawberry
  • Leafy Greens
  • Herbs
  • Others

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Freight Farm
  • AeroFarms
  • BrightFarms Inc.
  • Green Sense Farms, LLC;
  • Agrilution Systems GmbH
  • Everlight Electronics Co. Ltd.

Competitive Landscape

Key players competing in the global vertical farming market are Freight Farm; AeroFarms; BrightFarms Inc.; Green Sense Farms, LLC; Agrilution Systems GmbH; and Everlight Electronics Co. Ltd. The main market players are continuously engaged in various market development activities such as mergers and acquisitions, research and developments, investments for innovative products, and collaborations to enhance their market position and expand consumer-based across the globe.

Vertical Farming Market keyplayers

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Vertical Farming Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Vertical Farming Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Vertical Farming Market - Supply Chain
  4.5. Global Vertical Farming Market Forecast
     4.5.1. Vertical Farming Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Vertical Farming Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Vertical Farming Market Absolute $ Opportunity
5. Global Vertical Farming Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Vertical Farming Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Vertical Farming Demand Share Forecast, 2019-2026
6. North America Vertical Farming Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Vertical Farming Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Vertical Farming Demand Share Forecast, 2019-2026
7. Latin America Vertical Farming Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Vertical Farming Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Vertical Farming Demand Share Forecast, 2019-2026
8. Europe Vertical Farming Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Vertical Farming Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Vertical Farming Demand Share Forecast, 2019-2026
9. Asia Pacific Vertical Farming Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Vertical Farming Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Vertical Farming Demand Share Forecast, 2019-2026
10. Middle East & Africa Vertical Farming Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Vertical Farming Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Vertical Farming Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Vertical Farming Market: Market Share Analysis
  11.2. Vertical Farming Distributors and Customers
  11.3. Vertical Farming Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Freight Farm
     11.4.2. AeroFarms
     11.4.3. BrightFarms Inc.
     11.4.4. Green Sense Farms, LLC;
     11.4.5. Agrilution Systems GmbH
     11.4.6. Everlight Electronics Co. Ltd.

Segments Covered in the Report

The global vertical farming market has been segmented on the basis of

Structures

  • Container Shipping
  • Building-based

Offerings

  • Hydroponic components
  • Lighting
  • Climate control
  • Sensors

Growing Mechanisms

  • Aeroponics
  • Hydroponics
  • Aquaponics

Fruits, Vegetables, & Herbs

  • Lettuce
  • Tomato
  • Bell & Chili Peppers
  • Cucumber
  • Strawberry
  • Leafy Greens
  • Herbs
  • Others

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Freight Farm
  • AeroFarms
  • BrightFarms Inc.
  • Green Sense Farms, LLC;
  • Agrilution Systems GmbH
  • Everlight Electronics Co. Ltd.

Key players competing in the global vertical farming market are Freight Farm; AeroFarms; BrightFarms Inc.; Green Sense Farms, LLC; Agrilution Systems GmbH; and Everlight Electronics Co. Ltd. The main market players are continuously engaged in various market development activities such as mergers and acquisitions, research and developments, investments for innovative products, and collaborations to enhance their market position and expand consumer-based across the globe.

Vertical Farming Market keyplayers

Buy Report