The Global Vertical Farming Produce Market size is expected to reach $4.7 billion by 2026, rising at a market growth of 22% CAGR during the forecast period. Vertical farming is a cultivation method in which various types of products are cultivated in vertically arranged layers, in fallow or unused vertical spaces of skyscrapers, warehouses, shipping containers, etc. This process allows profitability for several organizations so as to meet their Corporate Social Responsibility (CSR) with the help of sustainable agricultural practices. There are many other benefits of vertical farming technology such as the utilization of indoor farming techniques, and controlled-environment agriculture technology where all environmental factors can be regulated and controlled for the proper development of the crop. Vertical farming is basically carried out by 3 modes or technologies that are hydroponics, aeroponics, and aquaponics. Each process requires various equipment, vegetables, fruits, herbs, and aquatic species. This vertical cultivation technique finds various types of applications in several indoor and outdoor environments.
Swiftly growing population across the globe and the increasing demand for higher agricultural yields from a limited arable land is one of the prime factors that have a positive impact on the vertical farming market in the foreseeable period of time. For example, according to Food & Agricultural Organization (FAO), the urban regions of the world are likely to have 70% of the global population by the year 2050, this will result in pressurizing the agricultural productivity to increase in the coming years. This technique has many benefits compared to conventional farming like, low utilization of water, less dependency on soil fertility, controlled weather conditions with the help of agrochemicals, which will change the entire agribusiness in the coming years. Furthermore, vertical farming has the ability to produce high-quality vegetables, fruits, and herbs all the way through the year is a factor that will augment product growth in the future.
The outbreak of COVID-19 has positively contributed to a surge in the demand for vertical farming. The global supply chains have been witnessed enormous disruptions since the COVID-19 pandemic. As a result of which the crops that are grown through conventional farming in the fields are now turning into waste. In contrast to it, companies like AeroFarms and Bowery Farming, Inc. is ready to capitalize on the benefit of the crops that are grown in the heart of urban areas. Those crops that are grown in vertical farms require less human exposure so the safety, and freshness accompanying them have inspired consumers to go for vertically grown produce.
| Report Attribute | Details |
|---|---|
| Market size value in 2019 | USD 1.1 Billion |
| Market size forecast in 2026 | USD 4.7 Billion |
| Base Year | 2019 |
| Historical Period | 2016 to 2018 |
| Forecast Period | 2020 to 2026 |
| Revenue Growth Rate | CAGR of 22% from 2020 to 2026 |
| Number of Pages | 210 |
| Number of Tables | 380 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competition Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Structure, Growing Mechanism, Crop, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Structure, the market is segmented into Building-based and Shipping Container. Based on Growing Mechanism, the market is segmented into Hydroponics, Aquaponics and Aeroponics. Based on Crop, the market is segmented into Tomato, Leafy Greens (excluding lettuce), Bell & Chili Peppers, Cucumber, Strawberry, Lettuce & Herbs and Others. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
Free Valuable Insights: Global Vertical Farming Produce Market to reach a market size of $4.7 Billion by 2026
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include The Toro Company, Valmont Industries, Inc., Lindsay Corporation, Orbia Advance Corporation (Netafilm Ltd.), Hunter Industries, Inc., Rain Bird Corporation, Jain Irrigation Systems Limited, Rubicon Water, Galcon Ltd., and Telsco Industries, Inc. (Weathermatic).
Market Segmentation:
By Structure
By Growing Mechanism
By Crop
By Geography
Companies Profiled
The vertical farming produce market is projected to reach USD 4.7 billion by 2026.
There are several reason that cause high demand of this market one of them is the surge in the popularity of organic foods.
The Toro Company, Valmont Industries, Inc., Lindsay Corporation, Orbia Advance Corporation (Netafilm Ltd.), Hunter Industries, Inc., Rain Bird Corporation, Jain Irrigation Systems Limited, Rubicon Water, Galcon Ltd., and Telsco Industries, Inc. (Weathermatic).
The hydroponics segment has led the market in the year 2019 and is anticipated to show its dominance over the foreseeable period.
The expected CAGR of vertical farming produce is 22% from 2020 to 2026.
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