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Global Vertical Farming Market to reach USD XX billion by the end of 2030

Global Vertical Farming Market Size study & Forecast, by Type (Hydroponics, Aeroponics, Aquaponics), by Structure (Building-Based Vertical Farms, Shipping-Container Vertical Farms), by Component (Lighting System, Irrigation and Fertigation System, Climate Control, Sensors, Others) and Regional Analysis, 2023-2030

Product Code: OIRAL-32196651
Publish Date: 29-02-2024
Page: 200

Global Vertical Farming Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% during the forecast period 2023-2030. Vertical farming is a method of growing crops in vertically stacked layers or inclined surfaces, often in controlled environments such as indoor facilities or high-rise buildings. This approach aims to maximize the use of vertical space, making it possible to grow crops in a smaller footprint compared to traditional horizontal farming. Vertical farming typically involves the use of hydroponics, aeroponics, or other soilless cultivation methods, as well as artificial lighting, temperature control, and automation systems to create optimal growing conditions. The key factors driving the market growth are the increase in popularity of organic foods, ease of crop monitoring and harvesting, potential for higher yields compared with conventional farming methods, and limited arable land that anticipated to create the lucrative demand for the market during the forecast period 2023-2030.

Additionally, growing urbanization is a significant factor supporting the growth of the vertical farming market. Urbanization often leads to the conversion of agricultural land into urban areas, reducing the availability of traditional farming space. Vertical farming allows for the efficient use of limited space in urban environments, as it can be implemented in buildings, warehouses, or even repurposed urban structures. According to The World Bank, in 2020, approximately 4.38 billion people that are around 55% of the world’s population were living in urban areas. In addition, it is predicted that by 2045, around 6 million people are living in cities, an increase of 1.5 times annually. As a result, the growing urbanization is anticipated to support the market growth. Moreover, the ability to reduce the ecological footprint of agriculture and the viability of cultivating cannabis using vertical farming techniques are anticipated to create lucrative opportunities for the market over the projected year. However, the lack of a technically skilled workforce, choice of limited cultivable crops, and high initial capital investment requirements stifle market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Vertical Farming Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the increasing demand for locally grown and sustainably produced food, ongoing advancements in technology, including improvements in LED lighting, sensors, automation, supportive government initiatives, subsidies, and incentives that promote sustainable agriculture and local food production can significantly boost the growth of the vertical farming industry. Whereas, the Asia Pacific is expected to grow with the fastest growth rate over the forecast period, owing to factors such as rapid urbanization, limited arable land, growing population, food security concerns, and supportive government initiatives.

Major market player included in this report are:
AeroFarms (U.S.)
OSRAM GmbH (Germany)
Urban Crop Solutions (Europe)
Heliospectra AB (Sweden)
Everlight Electronics Co. Ltd. (Taiwan)
Signify Holding (Netherlands)
Sky Greens (Singapore)
BrightFarms. (U.S.)
Plenty Unlimited Inc. (U.S.)
Freight Farms, Inc. (U.S.)

Recent Developments in the Market:
Ø March 2023 – UP Vertical Farms has revolutionized conventional farming practices by introducing innovative solutions to address longstanding challenges. The company has unveiled a cutting-edge, high-density contactless vertical farm with a bold vision to become the epitome of sustainability in vertical farming by 2023. This pioneering solution not only accelerates production speed but also enhances yields and quality control, all while minimizing environmental impact.

Global Vertical Farming Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, Structure, Component, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
By Structure:
Building-Based Vertical Farms
Shipping-Container Vertical Farms
By Component:
Lighting System
Irrigation and Fertigation System
Climate Control

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Vertical Farming Market, by Region, 2020-2030 (USD Billion)
1.2.2. Vertical Farming Market, by Type, 2020-2030 (USD Billion)
1.2.3. Vertical Farming Market, by Structure, 2020-2030 (USD Billion)
1.2.4. Vertical Farming Market, by Component, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Vertical Farming Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Vertical Farming Market Dynamics
3.1. Vertical Farming Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Increase in popularity of organic foods, ease of crop monitoring and harvesting Potential for higher yields compared with conventional farming methods limited arable land
3.1.2. Market Challenges Lack of technically skilled workforce and choice of limited cultivable crops High initial capital investment requirements
3.1.3. Market Opportunities Ability to reduce ecological footprint of agriculture Viability to cultivate cannabis using vertical farming technique
Chapter 4. Global Vertical Farming Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Vertical Farming Market, by Type
5.1. Market Snapshot
5.2. Global Vertical Farming Market by Type, Performance – Potential Analysis
5.3. Global Vertical Farming Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
5.4. Vertical Farming Market, Sub Segment Analysis
5.4.1. Hydroponics
5.4.2. Aeroponics
5.4.3. Aquaponics
Chapter 6. Global Vertical Farming Market, by Structure
6.1. Market Snapshot
6.2. Global Vertical Farming Market by Structure, Performance – Potential Analysis
6.3. Global Vertical Farming Market Estimates & Forecasts by Structure 2020-2030 (USD Billion)
6.4. Vertical Farming Market, Sub Segment Analysis
6.4.1. Building-Based Vertical Farms
6.4.2. Shipping-Container Vertical Farms
Chapter 7. Global Vertical Farming Market, by Component
7.1. Market Snapshot
7.2. Global Vertical Farming Market by Component, Performance – Potential Analysis
7.3. Global Vertical Farming Market Estimates & Forecasts by Component 2020-2030 (USD Billion)
7.4. Vertical Farming Market, Sub Segment Analysis
7.4.1. Lighting System
7.4.2. Irrigation and Fertigation System
7.4.3. Climate Control
7.4.4. Sensors
7.4.5. Others
Chapter 8. Global Vertical Farming Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Vertical Farming Market, Regional Market Snapshot
8.4. North America Vertical Farming Market
8.4.1. U.S. Vertical Farming Market Type breakdown estimates & forecasts, 2020-2030 Structure breakdown estimates & forecasts, 2020-2030 Component breakdown estimates & forecasts, 2020-2030
8.4.2. Canada Vertical Farming Market
8.5. Europe Vertical Farming Market Snapshot
8.5.1. U.K. Vertical Farming Market
8.5.2. Germany Vertical Farming Market
8.5.3. France Vertical Farming Market
8.5.4. Spain Vertical Farming Market
8.5.5. Italy Vertical Farming Market
8.5.6. Rest of Europe Vertical Farming Market
8.6. Asia-Pacific Vertical Farming Market Snapshot
8.6.1. China Vertical Farming Market
8.6.2. India Vertical Farming Market
8.6.3. Japan Vertical Farming Market
8.6.4. Australia Vertical Farming Market
8.6.5. South Korea Vertical Farming Market
8.6.6. Rest of Asia Pacific Vertical Farming Market
8.7. Latin America Vertical Farming Market Snapshot
8.7.1. Brazil Vertical Farming Market
8.7.2. Mexico Vertical Farming Market
8.8. Middle East & Africa Vertical Farming Market
8.8.1. Saudi Arabia Vertical Farming Market
8.8.2. South Africa Vertical Farming Market
8.8.3. Rest of Middle East & Africa Vertical Farming Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. AeroFarms (U.S.) Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.3.2. OSRAM GmbH (Germany)
9.3.3. Urban Crop Solutions (Europe)
9.3.4. Heliospectra AB (Sweden)
9.3.5. Everlight Electronics Co. Ltd. (Taiwan)
9.3.6. Signify Holding (Netherlands)
9.3.7. Sky Greens (Singapore)
9.3.8. BrightFarms. (U.S.)
9.3.9. Plenty Unlimited Inc. (U.S.)
9.3.10. Freight Farms, Inc. (U.S.)
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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