Meticulous Research®, a globally recognized market research leader, has announced the release of its latest report, Vertical Farming Market Size, Share, Forecast, & Trends Analysis by Component, Growth Mechanism, Structure, Crop Type – Global Forecast to 2031. The report projects that the vertical farming market will grow significantly, reaching $43.88 billion by 2031 at a CAGR of 22.6% from 2024 to 2031.
Market Drivers and Growth Opportunities
Key drivers fueling the growth of the vertical farming market include decreasing arable land, urban population growth, demand for pesticide-free produce, and water scarcity challenges. As the effects of climate change intensify, the need for efficient farming methods that require less land and water is becoming paramount. Moreover, the increasing adoption of urban farming and advancements in vertical farming technologies are opening doors for new market opportunities.
However, high initial capital investments and the need for specialized knowledge for effective farm management pose challenges for industry growth. The market also faces hurdles related to high energy consumption in vertical farms and the limited variety of crops currently suitable for vertical cultivation. Nevertheless, the industry is witnessing significant progress in technology, leading to reduced environmental impact and enhanced sustainability, a trend that resonates with global sustainability goals.
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Detailed Market Segmentation
The report provides an extensive analysis of the vertical farming market, segmented by component, growth mechanism, structure, crop type, and geography:
- Component: The hardware segment, including lighting, irrigation systems, and sensors, is expected to hold the largest market share, reaching 54.7% in 2024. This is attributed to the increasing adoption of precision farming tools, advanced LED lighting, and smart irrigation systems.
- Growth Mechanism: Hydroponics, the most popular growth mechanism, is forecasted to lead this segment with a 61.1% share in 2024, driven by its water efficiency, reduced soil-related risks, and continuous year-round yield capacity.
- Structure: Shipping container-based farms are gaining traction due to their adaptability and ease of implementation across various geographic regions, securing an anticipated 56.0% market share. Their portability and reduced spatial requirements make them suitable for urban settings and challenging climates.
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- Crop Type: Tomatoes are expected to account for the largest share in the crop type segment, representing 16.6% of the market in 2024. The high demand for tomatoes, coupled with the controlled pest environment and high yield achieved through vertical farming, drive this segment’s growth.
Regional Insights
The report examines key geographies and provides insights on regional market performance. North America is projected to lead the market, commanding 29.5% of the global share in 2024, followed by Europe and the Asia-Pacific region. Factors such as the extensive adoption of vertical farming techniques, advanced farming technologies, and demand for fresh, locally grown produce contribute to North America’s leadership position.
Key Market Players
The competitive landscape in the vertical farming market is moderately fragmented, featuring prominent global and regional players. Major companies include Signify Holding B.V. (Netherlands), Heliospectra AB (Sweden), Freight Farms, Inc. (U.S.), Intelligent Growth Solutions Limited (U.K.), Everlight Electronics Co., Ltd. (China), Vertical Farm Systems Pty Ltd (Australia), and Urban Crop Solutions BV (Belgium). These players drive innovation, focusing on technology, sustainable farming methods, and strategic partnerships.
Key Questions Answered in the Report
The report provides in-depth answers to critical questions on revenue growth, historical market trends, growth opportunities, and key geographic trends in the vertical farming market. It also details market segmentation insights, competitive strategies, and the impact of technological advancements on market dynamics.
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