Global Vertical Farming Market to Reach USD 30.54 billion by 2032, Aided by the Rising Demand for Organic Food

The global vertical farming market is being driven by the robust demand for organic food among the health-consciousness. Increasing environmental issues, including the degradation of soil quality, and groundwater due to the implementation of chemical-based solutions, have increased the acceptance of the vertical farming method. The lowering of light emitting diode (LED) prices and the technical development of LEDs lead to the growth of the vertical farming market. The lack of space in densely populated countries has led to the growing adoption of the vertical farming system. The advantages of growing crops near urban areas and lower transport costs are expected to drive the growth of the vertical agricultural market over the forecast period.

The increased demand for vertical farming is encouraging the key players to make significant investments in the industry. In March 2020, an expansion of collaboration took place between Signify and Planet Farms, a vertical farm operator based in Italy, Europe. This agreement is expected to improve the quality and yield of crops with the aid of Philips GreenPower LED development (NYSE: PHG). This also enabled Planet Farms to grow and supply the finest aromatic herbs and lettuce to its consumers in Italy throughout the year. Signify also signed an agreement to provide LED horticultural lighting for the additional five vertical farms that Planet Farms plans to construct in different European countries in the forecast period, including Switzerland and the United Kingdom. This deal is most likely to boost the market demand for vertical farming further in the coming years.

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Market Analysis by Growth Mechanism, Structure, Components, Crop Type, Applications, and Regions:

• The growth mechanism can be divided into hydroponics, aeroponics, and aquaponics.
• The structure of vertical farming is divided into building-based and shipping-container.
• Based on components, the industry can be divided into lighting, irrigation and fertigation system, climate control, and sensors, among others.
• Crop types can be categorised into vegetables, fruits, and herbs, among others.
• The applications can be divided into indoor and outdoor.
• The regional markets for vertical farming include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Increased popularity of organic food among the consumers is driving the growth of the market.
• Productive use of vertical space and balanced energy utilization is also propelling the growth of vertical farming market.
• The technologies involved make crop monitoring and harvesting easier, boosting the market growth further.
• Other factors driving the market growth are robust population and the rising awareness about the importance of nutrition and the importance of fresh food among consumers.

Key Offerings of the report:

• The EMR report gives an overview of the global vertical farming market for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecasted (2024-2032) markets for the growth mechanism, structure, components, crop type, applications, and major regions of vertical farming. 
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global vertical farming market are AeroFarms LLC, Plenty Unlimited Inc., Bowery Farming Inc., Gotham Greens Holdings, LLC, Futurae Farms Inc., Iron Ox, Inc., InFarm, Agricool, Green Sense Farms Holdings, Inc., and Crop One, among others.. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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