North America Vertical Farming Market Overview
North America Vertical Farming Market valued at USD 2.51 billion in 2023, is forecasted to reach USD 12.42 billion by 2030, growing at a CAGR of 25.65% from 2024 to 2030.The North America Vertical Farming market is poised for significant growth, driven by the region’s population increase and shrinking land availability. Vertical farming, which optimizes space usage and improves food production, is increasingly being adopted across the region. The market is characterized by the growing popularity of organic foods and the superior productivity of vertical farming methods compared to traditional agricultural practices. However, the high initial costs and ongoing operational expenses, such as energy and labor, present challenges to market expansion.
North America Vertical Farming Market Report Scope and Research Methodology
The North America Vertical Farming Market with a comprehensive analysis of the industry’s current and past state, as well as a projected market size and trends in a clear and concise language. The research methodology for the North America Vertical Farming Market involves a combination of quantitative and qualitative elements. The market is extensively researched using primary and secondary data sources.
The report covers all essential aspects of the market, including an in-depth examination of key players, such as market leaders, followers, and new entrants. This analysis takes into account factors such as regulatory frameworks, government initiatives, and market maturity in different geographical regions. It provides insights into regional variations and helps in identifying growth opportunities and potential challenges specific to each market.
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Market Dynamics:
Drivers:
Population Growth and Land Scarcity: As North America’s population grows, the demand for food increases while the availability of agricultural land diminishes. Vertical farming addresses both of these issues, offering a sustainable solution for high-yield food production.
Popularity of Organic Foods: Consumers’ increasing preference for organic products is bolstering the adoption of vertical farming, which often results in pesticide-free crops.
Technological Innovation by Local Players: The presence of local players introducing cutting-edge technologies in farming techniques is propelling market growth.
Challenges:
High Initial and Maintenance Costs: Vertical farming systems have significant upfront costs due to their complex infrastructure and technology requirements. Additionally, operational expenses such as energy consumption (averaging $3.45 to $8.02 per square foot depending on farm size) and labor costs (56% of operating budgets) can hinder market expansion.
Labor Intensive: Indoor vertical farms are highly dependent on labor, with costs averaging $20.78 per square foot, posing a challenge to small-scale operations.
Opportunities:
Year-Round Crop Production: Vertical farming ensures year-round agricultural output, with stable yields achieved by controlling environmental factors such as light, temperature, and humidity. This technique also conserves natural resources, such as water and soil, making it an appealing option for sustainable agriculture.
Technological Advancements: Hydroponics and Aeroponics, two key vertical farming technologies, use less land and water than traditional farming methods, contributing to the market’s growth by enhancing productivity and reducing environmental impact.
North America Vertical Farming Market Regional Insights
United States:
Dominates the North American vertical farming market, accounting for 71.5% of market revenue in 2023. The U.S. leads due to a growing demand for organic crops and favorable funding opportunities for stakeholders.
Canada:
Projected to grow at a CAGR of 10.5% through the forecast period. The increasing adoption of advanced technologies in the food sector, coupled with the demand for transparency in food sourcing, is driving market growth in the country.
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North America Vertical Farming Market Segmentation
By Structure Type:
Building-based Vertical Farming:
Dominated the market with a 62.2% share in 2023. The available space within buildings enables easier movement and monitoring of produce, making this structure type highly efficient.
Shipping Container-based Vertical Farming:
Expected to grow at a CAGR of 23.4% during the forecast period. This method is gaining popularity due to its lower costs and space-saving capabilities, with stacked containers providing higher yields per square foot.
North America Vertical Farming Market Key Players
Eden Green Technology
Elevate Farms Inc.
iFarm
OSRAM GmbH
Plenty Unlimited Inc.
Agrilution
AeroFarms
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Key questions answered in the North America Vertical Farming Market are:
- What is North America Vertical Farming?
- What was the North America Vertical Farming market size in 2023?
- What is the growth rate of the North America Vertical Farming Market?
- Which are the factors expected to drive the North America Vertical Farming market growth?
- What are the different segments of the North America Vertical Farming Market?
- What growth strategies are the players considering to increase their presence in North America Vertical Farming?
- What are the upcoming industry applications and trends for the North America Vertical Farming Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the North America Vertical Farming Market?
- What segments are covered in the North America Vertical Farming Market?
- Who are the leading companies and what are their portfolios in North America Vertical Farming Market?
- What segments are covered in the North America Vertical Farming Market?
- Who are the key players in the North America Vertical Farming market?
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2023)
- Past Pricing and price curve by region (2018 to 2023)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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