Growing urbanization coupled with the increasing popularity of organic food to drive the North America vertical farming market during the forecast period. According to TechSci Research report, “North America Vertical Farming Market By Growth Mechanism, By Structure, By Offering, By Application, By Crop Type, By Country, Competition, Forecast & Opportunities, 2024”, the North American vertical farming market is expected to grow at a CAGR of around 10% during the forecast period owing to the growing demand for higher agricultural yields, scarcity of arable land, growing urbanization and rising population.
Important Factors of the North America Vertical Farming Market
Additionally, rooftop hydroponic gardens in urban set-ups are also positively influencing the market. Moreover, rising concerns among consumers pertaining to health are increasing the demand for organic food and safer farming methods, which do not use pesticides and other chemical fertilizers, thereby further propelling the growth of the market. However, high initial investments and involvement of nascent technology can hamper the growth of the market during the forecast period.
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The North America vertical farming market is segmented based on growth mechanism, structure, offering, application, crop type, country, and company. Based on the growth mechanism, the market can be categorized into aeroponics, hydroponics, aquaponics, and others. The aeroponics growth mechanism is expected to register significant growth during the forecast period since it facilitates faster plant growth, wherein a large number of plants could be grown in lesser time than under normal conditions. On the basis of structure, the market can be divided into building-based vertical farms and shipping container vertical farms.
The shipping container vertical farms structure is expected to dominate the market during the forecast period. This can be attributed to the fact that these containers feature innovative climate technology and growing equipment, along with the perfect environment throughout the year, regardless of geographic location for high-volume and consistent harvests. Based on offerings, the market can be categorized into hardware, software, and service. The service segment is expected to witness significant growth during the forecast period owing to the growing research and technological advancements related to robotics and automation in vertical farming which in turn is increasing the demand for consulting integration, and support services. Based on application, the market can be divided into indoor and outdoor.
The outdoor application segment is expected to grow at a considerable pace due to the regions with low agricultural yields generally preferring this technique to address deforestation. Based on crop type, the market can be divided into fruits and vegetables & herbs. The fruits are expected to register growth during the forecast period since certain fruits such as strawberries and others can be available throughout the year.
The Major competitors of the North America Vertical Farming Market
- Green Spirit Farms
- Aerofarms
- American Hydroponics
- General Hydroponics
- Illumitex, Inc.
- Green Sense Farms, LLC
- Hort Americas, LLC
- Plenty Unlimited, Inc.
- Bowery Farming Inc.
- Freight Farms and others are some of the leading players operating in the North America vertical farming market. The companies operating in the market are using organic strategies such as product launches, mergers, and collaborations to boost their share.
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“The vertical farming market in North America is expected to witness exponential growth during the forecast period on account rising popularity of greenhouse horticulture and agriculture in the region. Additionally, growing concerns about food security and nutrition are expected to open several novel opportunities for the industry to prosper in the region, especially in the United States. Further, the onset of urban population dwelling across cities, such as New York, Chicago, and Milwaukee, has propelled the environment for vertical farming with activities, such as revamping derailed vacant warehouses, derelict buildings, and high rises, which in turn, led to an increase in the production of fresh grown foods.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
“North America Vertical Farming Market By Growth Mechanism, By Structure, By Offering, By Application, By Crop Type, By Country, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of the North America vertical farming market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the North America vertical farming market.
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