Global Vertical Farming Market Overview
The global vertical farming market is poised for rapid growth, with a projected value of USD 24.5 billion by 2030, growing at a CAGR of 25% from 2024 to 2030. This surge is driven by innovations in farming technology, an increasing need for sustainable agricultural practices, and growing urbanization, which creates a need for space-efficient food production solutions. Vertical farming offers an environmentally friendly way to grow crops in urban areas, using less land and water compared to traditional farming.
Key Drivers of Vertical Farming Growth
- Sustainability Concerns: With increasing global awareness about environmental issues such as water scarcity and land degradation, vertical farming is emerging as a sustainable solution. The ability to grow crops in controlled, indoor environments with minimal resource use is a game-changer.
- Urbanization and Space Constraints: The global trend of urbanization is putting pressure on available agricultural land. Vertical farming addresses this by enabling food production in cities, reducing food miles, and enhancing food security.
- Technological Innovations: Advances in artificial intelligence (AI), hydroponics, aeroponics, and automation are driving the adoption of vertical farming technologies. These innovations enhance crop yields, reduce operational costs, and improve the scalability of vertical farms.
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Regional Insights: Vertical Farming Market in Key Countries
Vietnam and Thailand
Southeast Asia is witnessing rapid urbanization and increasing demand for local, sustainable food sources. Companies like Sky Greens (Singapore) are expanding their operations into Vietnam and Thailand, leveraging their advanced vertical farming systems to cater to growing urban populations. These countries are also seeing government incentives to adopt innovative farming solutions.
Singapore
Singapore continues to lead the region in vertical farming innovation. The city-state has integrated vertical farming into its national food security strategy, with companies such as Sundrop Farms and Urban Farm scaling their operations. Recent collaborations between local tech firms and agricultural startups are helping to enhance vertical farming productivity.
Japan and South Korea
Japan and South Korea are at the forefront of vertical farming technology. Japan’s Spread Co., Ltd., one of the world’s largest vertical farms, has expanded its operations significantly in recent years. South Korea is following suit, with Plant Factory systems growing crops in highly efficient, automated environments. These countries are focusing on reducing food imports by boosting domestic food production through vertical farming.
Europe
European countries such as the Netherlands, Germany, and the UK are home to several leading vertical farming startups and established players. The Netherlands, known for its innovation in agriculture, is actively investing in vertical farming solutions, with companies like Gotham Greens expanding their European presence. InFarm, a Berlin-based startup, is revolutionizing urban farming across the continent with its modular farming units.
United States
The United States is one of the largest markets for vertical farming, with companies like Bowery Farming, AeroFarms, and Plenty leading the charge. These companies are making significant strides in developing vertical farming systems that are both scalable and economically viable. With increasing investment in agricultural technology, the US is set to dominate the global vertical farming market.
Key Mergers and Acquisitions Driving Market Growth
The vertical farming sector is witnessing a flurry of mergers and acquisitions (M&A) as key players look to consolidate resources, expand geographic reach, and enhance their technological capabilities.
- InFarm Acquires Urban Farming Solutions – InFarm, a leading European vertical farming company, recently acquired Urban Greening, a local startup in the UK specializing in modular farming technology. This acquisition strengthens InFarm’s position in Europe, particularly in urban farming.
- Bowery Farming Expands with Acquisition of Local Farms – In the United States, Bowery Farming acquired Square Roots, a highly efficient urban farming operation based in Brooklyn. This acquisition will allow Bowery to scale its operations while integrating more advanced hydroponic systems into its farms.
- Plenty’s Partnership with Japanese Firms – Plenty, a leading US-based vertical farming company, has entered into a strategic partnership with Japanese conglomerates to establish large-scale vertical farms in Japan. This move is part of Plenty’s strategy to expand its international footprint and meet the growing demand for locally grown food in urban markets.
- Sky Greens Expands in Southeast Asia – Singapore’s Sky Greens has acquired UrbanGreens in Thailand, allowing them to expand their vertical farming operations across Southeast Asia. The acquisition is expected to accelerate the adoption of vertical farming technologies in the region.
Key Players in the Vertical Farming Market
- Bowery Farming – One of the largest indoor farming startups in the US, Bowery continues to scale its operations and lead the way in smart vertical farming solutions.
- AeroFarms – Known for its expertise in aeroponic farming, AeroFarms has expanded its presence in the US and is pushing into international markets, especially Europe and Asia.
- Plenty – With a focus on high-tech farming solutions, Plenty has raised substantial investment to expand its vertical farms across North America and Asia.
- InFarm – InFarm has rapidly become one of Europe’s largest vertical farming companies, partnering with several supermarkets and retailers to bring fresh, locally-grown produce to consumers.
- Vertical Future – Based in the UK, Vertical Future is a leading innovator in vertical farming technology. The company recently raised significant funding to expand its operations across Europe.
Vertical Farming Market segmentation :
by Growth Mechanism
Hydroponic
Aeroponic
Aquaponic
According to the Growth Mechanism, the vertical farming market’s growth mechanism in 2023 was dominated by the hydroponics segment. A number of factors have contributed to the hydroponics segment’s rise as a market leader in vertical farming. By growing plants without the use of soil and using mineral solutions to directly feed the roots, hydroponics offers unparalleled efficiency. In comparison to traditional farming methods, this approach not only maximizes the use of available area but also guarantees the best possible distribution of resources, resulting in higher returns. Second, a wide range of growers, from hobbyists to professional cultivators, can easily adopt hydroponic systems due to their inherent simplicity and ease of use.
by Structure
Building based structure
Container based structure
According to structure, the vertical farming industry’s container-based segment was the market leader in 2023. The containers’ capacity to enable agricultural growing regardless of location is responsible for this increase. One major benefit of container farming is its portability and low space needs, which enable newcomers to get started without requiring a large amount of land or specialized infrastructure. Because used containers are easily accessible and reasonably priced, more competition has contributed to a drop in shipping container pricing, which has further accelerated market expansion. Notwithstanding these benefits, there are also issues, such as decreased relative productivity and possible conflicts with layout management, heat, and light. However, the demand for shipping containers is expected to expand due to the growing use of precision farming methods and technological improvements.
by Application
Indoor
Outdoor
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Learn about the top players driving innovation in the Vertical Farming Market :
North America
1. AeroFarms (United States)
2. Plenty (United States)
3. Bowery Farming (United States)
4. BrightFarms (United States)
5. Gotham Greens (United States)
6. Lufa Farms (Canada)
7. Farm.One (United States)
8. Local Roots Farms (United States)
9. Green Sense Farms (United States)
10. Vertical Harvest (United States)
11. Freight Farms (United States)
12. Crop One Holdings (United States)
13. Fifth Season (United States)
14. AppHarvest (United States)
15. FarmBox Foods (United States)
16. Modular Farms (Canada)
17. Urban Grow Inc. (United States)
Europe
1. Infarm (Germany)
2. Urban Crop Solutions (Belgium)
3. Jones Food Company (United Kingdom)
4. iFarm (Finland)
5. PlantLab (Netherlands)
6. Evergreen Farm Oy (Finland)
Asia Pacific
1. Sky Greens (Singapore)
2. Spread Co., Ltd. (Japan)
Get answers to critical questions shaping the Vertical Farming Market
- What is Vertical Farming ?
- What is the growth rate of the Vertical Farming Market?
- Which are the factors expected to drive the Vertical Farming market growth?
- What is the CAGR at which the Vertical Farming market will grow during the forecast period?
- What are the different segments of the Vertical Farming Market?
- Which is the fastest growing region in the Vertical Farming market?
- What growth strategies are the players considering to increase their presence in Vertical Farming ?
- What are the upcoming opportunities and trends for the Vertical Farming Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Vertical Farming Market?
- Who are the leading companies and what are their portfolios in Vertical Farming Market?
- What segments are covered in the Vertical Farming Market?
- Who are the key players in the Vertical Farming market?
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