"We Envision Growth Strategies Most Suited
to Your Business"
The global vertical farming market size was USD 4.16 billion in 2022. The market is projected to grow from USD 5.05 billion in 2023 to USD 27.42 billion in 2030 at a CAGR of 27.3% during the 2023-2030 period. Fortune Business Insights presents this information in its report titled, “Vertical Farming Market Size, Share & COVID-19 Impact Analysis, By Type (Hydroponics, Aeroponics, and Aquaponics), By Structure (Building-Based Vertical Farm and Shipping-Container Vertical Farm), By Component (Lighting System, Irrigation & Fertigation System, Climate Control, Sensors, and Others), and Regional Forecast, 2023-2030”.
During the forecast period, the demand for high-end automation and robotics technology in manufacturing facilities and remote maintenance is anticipated to grow. Increasing demand for processed food and ready-to-eat food to propel vertical farming market growth.
Disruption of Supply Chain Troubled Market Growth during COVID-19
The pandemic has impacted various agricultural and food sectors. Due to the growing population across urban areas, COVID-19 disrupted the retail, urban food system, and distribution. But, COVID-19 faster need for healthy and safe food, and vertical farms have to spur development amid COVID-19 owing to an increased demand for organically grown foods.
Increasing Crisis of Water Scarcity and Decline in Arable Land to Propel Adoption of Vertical Farms
The food and agriculture industries are continually concerned about the growing food demand due to the decline of land resources for agriculture globally. Industries are fronting massive obstacles in feeding the rapidly growing global population. Due to all these factors, it has been compelled to adopt major traditional agriculture alternatives. Vertical farms have been an appropriate alternative for growing high-quantity and quality crops.
To get a detailed report summary and research scope of this market, click here:
Dream Harvest Farming Company Secured Funds to Drive the Market Growth
In December 2021, Orion Energy Partners approved giving USD 50 million funds to Dream Harvest Farming Company, a company based in Houston that targets to balance up to produce and construct a 100,000 sq. ft. indoor vertical farming capacity. Moreover, the company aims to balance its operations and help additional retailers.
Leading Players Adopt Acquisition Strategies to Stay Competitive
Due to disruptions created by the COVID-19 pandemic, most market players weren't ready to risk their businesses and make losses by entering volatile markets. However, as the impacts of COVID-19 began subsiding, companies were seen expanding their businesses across new markets. For instance, Imperial Dade acquired Empire Distributors to operate; significant players are adopting 91 new distribution centers across the U.S. Similar strategies as they eye new markets for expansion and business growth.
Notable Industry Development:
The Report Lists the Key Players Profiled in the Market Report:
Further Report Findings:
Table of Segmentation
CAGR of 27.3% from 2023 to 2030
Value (USD Billion)
Type, Structure, Component, and Region