Vertical Farming Market generated a revenue of USD 2,325 Million in 2019 and is forecast to witness a 19.8% CAGR during the forecast period (2020-2027), due to the surging demand for natural products and accelerating per-capita income.

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Key Drivers

The global vertical farming market is primarily driven by several factors, including the inclination of the consumers towards organic products, a decrease in the arable land, and the increasing demand for high-quality land. The rising production of crops owing to the increasing population and growth in the concerns of the consumers for the health and rising urbanization are further surging the growth of the global vertical farming market during the forecast period. The vertical farming offers remarkable benefits such as the use of significantly less water, reduced exposure to chemicals & diseases, enables to achieve greater output from less cultivation area and is not affected by the weather conditions. The combination of these factors is accelerating the demand for vertical farming in the market worldwide. Strong investment from key investors and strategic agriculture government initiatives through subsidies and grants are projected to augment the market growth. Increasing integration of advanced technologies within the market space has persuaded various venture capitalists and independent financiers to invest considerable amounts. Additionally, the depletion in ground water and emerging need for stable crop production, regardless of changing climatic conditions, have encouraged traditional farmers to adopt alternate farming methods like vertical farming to fulfil the growing food demands, driving the market growth. Increasing investment by leaders in LEDs and other advanced lighting products in order to minimize their risks by monitoring and investing in new technologies, which is expected to offer enormous opportunities to the market.

The increasing production of biopharmaceutical products, rising demand for organic food owing to the rising disposable income of the consumers in developing countries, and enhancement in the food supply chain are some other factors fuelling the growth of the global vertical farming market. Vertical farming reduces the carbon footprint owing to its increased proximity to the consumer resulting in a decrease in the distance covered by trucks. The factors that are restraining the growth of the global vertical farming market include the requirement of high initial investments for the implementation of vertical farming and lack of technological skills.

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Growth Mechanism Segment Analysis

Based on the growth mechanism, the aeroponics segment is expected to increase at a higher CAGR during the forecast period owing to the high utilization of the aeroponics growth mechanism in vertical farming owing to its ability to enable extensive planting, which is not provided by the other growth mechanisms. This method is environment friendly and has low susceptibility to pests and diseases, which also drives the market growth of this segment.

Structure Segment Analysis

Shipping container structure is estimated to witness a higher CAGR over the upcoming years, due to its ability to grow crops anywhere irrespective of the geographic location. Moreover, the primary advantage of shipping-based farms are easy transportation and they do not need any dedicated building to start the business. In addition, the increasing availability of unused shipping containers and their cost-efficiency, has encouraged small-scale farmers to enter the market, paving the way for market.

Crop Segment Analysis

Tomatoes crop type is projected to witness a promising growth over the forecast period, due to the high per-capita consumption of tomatoes. Several large-scale indoor vertical farming companies have increased the production of tomatoes to cater to the growing consumer demand. Leading companies like BrightFarms; Plenty Unlimited Inc.; and Signify Holdings are actively involved in vertical farming and selling of tomatoes in urban areas.

Offering Segment Analysis

Based on the offering, the climate control segment is anticipated to grow at a higher CAGR over the forecast period owing to the increasing adoption of climate control as it permits the producer of crops to maintain and monitor the supply of carbon dioxide, sunlight, pH levels, humidity, and other factors.

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Based on the region, Asia-Pacific is expected to dominate the market during the forecast period owing to the inclination of consumers towards organic foods and a rapid increase in the urban population. Moreover, the growth in the annual production of crops owing to the rising population and growing implementation of advanced technologies are further driving the growth of the vertical farming market in this region.

Various notable players operating in the market include Koninklijke Philips N.V., Sky Greens, AeroFarms, EVERLIGHT, Illumitex, Agrilution, Green Sense Farms Holdings, Inc., Urban Crop Solutions, AmHydro, and Vertical Farm Systems, among others.

Key Developments:

• • In 2020, Urban Crop Solutions collaborated with CropKing to integrate the extensive hydroponic experience of CropKing with the enhanced-quality controlled environment technology in the vertical farming of Urban Crop Solutions.
  • In 2019, Illumitex launched NeoPARTM XO for vertical farming systems. This LED platform brings the advantages of the company’s horticulturist-curated artificial-intelligent machine-learning FarmVision AI to the difficult task of vertical farming.

The global vertical farming market has been segmented on the basis of growth mechanism, structure, crop type, offering, and region. Based on the growth mechanism, the market is segmented aeroponics, aquaponics, and hydroponics. Based on the structure, the market is segmented into shipping container vertical farms and building-based vertical farms. Based on the crop type, the market is segmented into peppers, lettuce, spinach, broccoli, tomatoes, cucumbers, pomegranates, strawberries, and others. Based on the offering, the market is segmented into hydroponics components, lighting, sensors, and climate control. The hydroponics components segment is further categorized into meters & solutions, pumps & irrigation, water filtration, and others. The lighting segment is further categorized into grow light reflectors, grow lights, and grow light ballasts.  The sensors segment is further categorized into CO2 sensors, temperature sensors, pH sensors, Nutrient sensors, crop sensors, and others. The climate control segment is further categorized into air purification/control, ventilation fans, and others.

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Key questions answered in this research report:

• • At what pace is the global vertical farming market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global vertical farming market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global vertical farming market?
  • Which growth mechanism generated maximum revenues in 2019 and identify the most promising growth mechanism during the forecast period?
  • What are the various offerings of the vertical farming market, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2019)	USD 2,325 Million
Market Base Year	2019
Market Forecast Period	2020-2027
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Growth Mechanism, By Structure, By Crop Type, By Offering, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Koninklijke Philips N.V., Sky Greens, AeroFarms, EVERLIGHT, Illumitex, Agrilution, Green Sense Farms Holdings, Inc., Urban Crop Solutions, AmHydro, and Vertical Farm Systems among others; a total of 10 companies covered
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Vertical Farming Market by Growth Mechanism

• • Aeroponics
  • Aquaponics
  • Hydroponics

Global Vertical Farming Market by Structure

• • Shipping Container Vertical Farms
  • Building-Based Vertical Farms

Global Vertical Farming Market by Crop Type

• • Peppers
  • Lettuce
  • Spinach
  • Broccoli
  • Tomatoes
  • Cucumbers
  • Pomegranates
  • Strawberries
  • Others

Global Vertical Farming Market by Offering

• • Hydroponics Components
    • Meters & Solutions
    • Pumps & Irrigation
    • Water Filtration
    • Others
  • Lighting
    • Grow Light Reflectors
    • Grow Lights
    • Grow Light Ballasts
  • Sensors
    • CO2 Sensors
    • Temperature Sensors
    • pH Sensors
    • Nutrient Sensors
    • Crop Sensors
    • Others
  • Climate Control
    • Air Purification/Control
    • Ventilation Fans
    • Others

Global Vertical Farming Market by Region

• • North America Vertical Farming Market (Option 1: As a part of the free 25% customization)
    • North America Vertical Farming Market by Growth Mechanism
    • North America Vertical Farming Market by Structure
    • North America Vertical Farming Market by Crop Type
    • North America Vertical Farming Market by Offering
    • US Vertical Farming Market All-Up
    • Canada Vertical Farming Market All-Up
  • Europe Vertical Farming Market (Option 2: As a part of the free 25% Customization)
    • Europe Vertical Farming Market by Growth Mechanism
    • Europe Vertical Farming Market by Structure
    • Europe Vertical Farming Market by Crop Type
    • Europe Vertical Farming Market by Offering
    • UK Vertical Farming Market All-Up
    • Germany Vertical Farming Market All-Up
    • France Vertical Farming Market All-Up
    • Spain Vertical Farming Market All-Up
    • Rest of Europe Vertical Farming Market All-Up
  • Asia-Pacific Vertical Farming Market (Option 3: As a part of the free 25% Customization)
    • Asia-Pacific Vertical Farming Market by Growth Mechanism
    • Asia-Pacific Vertical Farming Market by Structure
    • Asia-Pacific Vertical Farming Market by Crop Type
    • Asia-Pacific Vertical Farming Market by Offering
    • China Vertical Farming Market All-Up
    • India Vertical Farming Market All-Up
    • Japan Vertical Farming Market All-Up
    • Rest of APAC Vertical Farming Market All-Up
  • RoW Vertical Farming Market (Option 4: As a part of the free 25% Customization)
    • RoW Vertical Farming Market by Growth Mechanism
    • RoW Vertical Farming Market by Structure
    • RoW Vertical Farming Market by Crop Type
    • RoW Vertical Farming Market by Offering
    • Brazil Vertical Farming Market All-Up
    • South Africa Vertical Farming Market All-Up
    • Saudi Arabia Vertical Farming Market All-Up
    • UAE Vertical Farming Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Vertical Farming Market All-Up

Global Vertical Farming Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Koninklijke Philips N.V.
  • Sky Greens
  • AeroFarms
  • EVERLIGHT
  • Illumitex
  • Agrilution
  • Green Sense Farms Holdings, Inc.
  • Urban Crop Solutions
  • AmHydro
  • Vertical Farm Systems