Market Size of Vertical Farming Industry
| Study Period | 2018 - 2029 |
| Market Size (2024) | USD 14.23 Billion |
| Market Size (2029) | USD 23.23 Billion |
| CAGR (2024 - 2029) | 10.30 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Vertical Farming Market Analysis
The Vertical Farming Market size is estimated at USD 14.23 billion in 2024, and is expected to reach USD 23.23 billion by 2029, growing at a CAGR of 10.30% during the forecast period (2024-2029).
- The increased demand for organic products among consumers, fueled by the improved standard of living and higher disposable income paved the way for the development of vertical farming, wherein organic farming is practiced widely. People are growing the necessary crops in their own houses on a small scale to have food free from pests. An increase in health consciousness and consumption of residue-free food has paved the way for the usage of advanced techniques, like hydroponics, aeroponics, etc.
- Microgreens are among the crops cultivated by vertical farming methods and are a rich source of polyphenols, a class of antioxidants that helps to lower the risk of diseases, such as heart disease, Alzheimer's disease, diabetes, and certain cancers.
- With the growing innovation in agricultural technology, the industry is growing rapidly, attracting individual as well as commercial attention. Many commercial growers are adopting high capital expenditure technologies, such as advanced hydroponic systems and electronic traceability systems. Additionally, growers are heavily investing in LEDs and other innovative lighting products to reduce their exposure to associated risks by carefully monitoring and investing in new technologies.
- The need for food supply against the explosive population is expected to increase by 2050, which has catalyzed the growth of the vertical farming market. Funds are being invested in the market to bring developments and technological advancements to this specific sector. The control over the growth of plants and the minimum resource requirements in terms of space, water, etc. is making this technique more popular as the global food crunch is around the corner in many parts of the world. The increased need to meet the demand of the growing population and limited and scarce agricultural land and water are anticipated to drive the global market for vertical farming during the forecast period.
