Global Vertical Farming Market Size to Reach USD 20.16 Billion in 2030
VANCOUVER, B.C., March 17, 2022 /PRNewswire/ — The global vertical farming market size reached USD 3.09 Billion in 2021 and is expected to register a steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increase in global demand for food and a higher yield than conventional farming are major factors expected to continue to drive market revenue growth during the forecast period.
Increase in global demand for food is a significant factor expected to increase demand for vertical farming. According to the 2021 Global Hunger Index (GHI) scores, which uses data from 2016–2020, the hunger rate is highly alarming in Somalia, alarming in 9 countries, and serious in 37 countries. Africa, South of the Sahara, and South Asia are the regions that have the highest hunger levels.
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Moreover, vertical farming has a higher yield than conventional farming, which contributes to growth of global vertical farming market. The use of micro-climate technology within the container or greenhouse allows plants to receive the optimal heat, humidity, light, and other conditions as per the crop’s requirement. Furthermore, in a vertical farm, plants are stacked high in trays or towers, allowing a farm to produce more food in a confined space. Stacking plants vertically enables a farmer to grow various plants in space.
High cost set up of vertical farming systems is a significant factor hampering growth of the market. Moreover, lack of awareness about alternative farming practices in underdeveloped countries is further expected to restrain growth of the market significantly.
The global vertical farming market is expected to register a CAGR of 23.5% over the forecast period and revenue is expected to increase from USD 3.09 Billion in 2021 to USD 20.16 Billion in 2030. Increase in global demand for food and higher yield than conventional farming are factors driving the market growth.
COVID-19 Impact Analysis:
The COVID-19 pandemic led to the downsizing of various businesses, thereby limiting growth of the vertical farming market. However, vertical farming practices are not labor-intensive. Advancements in sensing technology and automation allowed agricultural productivity in vertical farming to remain largely unaffected despite complete lockdown. The market is expected to recuperate and continue growing at a steady rate once the impact of the pandemic is under control and international trade is back to normal.
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Current Trends and Innovations:
Increasing global desertification is another factor driving the growing demand for vertical agriculture. Desertification is a form of land degradation in which fertile land becomes desert-like. Rapid climate change is a major cause of desertification. Increased desertification has negatively impacted agricultural production by reducing food production and depleting irrigation water resources. This is expected to boost industry revenue growth significantly.
Asia Pacific is expected to register a steady growth rate during the forecast period. Increasing presence of new businesses focused on developing new equipment and technological solutions to modernize vertical farming practices is expected to drive revenue growth of the market. Moreover, increasing demand for unmanned horticulture, which uses intelligent technologies for growing crops due to lack of horticultural laborers, has further led to an increase in demand for vertical farming. Furthermore, increasing food insecurity and increasing adoption of vertical farming and aquaponics by cultivators and farmers are expected to drive Asia Pacific market revenue growth.
Some major companies included in the market report are AeroFarms, LLC, Agricool SAS, Sky Greens, Emirates Vertical Farming Farms, Freight Farms, Inc., Green Sense Farms Holdings, Inc., Heliospectra AB, LumiGrow, Inc., Signify Holding B.V., and Hydrofarm LLC.
- In April 2020, AeroFarms, LLC built a 90,000 square foot indoor vertical farm that is the world’s largest of its kind in Abu Dhabi. The farm is dedicated to state-of-the-art Research & Development (R&D) and commercialization of relevant local crops utilizing AeroFarms’ expertize and proprietary indoor vertical farming technology that uses up to 95% less water and zero pesticides as compared to traditional field farming. This new R&D facility will employ a projected 60+ high skilled roles.
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Emergen Research has segmented global vertical farming market on the basis of system, type, structure, equipment, and region:
- System Outlook (Revenue, USD Billion, 2019–2030)
- Type Outlook (Revenue, USD Billion, 2019–2030)
- Open System
- Closed System
- Shipping Container-based
- Heating Ventilation and Air Conditioning (HVAC)
- Light-emitting Diode (LED)
- Grow Lights
- Irrigation Systems
- Material Handling Equipment
- Control Systems
- Rest of Europe
- South Korea
- Rest of APAC
- Rest of LATAM
- Saudi Arabia
- South Africa
- Rest of MEA
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