Vertical Farming Market Growth and Share, Emerging Trends, Global Industry Size, Demand, Challenges, Business Opportunities and Forecast 2030: SPER Market Research
Vertical farming is a method of cultivating crops in vertically stacked layers or racks, typically in indoor environments such as warehouses, skyscrapers, or specially designed vertical farming structures. It involves using controlled-environment agriculture techniques, including artificial lighting, hydroponics or aeroponics systems, and precise climate control, to create optimal growing conditions for plants. In vertical farms, plants are grown in vertically arranged trays or shelves, often in a soilless medium or nutrient-rich water solution. Artificial lighting, usually provided by LED lights, mimics natural sunlight to support photosynthesis and plant growth. The use of hydroponics or aeroponics allows for the delivery of water, nutrients, and oxygen directly to the plant roots, optimizing resource utilization and reducing water consumption compared to traditional soil-based farming.
According to SPER market research, ‘Vertical Farming Market Size – By Component, By Structure, By Growth Mechanism – Regional Outlook, Competitive Strategies and Segment Forecasts to 2030’ state that the Global Vertical Farming Market is predicted to reach USD 22.77 billion by 2030 with a CAGR of 24.8%.
The Vertical Farming market is experiencing growth due to several key factors. Climate change and environmental concerns have disrupted traditional agriculture, but vertical farming offers a climate-controlled environment, allowing year-round cultivation independent of weather conditions. It also addresses water scarcity by consuming significantly less water than conventional farming. The growing interest in sustainable agriculture aligns with vertical farming’s ability to reduce water usage, pesticide/herbicide requirements, and land and energy needs. Increasing investments from venture capitalists, private equity firms, and government support through funding initiatives and favourable policies have accelerated the market’s growth. Vertical farming’s proximity to urban centers enables shorter supply chains, providing fresher produce directly to consumers, reducing food waste, and ensuring nutrient-rich options.
However, the global Vertical Farming market faces challenges as well. Crop selection and yield optimization, scaling up production, regulatory frameworks, and consumer awareness are key challenges facing the global vertical farming market. Not all crops are suitable for vertical farming, and research and development efforts are needed to enhance crop varieties for this method. Scaling up operations requires careful planning to ensure consistent quality and meet growing demand. Varying regulatory frameworks across regions create complexities and compliance costs for vertical farming operators. Additionally, consumer awareness and acceptance of vertically grown produce can vary, necessitating education and building trust.
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In addition, the COVID-19 pandemic had a significant impact on the vertical farming market. Financing and investment challenges have emerged in the vertical farming sector due to economic uncertainties caused by the pandemic. Securing funding for projects and delays in construction and expansion plans have been experienced, influenced by cautious investor behaviour and disruptions in supply chains and movement. Labor availability and implementing safety measures posed additional hurdles, necessitating a focus on worker well-being.
Overall, North America, particularly the United States, is currently the largest target market for the global vertical farming market. The region has witnessed significant investment, technological advancements, and consumer interest in sustainable agriculture and locally sourced produce. Europe, with countries like the Netherlands and Germany, has also emerged as a prominent market for vertical farming due to its emphasis on sustainable food production and limited arable land. Additionally, some of the market key players are Aerofarms, Altius Farms, American Hydroponics, Green Sense Farms, Vertical Farm Systems including others.
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Vertical Farming Market outlook
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