The Vertical Farming Crops Market was valued at US$ 282.80 million in 2021 and is projected to reach US$ 1,057.75 million by 2028. It is expected to grow at a CAGR of 20.7% from 2021 to 2028. Vertical farming crops are grown in vertically stacked containers or trays containing nutrient media. Vertical farming is gaining traction with rising urbanization and the growing uptake of modern agricultural practices that give better yield. In vertical farming, crops are grown under a controlled environment in soil-less mediums. Hydroponics, aquaponics, and aeroponics are some of the key vertical farming techniques.
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Key players in the global vertical farming crops market include AeroFarms; Agricool; Bowery Farming Inc.; CropOne; Infarm; Plantlab; Plenty Unlimited Inc.; Gotham Greens; MIRAI Co., Ltd.; and BrightFarms.
The vertical farming market is experiencing significant traction across the world due to the mounting demand for food, propelled by the rising global population. Since it uses 90% less water, requires less space, and yields more crops in shorter periods, compared to conventional farming, its demand is increasing at a significant rate. In this technique, the cultivation of fruits and vegetables is not restricted to seasonal cycles, as the requisite atmospheric conditions can be created at farming sites. However, the high initial investment cost is a hindrance to the growth trajectory of the vertical farming market. Nevertheless, the increasing demand for organic food, coupled with the rising adoption of veganism across the world, is anticipated to boost the global vertical farming market during the forecast period.
Benefits of Vertical Farming Over Conventional Farming
The vertical farming market has picked up significant momentum over the years. The rising awareness pertaining to the benefits of vertical farming is a key factor driving this growth. Since vertical farming is independent of weather, it allows farmers to achieve a consistent annual crop production without having to worry about adverse weather conditions. Moreover, it enables them to yield more in a small area. Compared to conventional farming, vertical farming yields ~240-times greater while requiring 99% less land and 98% less water.
The size of the overall global vertical farming crops market has been derived using primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants typically involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, national sales managers, external consultants, valuation experts, research analysts, and key opinion leaders, specializing in the vertical farming crops market.
Component-Based Market Insights
Light-emitting diode (LED) lights, high-intensity discharge lights, and fluorescent lamps are among the lighting types used for vertical farming. Among this, LED lights are the most widely used lighting for vertical farming. The unique properties of LED lights—such as energy-efficiency, low heat generation, compact size, and lifespan up to 50,000—encourage the adoption of LEDs. These lights are cost effective and their light intensity can be controlled to suit different plants and crops, which are among the major advantages of LEDs.
Based on the region, the vertical farming crops market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. Europe held the largest share in the market in 2020, and Asia Pacific is expected to grow at a faster CAGR over the forecast period. The factors propelling the growth of the Asia Pacific vertical farming crops market include the rising urbanization, improving lifestyles of people, rising per capita income, and government initiatives for the uptake of modern agricultural techniques. Moreover, the growing popularity of vertical farming across countries, such as Japan, India, and China, is also driving the region's growth. For instance, Japan has over 200 small-scale lettuce vertical farming factories utilizing artificial light, and the number of such factor factories is expected to double by 2025.
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