October 2023
15 Oct 2024
The global vertical farming market revenue reached USD 7.51 billion in 2024 and is predicted to attain around USD 70.70 billion by 2033 with a CAGR of 28.3% during the forecast period. Rising health consciousness among consumers, escalating urbanization, and rising per capita income, are all contributing factors to the expansion of the global vertical farming market.
Many people refer to vertical farming as "future farming" since it employs environmentally controlled agricultural technology to maximize the utilization of indoor farming practices. This is particularly true given that most of the world's population will have migrated to cities by 2050. In such an environment, with a constantly growing population, there will be a greater need for natural and organic local food.
A novel agricultural technique called vertical farming has the potential to address the looming food problem. It increases water efficiency while also reducing or eliminating the need for soil for crops. Based on its regulated environment, which includes temperature, light, humidity, and artificial intelligence, vertical farming may ensure consistent produce output and increase crop yields.
There are various types of vertical farming:
Vertical farms in buildings: Although abandoned structures are converted for vertical farming, frequent usage of such structures is not required. Vertical farms can also be built using new structures, depending on the needs.
Shipping-container vertical farms: Used or repurposed shipping containers are outfitted with monitoring sensors, climate controls, vertically stacked farms, and LED lights. Such farms can reduce their need for space while increasing their productivity.
Underground vertical farms: These vertical farms sometimes referred to as "Deep Farms," are constructed in tunnels, mine shafts, or other underground spaces. As the temperature and humidity are consistent, less energy is needed to heat them, and an underground water source may be used for water supply. In addition, these farms may generate 7 to 9 times as much food as a typical farm.
North America dominated the vertical farming market with the largest share in 2023. Increasing concerns about nutrition and food security are projected to provide several brand-new chances for the business to thrive. It is projected that the U.S. will contribute significantly to supporting the ecology of future foods. Freshly picked veggies are becoming more widely available in retail establishments as customer preferences shift toward "fresh-from-farm-to-table" products (which is also the pioneer in adopting this concept). Urbanization in New York, Chicago, and Milwaukee has fueled the market in the region. Vertical farming has increased the output of freshly cultivated food.
The vertical farming market in Europe is anticipated to expand rapidly in the coming years. The U.K. is one of the leading nations in the European vertical farming sector, along with France, Germany, Spain, and Italy. The popularity of vertical farming in certain regions has been spurred by rising customer demand and technological developments in those countries and across the continent.
| Report Attribute | Key Statistics |
| Market Revenue in 2024 | USD 7.51 Billion |
| Market Revenue by 2033 | USD 70.70 Billion |
| CAGR | 28.3% from 2024 to 2033 |
| Quantitative Units | Revenue in USD million/billion, Volume in units |
| Largest Market | North America |
| Base Year | 2023 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Segmentation
By Growth Mechanism
By Component
By Fruits, Vegetables & Herbs
By Structure
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