Exploring the Booming Vertical Farming Market: Size, Share, and Future Projections

NORTHBROOK, Ill. - June 13, 2024 - PRLog -- The vertical farming market is experiencing significant growth, driven by the increasing demand for sustainable agricultural practices and efficient food production methods. This innovative approach to farming leverages vertical spaces in urban settings to grow crops in stacked layers, often incorporating controlled environment agriculture (CEA) technology to optimize growth conditions.

As of the latest market analysis, the vertical farming market is poised to grow substantially. The global vertical farming market size is estimated to be USD 5.1 billion in 2023, and it is expected to reach USD 15.3 billion by 2028, growing at a CAGR of 24.7% from 2023 to 2028. The growth is driven by technological advancements, increased urbanization, and the need for sustainable food production methods.

Driver: Reduced environmental impact from agriculture by the adoption of vertical farming

Vertical farming plays a vital role in reducing the environmental impact of agriculture. It reduces the water required to produce the same or higher number of crops. It also removes the chemicals and pesticides used to grow crops and diminishes the need for transportation. The entire process of vertical farming is carried out organically. It significantly eliminates the use of chemicals and provides natural solutions, such as using fish to produce nutrient-rich waste for plants in the aquaponics growth mechanism of vertical farming. Also, as vertical farming is carried out in a controlled environment, they are immune to dangerous pests, eliminating pesticide use. As methods of pest control such as burning fields, grass, or waste are omitted, vertical farming assures healthy, quality produce for its consumers. This, in turn, is expected to create growth opportunities for the players in the vertical farming market.

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Opportunity:  Potential market opportunities in Asia Pacific and the Middle East

According to the Ministry of Agriculture, Forest, & Fisheries (MAFF), people in APAC consume about 75% of the vegetables produced globally. In APAC, most plant factories are in Japan, China, Hong Kong, and Singapore. Factors such as continuous growth in urban population, rising disposable income, and increasing middle-class population are expected to drive the demand for food and agricultural commodities and resources between 2023 and 2028. With the advantage of producing more in less area, vertical farming is being increasingly adopted in different countries in APAC. The Middle East is another market with high growth potential for vertical farming. The climate in Middle Eastern countries is hot for almost eight months a year, leaving a significantly less favorable period for crop production. This leads to the limited availability of local produce at high prices.