Report Description Table of Contents The vertical farming market in 2023 was worth USD 6.5 billion and is expected to be worth USD 28.32 billion by 2030, expanding at a CAGR of 20.2% during the forecast period. The global vertical farming market is also shifting towards more automation and application of AI to enhance crop production and resource utilization. For instance, the integration of Artificial Intelligence and machine learning in vertical farming enhances crop production by 30 % due to controlled conditions of light, temperature, and humidity. Recent developments include using technology like robots in planting, harvesting, and packaging to minimize human labor and maximize production. Furthermore, the achievements in LED lighting define specific light spectra, facilitating rapid plant growth while cutting energy use in half, which in turn stabilizes vertical farming’s efficiency and its impact on the environment. Market Dynamics The main factors expected to drive the vertical farming market growth include the need for sustainable agriculture practices, food security, and resource optimization. With the global population projected to reach 9.7 billion by 2050, the demand for food is expected to increase by 70%, making traditional farming methods less sustainable. Vertical farming can yield up to 10 times the normal yield inside a given area by the use of controlled climate and layering of the crops. Newer methods have been adopted include Hydroponics and Aeroponics, the latter using 95% less water than soil-based farming. One of the key factors that may limit the growth of the vertical farming market is the high investment and operational costs required to create and support innovative farming systems. One of the major business opportunities in the global vertical farming market is using renewable energy sources and off-grid technologies to drive down operating costs and environmental footprint. For example, solar photovoltaic technology for LED lighting and climate control reduces energy consumption by approximately 30%, thus lowering vertical farming costs. Additionally, advancements in energy-efficient LED technology and battery storage have recently enabled some vertical farms to operate with a smaller carbon footprint, appealing to eco-conscious consumers and investors. The adoption of such green technologies opens up new possibilities for vertical farms in urban and remote areas, enhancing food production while minimizing resource consumption and emissions. Market Segmentation By Growth Mechanism: Hydroponics Aeroponics Aquaponics By Structure: Building-based Vertical Farms Shipping Container-based Vertical Farms By Offering: Hardware Climate Control Systems Sensors and Monitoring Devices Lighting Systems (LEDs) Irrigation Systems Growing Systems (Racks, Trays) Software Cloud-based Farming Management Systems AI & Machine Learning Analytics Platforms Remote Monitoring & Automation Services Consulting Installation Maintenance & Support By Crop Type: Leafy Greens (Lettuce, Spinach) Herbs (Basil, Mint) Fruits (Strawberries, Tomatoes) Microgreens Flowers Others (e.g., medicinal plants) By Region North America US Mexico Canada Rest of North America Europe Switzerland Russia France Germany U.K Finland Turkey Netherlands Belgium Spain Italy Rest of Europe Asia Pacific India China South Korea Japan Singapore Thailand Indonesia Malaysia Philippines Australia Rest of Asia-Pacific LAMEA Brazil Argentina Uruguay Saudi Arabia Rest of LAMEA The North American market of vertical farming is expected to grow at the greatest pace during the forecast period due to an increase in technological innovation in this region and local and sustainable agriculture needs. The United States is leading in the region from where numerous vertical farming companies are applying advancements in hydroponics, aeroponics, and automation. For example, urban vertical farms in cities like New York and San Francisco have reported up to a 75% reduction in water usage compared to traditional farming, producing crops year-round regardless of weather conditions. New trends are the collaborations between IT corporations and agricultural businesses to launch farming solutions based on AI to enhance resource utilization and yields. This regional dominance is further encouraged by government policies to support food production as well as the increasing tendency of consumers to opt for locally grown fresh produced, free from chemicals. Key Players AeroFarms Plenty Bowery Farming Infarm BrightFarms Iron Ox Freight Farms Gotham Greens CropOne Holdings Agricool Sky Greens Vertical Farming Market Report Coverage Report Attribute Details Forecast Period 2023 – 2030 Market Size Value in 2023 USD 6.5 billion Revenue Forecast in 2030 USD 28.32 billion Overall Growth Rate CAGR of 20.2% Base Year for Estimation 2022 Historical Data 2017 – 2021 Unit USD Billion, CAGR (2023 - 2030) Segmentation By Growth Mechanism, By Structure, By Offering, By Crop Type, By Region By Growth Mechanism Hydroponics, Aeroponics, Aquaponics By Structure Building-based Vertical Farms, Shipping Container-based Vertical Farms By Offering Hardware (Climate Control Systems, Sensors and Monitoring Devices, Lighting Systems (LEDs), Irrigation Systems, Growing Systems (Racks, Trays)), Software (Cloud-based Farming Management Systems, AI & Machine Learning Analytics Platforms, Remote Monitoring & Automation), Services (Consulting, Installation, Maintenance & Support) By Crop Type Leafy Greens (Lettuce, Spinach), Herbs (Basil, Mint), Fruits (Strawberries, Tomatoes), Microgreens, Flowers, Others (e.g., medicinal plants) By Region North America, Europe, Asia-Pacific, LAMEA Country Scope US, Canada, Mexico, UK, Germany, France, China, Japan, India, South Korea, Australia, etc. Pricing and Purchase Options Avail customized purchase options to meet your exact research needs. Frequently Asked Question About This Report How big is the Vertical Farming Market? The vertical farming market was valued at USD 6.5 billion in 2023 and is expected to reach USD 28.32 billion by 2030, expanding at a CAGR of 20.2% during the forecast period. What are the key factors driving the growth of the Vertical Farming Market? The need for sustainable agriculture practices, food security, and resource optimization are primary drivers. With the global population projected to reach 9.7 billion by 2050, the demand for food is expected to increase by 70%, making traditional farming methods less sustainable. Who are the major players in the Vertical Farming Market? Prominent companies include AeroFarms, Plenty Unlimited Inc., and Bowery Farming. Which region held the largest Vertical Farming Market share? North America leads the market, attributed to technological advancements and significant investments in sustainable farming practices. Which application had the largest Vertical Farming Market share? Leafy greens, such as lettuce and spinach, dominate the crop type segment due to their short growth cycles and high demand. . Table of Contents 1. VERTICAL FARMING MARKET – PRODUCTION VOLUME BY REGION, (2024 – 2030) 1.1. North America 1.2. Europe 1.3. Asia Pacific 1.4. Latin America 1.5. Middle East & Africa 2. VERTICAL FARMING MARKET – REVENUE ($MILLION), BY REGION, (2024 – 2030) 2.1. North America 2.2. Europe 2.3. Asia Pacific 2.4. Latin America 2.5. Middle East & Africa 3. MARKET SHARE ANALYSIS – VERTICAL FARMING MARKET 3.1. Top 20 Players with Product Mix, Revenue, and Sales Volume 3.2. Market Share, 2023 3.3. Market By Growth Mechanism and End Use Outlook Analysis 4. HISTORIC TRENDS IN VERTICAL FARMING MARKET 5. EMERGING MARKET TRENDS 6. NORTH AMERICA VERTICAL FARMING MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 6.1. North America Vertical Farming Historical Market ($MILLION), (2017 – 2023) 6.2. North America Vertical Farming Market ($MILLION) and Forecasts (2024 – 2030) 6.3. North America Vertical Farming Market Type ($MILLION), and Forecasts (2024 – 2030), By Growth Mechanism 6.3.1. Hydroponics 6.3.2. Aeroponics 6.3.3. Aquaponics 6.4. North America Vertical Farming Market Type ($MILLION), and Forecasts (2024 – 2030), By Structure 6.4.1. Building-based Vertical Farms 6.4.2. Shipping Container-based Vertical Farms 6.5. North America Vertical Farming Market Type ($MILLION), and Forecasts (2024 – 2030), By Offering 6.5.1. Hardware 6.5.2. Software 6.5.3. Services 6.6. North America Vertical Farming Market Type ($MILLION), and Forecasts (2024 – 2030), By Crop Type 6.6.1. Leafy Greens (Lettuce, Spinach) 6.6.2. Herbs (Basil, Mint) 6.6.3. Fruits (Strawberries, Tomatoes) 6.6.4. Microgreens 6.6.5. Flowers 6.6.6. Others (e.g., medicinal plants) 6.7. North America Vertical Farming Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 6.7.1. USA 6.7.2. Canada 6.7.3. Rest of North America 7. USA VERTICAL FARMING MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 8. EUROPE VERTICAL FARMING MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 8.1. Europe Vertical Farming Historical Market ($MILLION), (2017 – 2023) 8.2. Europe Vertical Farming Market ($MILLION) and Forecasts (2024 – 2030) 8.3. Europe Vertical Farming Market Type ($MILLION), and Forecasts (2024 – 2030), By Growth Mechanism 8.4. Europe Vertical Farming Market Type ($MILLION), and Forecasts (2024 – 2030), By Structure 8.5. Europe Vertical Farming Market Type ($MILLION), and Forecasts (2024 – 2030), By Offering 8.6. Europe Vertical Farming Market Type ($MILLION), and Forecasts (2024 – 2030), By Crop Type 8.7. Europe Vertical Farming Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 8.7.1. Germany 8.7.2. France 8.7.3. UK 8.7.4. Italy 8.7.5. Spain 8.7.6. Rest of Europe 9. APAC VERTICAL FARMING MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 9.1. APAC Vertical Farming Historical Market ($MILLION), (2017 – 2023) 9.2. APAC Vertical Farming Market ($MILLION) and Forecasts (2024 – 2030) 9.3. APAC Vertical Farming Market Type ($MILLION), and Forecasts (2024 – 2030), By Growth Mechanism 9.4. APAC Vertical Farming Market Type ($MILLION), and Forecasts (2024 – 2030), By Structure 9.5. APAC Vertical Farming Market Type ($MILLION), and Forecasts (2024 – 2030), By Offering 9.6. APAC Vertical Farming Market Type ($MILLION), and Forecasts (2024 – 2030), By Crop Type 9.7. APAC Vertical Farming Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 9.7.1. China 9.7.2. Japan 9.7.3. South Korea 9.7.4. India 9.7.5. Australia 9.7.6. Rest of APAC 10. LATIN AMERICA VERTICAL FARMING MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 10.1. Latin America Vertical Farming Historical Market ($MILLION), (2017 – 2023) 10.2. Latin America Vertical Farming Market ($MILLION) and Forecasts (2024 – 2030) 10.3. Latin America Vertical Farming Market Type ($MILLION), and Forecasts (2024 – 2030), By Growth Mechanism 10.4. Latin America Vertical Farming Market Type ($MILLION), and Forecasts (2024 – 2030), By Structure 10.5. Latin America Vertical Farming Market Type ($MILLION), and Forecasts (2024 – 2030), By Offering 10.6. Latin America Vertical Farming Market Type ($MILLION), and Forecasts (2024 – 2030), By Crop Type 10.7. Latin America Vertical Farming Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 10.7.1. Brazil 10.7.2. Argentina 10.7.3. Rest of Latin America 11. COMPANY PROFILES: 11.1. AEROFARMS 11.1.1. Company Overview 11.1.2. Company Snapshot 11.1.3. Operating business segments 11.1.4. Product offered and Revenue 11.1.5. Production & Sales 11.2. Plenty 11.3. Bowery Farming 11.4. Infarm 11.5. BrightFarms 11.6. Iron Ox 11.7. Freight Farms 11.8. Gotham Green 11.9. OTHER MARKET PLAYERS