Vertical Farming Market by Structure (Building-Based Vertical Farms, Shipping Container Vertical Farms), by Component (Irrigation Component, Lighting, Building Material, Sensor, Climate Control), by Geographic Scope and Forecast

Report Highlights

Vertical Farming Market Size And Forecast

Vertical Farming Market was valued at USD 3.12 Billion in 2020 and is projected to reach USD 16.77 Billion by 2027, growing at a CAGR of 23.28% from 2020 to 2027.

Global Vertical Farming Market Overview

With the increasing advancements in technology, factors such as automation and the implementation of artificial intelligence in various industry vectors are leading to an increased rate of urbanization. The concept of vertical farming has been developed on the basis of its potential to provide large populations concentrated in urban areas with locally grown food and to meet the demands of an ever-growing worldwide population. Due to the challenges and costs of transporting fresh crops to larger cities, urban farmers have realized the potential in utilizing existing square meters in tall city buildings and producing crops locally.

Moreover, other factors such as growing demand for high-quality food without any pesticides or herbicides, an independent farming technique with very less impact of climatic conditions and the possibility of growing vegetables and fruits in a limited space have been driving the market for the global vertical farming market. On the other hand, high initial investments, lacking technical knowledge and a limited variety of crops grown might hamper the overall market.