Vertical farming is used to produce various vegetables and fruits on vertically inclined surfaces. Unlike conventional farming of vegetables and other foods on a single level, such as in a field or a greenhouse, the vertical farming method produces foods in vertically stacked layers generally incorporated into structures such as a shipping container, repurposed warehouse, and skyscraper.

Read Report Overview: Vertical Farming Market

In addition to this, vertical farming is a crop production system that integrates numerous technologies such as big data analytics, robotics, the internet of things (IoT), and artificial intelligence (AI). Such technologies help the crops to grow well without any agronomic constraints. Vertical farming depends on some technologies to observe the crops constantly, to maintain temperature, humidity, lights, and air circulation in the farm. Advanced technologies utilized in vertical farming also help in crop production, harvesting schedules, and quality control. It also helps farms to adapt and avoid new or unexpected hazards in their paths.

Global Vertical Farming Industry Overview

The global vertical farming market was valued at $5.50 billion in 2020 and is projected to reach $19.86 billion in 2026, following a CAGR of 24.3% during 2021-2026. The market growth is highly impacted by the shift of population from rural to urban areas, and the declining size of arable land, among others. Apart from this, the market is also driven by factors such as its advantages over conventional farming, advancements in light-emitting diode (LED) technology, and high quality and high level of food safety assurance.

Hydroponics Segment Dominates the Global Vertical Farming Market

Vertical farming can be done by various types of mechanisms, such as hydroponics, aquaponics, and aeroponics. Hydroponics helps to grow plants suspended in water, aeroponics helps to grow plants suspended in air, and aquaponics is an exceptional combination of hydroponics and fish farming in an integrated system. It requires both water and fish to grow the plants.

North America to Register Highest Demand for the Global Vertical Farming Market

North America region is expected to dominate the global vertical farming market during the forecast period. The high agricultural growth in these regions, along with the increased emphasis on smart farming and digitization in agriculture, is expected to boost the development of vertical farming in these regions.

Competitive Landscape

The competitive landscape for the global vertical farming market demonstrates a pattern toward an inclination of companies adopting strategies such as mergers, collaborations, product launches, and contracts, among others. Moreover, the industry is at an incipient stage; thus, to generate greater awareness about the same, the market players are either organizing or taking part in several events.

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Some of the leading companies operating in the global vertical farming market are AeroFarms, Plenty Unlimited Inc., Kalera, AppHarvest, Heliospectra AB, Signify Holding, OSRAM GmbH., EVERLIGHT ELECTRONICS CO., LTD., and SPREAD Co., Ltd. In addition to this, AeroFarms, Plenty Unlimited Inc., were the most prominent names that surfaced in the global vertical farming market. These companies launched a range of lighting products and entered various partnerships and collaborations. For instance, in March 2021, AeroFarms and Hortifrut announced a research and development (R&D) partnership to advance the production of blueberry and cranberry in vertical farms. In October 2020, Driscoll announced a partnership with Plenty‌ ‌Unlimited‌ Inc. ‌to grow strawberries year-round in Plenty’s indoor farms.