Vertical agriculture is a revolutionary approach used to produce food in vertically stacked layers such as in a skyscraper, used warehouse, or shipping container. It facilitates huge quantity of nutritious and quality fresh food without relying on favorable weather, high water usage, skilled labor, and high soil fertility.

The key players profiled in the report include 4D Bios Inc., AeroFarms, Agrilution, AMHYDRO (American Hydroponics), Everlight Electronics Co., Ltd., Hort Americas, Illumitex Inc., Koninklijke Philips N.V., Urban Crop Solutions, and Sky Greens. These players have adopted various strategies such as product launch, acquisition, collaboration, and partnership to expand their foothold in the vertical farming industry.

The global vertical farming market size is anticipated to witness significant growth during the period of forecast. The significant factors impacting the vertical farming industry growth include rise in popularity of organic food, optimum use of vertical space and balanced energy utilization, ease of crop monitoring and harvesting, and decrease in arable land. However, high initial investments and involvement of nascent technology hamper the market growth. Nonetheless, growing urban population and surge in adoption of technology driven agriculture are expected to provide lucrative growth opportunities to the vertical farming market players.

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The vertical farming market share is segmented on the basis of structure, growth mechanism, component, and region. The structure segment is bifurcated into building-based structure and container-based structure. On the basis of growth mechanism, the market is sub-segmented into hydroponics, aeroponics, and aquaponics. Vertical Hydroponics segment dominated the market share in 2020. On the basis of component, the market is categorized into irrigation component, lighting, sensor, climate control, building material, and others, among which the building materials segment is further categorized into glass greenhouse and plastic greenhouse.

The regional segmentation of the market includes North America, Europe, Asia-Pacific, and LAMEA. North America accounts for the second largest share in the global vertical farming market revenue and is expected to witness significant growth during the forecast period. The market growth is attributed to factors such as alarming rate of water level depletion, presence of drought-stricken states, and increase in environmental concerns. The latest trend in the region is nano-farms. For instance, on October 6, 2018, Living Greens Farm constructed a 60,000 square feet of stacked growing space and is also capable of producing 3 million heads of high-quality lettuce.

Key Findings Of The Study

The building based vertical farms segment is projected to be dominate structure during the forecast period followed by shipping container based vertical farms.
APAC and North America collectively accounted for more than 73.07% of the Vertical farming market share in 2020.
Aeroponics segment is anticipated to witness highest growth rate during the forecast period.
Japan was the major shareholder in the Asia-Pacific vertical farming market size, accounting for approximately 27.03% share in 2020.