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Vertical Farming Produce Market Research Report: By Produce Type (Leafy Greens, Fruits, Vegetables, Herbs, Edible Flowers), By Growing Method (Aeroponics, Hydroponics, Aquaponics, Nutrient Film Technique (NFT), Deep Water Culture (DWC)), By Lighting System (LED, Fluorescent, High-Pressure Sodium (HPS), Metal Halide, Plasma), By Distribution Channel (Retail, Foodservice, Direct-to-Consumer, Wholesale, E-commerce) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032


ID: MRFR/CnM/28577-HCR | 100 Pages | Author: Priya Nagrale| November 2024

Global Vertical Farming Produce Market Overview


The Vertical Farming Produce Market Size was estimated at 2.94 (USD Billion) in 2022. The Vertical Farming Produce Industry is expected to grow from 3.53(USD Billion) in 2023 to 18.3 (USD Billion) by 2032. The Vertical Farming Produce Market CAGR (growth rate) is expected to be around 20.06% during the forecast period (2024 - 2032).


Key Vertical Farming Produce Market Trends Highlighted


As vertical farming technology advances, innovative cultivation techniques utilizing controlled environments are gaining traction. Consumers are increasingly seeking sustainably grown and locally sourced produce, driving the demand for vertical farm produce. This growing consumer preference presents significant opportunities for industry players. To capitalize on this trend, collaboration between vertical farms and retailers is crucial to ensure efficient distribution and accessibility of fresh produce to consumers. Technological advancements in automation, data analytics, and lighting systems continue to improve crop yield and efficiency in vertical farming operations. The integration of AI-powered systems enhances decision-making, optimizes resource allocation, and reduces operational costs. These advancements are paving the way for scalable and sustainable vertical farming practices that meet the evolving needs of the market.


Vertical Farming Produce Market Overview


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


Vertical Farming Produce Market Drivers


Rising Demand for Healthy and Sustainable Food


Consumers are becoming increasingly aware of the health benefits associated with consuming fresh, locally grown produce. Vertical farming offers a solution to this demand by providing a controlled environment that can produce high-quality crops year-round, regardless of weather conditions. Additionally, vertical farming can be used to grow a wider variety of crops than traditional farming methods, which can help to meet the diverse dietary needs of consumers.As a result of these factors, the demand for vertical farming produce is expected to continue to grow in the coming years.


Technological Advancements


The Vertical Farming Produce Market Industry is expected to benefit from technological advancements that are making vertical farming more efficient and affordable. For example, the development of LED lighting systems has significantly reduced the energy costs associated with vertical farming. Additionally, the use of automation and robotics is helping to reduce labor costs. As these technologies continue to develop, the cost of vertical farming produce is expected to decline, making it more accessible to consumers.


Government Support


Governments around the world are increasingly recognizing the potential of vertical farming to address food security and sustainability challenges. As a result, many governments are providing financial and policy support to the vertical farming industry. For example, the European Union has launched a number of initiatives to promote the development of vertical farming in the region. Similarly, the United States government has provided funding for research into vertical farming technologies.This government support is expected to continue to drive the growth of the Vertical Farming Produce Market Industry.


Vertical Farming Produce Market Segment Insights:


Vertical Farming Produce Market Produce Type Insights


The Vertical Farming Produce Market is segmented into various categories, with Produce Type being a key segment. The Produce Type segment is further divided into Leafy Greens, Fruits, Vegetables, Herbs, and Edible Flowers. Leafy Greens: Leafy greens are the most common type of produce grown in vertical farms, accounting for around 60% of the global market. This is due to their high nutritional value and relatively easy cultivation. Key leafy greens grown in vertical farms include lettuce, spinach, and kale. Fruits: Fruits are another important segment, with vertical farms offering the ability to grow a wide variety of fruits year-round.This includes berries, tomatoes, and peppers. Vertical farming provides a controlled environment that allows for optimal growing conditions, resulting in higher yields and better quality fruits. Vegetables: Vertical farms are also used to grow a variety of vegetables, including cucumbers, beans, and peas. Vertical farming techniques enable precise control over environmental factors such as lighting, temperature, and humidity, which can improve yield and reduce production time compared to traditional farming methods. Herbs: Herbs are a growing segment in the vertical farming industry, as they offer high-value returns and are in demand by consumers seeking fresh, flavorful ingredients.Vertical farms can provide consistent production of herbs throughout the year, regardless of seasonal variations. Edible Flowers: Edible flowers are a niche but growing segment in the vertical farming market. These flowers are used as garnishes and decorative elements in restaurants and food photography. Vertical farming offers a controlled environment for growing edible flowers, ensuring consistent quality and freshness. The Vertical Farming Produce Market is expected to grow significantly in the coming years, driven by factors such as increasing demand for fresh and locally-sourced produce, advances in vertical farming technology, and government support for sustainable agriculture.This growth is expected to be particularly strong in the Produce Type segment, as vertical farms continue to expand their offerings and cater to the growing demand for high-quality, year-round produce.


Vertical Farming Produce Market Produce Type Insights


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


Vertical Farming Produce Market Growing Method Insights


The Vertical Farming Produce Market segmentation by Growing Method includes Aeroponics, Hydroponics, Aquaponics, Nutrient Film Technique (NFT), and Deep Water Culture (DWC). By technology, the hydroponics segment is projected to account for the largest market share during the forecast period, owing to its ability to control nutrient delivery and environmental conditions, and reduce water consumption. The aeroponics segment is anticipated to showcase a significant CAGR during the forecast period due to its ability to provide high-quality produce with minimal water usage.The aquaponics segment is also expected to witness substantial growth due to its ability to integrate aquaculture and hydroponics, resulting in a sustainable and eco-friendly production system. The NFT and DWC segments are projected to contribute moderately to the overall market growth due to their unique advantages and suitability for specific crop types. Overall, the growing adoption of vertical farming technologies for sustainable and controlled crop production is driving the growth of all segments in the Vertical Farming Produce Market.


Vertical Farming Produce Market Lighting System Insights


The Lighting System segment plays a pivotal role in the Vertical Farming Produce Market. Among the various lighting technologies used in vertical farming, LED (Light-Emitting Diode) holds a dominant position, accounting for a significant share of the market in 2023. Its energy efficiency, long lifespan, and ability to provide specific wavelengths of light essential for plant growth contribute to its widespread adoption. Fluorescent lighting is another commonly used technology, offering affordability and a wide range of light spectrums. High-Pressure Sodium (HPS) and Metal Halide (MH) lamps have been traditionally used in vertical farming, providing high light intensity and good color rendering properties.Plasma lighting, a relatively newer technology, offers high efficiency and long life, but its higher cost limits its market penetration. The Vertical Farming Produce Market segmentation provides valuable insights into the market dynamics, enabling stakeholders to make informed decisions and capitalize on growth opportunities.


Vertical Farming Produce Market Distribution Channel Insights


The distribution channel segment plays a crucial role in the Vertical Farming Produce Market. The market is segmented into five major distribution channels: retail, foodservice, direct-to-consumer, wholesale, and e-commerce. Among these channels, retail is expected to dominate the market in the coming years, owing to the increasing demand for fresh and locally sourced produce in supermarkets and hypermarkets. The foodservice segment is also expected to grow at a significant rate, driven by the rising popularity of vertical farming produce in restaurants and foodservice establishments.Direct-to-consumer sales are gaining traction as consumers become more aware of the benefits of vertical farming produce. Wholesale distribution is expected to remain stable, while e-commerce is projected to witness significant growth in the future due to the convenience and accessibility it offers to consumers.


Vertical Farming Produce Market Regional Insights


Regionally, North America is anticipated to dominate the market, accounting for a significant share in 2023, owing to the increasing adoption of vertical farming technologies by major players in the region. Europe is projected to witness substantial growth, driven by government initiatives and investments in sustainable agriculture. The APAC region is expected to emerge as a key growth market, with countries like China and Japan leading the way in vertical farming innovation. South America and MEA are anticipated to contribute to the overall market growth, albeit at a slower pace compared to other regions.These insights highlight the diverse regional dynamics shaping the Vertical Farming Produce Market.


Vertical Farming Produce Market Regional Insights


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


Vertical Farming Produce Market Key Players And Competitive Insights:


Major players in the Vertical Farming Produce Market industry are constantly striving to gain a competitive edge over their rivals. Leading Vertical Farming Produce Market players are investing in research and development to innovate new technologies and products that meet the evolving demands of consumers. The Vertical Farming Produce Market is experiencing a surge in mergers and acquisitions, as companies seek to expand their market share and gain access to new technologies and markets. Key players in the Vertical Farming Produce Market are focusing on strategic partnerships to strengthen their position in the industry. The Vertical Farming Produce Market is expected to witness significant growth in the coming years, driven by increasing demand for fresh, locally-sourced produce and the rising popularity of sustainable farming practices.Among the leading players in the Vertical Farming Produce Market, AeroFarms is a prominent name. The company has established itself as a leader in vertical farming, with a focus on providing high-quality, year-round produce to consumers. AeroFarms has developed proprietary aeroponic growing systems that optimize plant growth and minimize resource consumption. The company has a strong presence in the North American market and is expanding its operations globally.Another major competitor in the Vertical Farming Produce Market is Plenty. The company is known for its innovative vertical farming technology and its commitment to sustainability. Plenty utilizes a closed-loop water system and renewable energy sources to reduce its environmental impact. The company has a strong presence in the Asia-Pacific market and is expanding its operations to other regions. Plenty has established partnerships with major retailers to distribute its produce to consumers.


Key Companies in the Vertical Farming Produce Market Include:



  • Bowery Farming

  • Gotham Greens

  • Vertical Field

  • Advanced Crop Technologies

  • American Hydroponics

  • Plenty

  • CropOne Holdings

  • Kalera

  • Infarm

  • AeroFarms

  • Farmers Fresh

  • Rijk Zwaan

  • BrightFarms


Vertical Farming Produce Market Industry Developments


The vertical farming produce market is projected to grow from USD 3.53 billion in 2023 to USD 18.3 billion by 2032, at a CAGR of 20.06% during the forecast period 2024-2032. The rising demand for locally sourced and sustainable food, coupled with the increasing adoption of controlled environment agriculture (CEA) technologies, is driving the growth of the vertical farming produce market.Recent news developments in the Vertical Farming Produce Market include:- In January 2023, AeroFarms, a leading vertical farming company, announced plans to build a new vertical farm in Danville, Virginia. The farm will be one of the largest vertical farms in the world and is expected to produce over 2 million pounds of leafy greens annually.- In February 2023, Plenty, another major vertical farming company, announced a partnership with Albertsons Companies to supply its leafy greens to over 400 Albertsons stores in California, Nevada, and Arizona.- In March 2023, Vertical Field, a vertical farming company based in Montreal, Canada, announced a partnership with Loblaw Companies to supply its leafy greens to over 500 Loblaw stores in Canada.These developments indicate a growing interest in vertical farming from both consumers and retailers. As technology continues to mature and production costs decline, vertical farming is expected to become an increasingly important part of the global food supply chain.


Vertical Farming Produce Market Segmentation Insights



  • Vertical Farming Produce Market Produce Type Outlook

    • Leafy Greens

    • Fruits

    • Vegetables

    • Herbs

    • Edible Flowers




 



  • Vertical Farming Produce Market Growing Method Outlook

    • Aeroponics

    • Hydroponics

    • Aquaponics

    • Nutrient Film Technique (NFT)

    • Deep Water Culture (DWC)




 



  • Vertical Farming Produce Market Lighting System Outlook

    • LED

    • Fluorescent

    • High-Pressure Sodium (HPS)

    • Metal Halide

    • Plasma




 



  • Vertical Farming Produce Market Distribution Channel Outlook

    • Retail

    • Foodservice

    • Direct-to-Consumer

    • Wholesale

    • E-commerce




 




  • Vertical Farming Produce Market Regional Outlook




    • North America




    • Europe




    • South America




    • Asia Pacific




    • Middle East and Africa





Report Attribute/Metric Details
Market Size 2022 2.94(USD Billion)
Market Size 2023 3.53(USD Billion)
Market Size 2032 18.3(USD Billion)
Compound Annual Growth Rate (CAGR) 20.06% (2024 - 2032)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Base Year 2023
Market Forecast Period 2024 - 2032
Historical Data 2019 - 2023
Market Forecast Units USD Billion
Key Companies Profiled Bowery Farming, Gotham Greens, Vertical Field, Advanced Crop Technologies, American Hydroponics, Plenty, CropOne Holdings, Kalera, Infarm, AeroFarms, Farmers Fresh, Rijk Zwaan, BrightFarms
Segments Covered Produce Type, Growing Method, Lighting System, Distribution Channel, Regional
Key Market Opportunities ·       Rising health consciousness ·       Growing demand for fresh produce ·       Urbanization and population growth ·       Technological advancements ·       Increasing government support
Key Market Dynamics Increasing consumer demand for sustainable food, Rising urban population and limited arable land, Technological advancements and cost reductions, Government support and incentives, Expanding indoor vertical farming facilities
Countries Covered North America, Europe, APAC, South America, MEA


Frequently Asked Questions (FAQ) :

The Vertical Farming Produce Market is projected to be valued at USD 3.53 billion in 2023.

The Vertical Farming Produce Market is projected to grow at a CAGR of 20.06% from 2024 to 2032.

The Vertical Farming Produce Market is projected to reach a valuation of USD 18.3 billion by 2032.

North America is expected to hold the largest market share in the Vertical Farming Produce Market in 2023.

The leafy greens segment is expected to hold the largest market share in the Vertical Farming Produce Market in 2023.

Some of the key competitors in the Vertical Farming Produce Market include AeroFarms, BrightFarms, and Plenty.

Some of the key factors driving the growth of the Vertical Farming Produce Market include the increasing demand for fresh and locally sourced produce, the rising adoption of sustainable farming practices, and the growing popularity of vertical farming technologies.

Some of the challenges faced by the Vertical Farming Produce Market include the high cost of vertical farming systems, the limited availability of suitable land for vertical farming, and the need for specialized expertise to operate vertical farms.

Some of the opportunities for growth in the Vertical Farming Produce Market include the development of more cost-effective vertical farming systems, the expansion of vertical farming into new markets, and the increasing demand for organic and sustainable produce.

Some of the key trends in the Vertical Farming Produce Market include the increasing adoption of automation and robotics, the development of new vertical farming technologies, and the growing popularity of vertical farming as a sustainable and efficient way to produce food.

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