Vertical Farming Market 2022-2030
Market Growth and Size – Global
In 2021, the Global Vertical Farming Market was valued at $3.47 billion, growing at an approximate CAGR of 25.9% during the forecasted period 2022-2030. The Global Vertical Farming Market is expected to grow and reach $ 27.58 billion by 2030.
The Global Vertical Farming Market is estimated to witness significant growth during the forecasted period led by factors such as a rise in popularity of organic food, optimum use of vertical space, the convenience of crop monitoring and harvesting, and the decrease in arable land.
North America held the highest share (52%) of the Global Vertical Farming Market followed by Europe (23%) and the Asia-Pacific region (15%).
Asia Pacific region is expected to dominate the vertical farming market over the projected period, with a growth rate of 29%. The market is led by factors such as increased demand for pesticide-free food, limited land availability, and emerging economies such as India and China.
Investments in Global Vertical Farming
In 2018, the Global Vertical Farming Market was valued at approximately $240 million and grew at a CAGR of 51.3% during 2018-2020 to $550 million in 2020.
In 2022, GrowUp Farms received £100 million ($124 million) from the US green investment firm Generate Capital to support the development of its major new vertical farming facility in the UK. The farm is designed to serve the wholesale and retail markets in the country by utilizing 95% less water than traditional growing methods. [Source]
In 2021, Infarm, a Europe-based vertical farming company secured a $200 million investment to accelerate the global expansion of climate-resilient vertical farms. The investment was intended to be used by the company to support its global expansion plan to grow its existing vertical farming network in the United States, Canada, Japan, and Europe, as well as enter new markets in Asia-Pacific and the Middle East. [Source]
In 2021, Dream Harvest Farming Company, a US-based vertical farming company, received $50 million in capital to expand its regional presence and yield up to three million pounds of produce per year in an effort to improve sustainable farming, reduce food waste, and meet rising consumer demand. The investment was intended to be utilized to fulfill high demand by building a new 100,000-square-foot indoor growing facility, allowing it to service more stores and expand its present operations. [Source]
In 2019, Sustenir, an agritech company, constructed a 30,000-square-foot hydroponics vertical farming facility in Hong Kong, China. The company’s vertical farming technology offered an alternative to the current food system in hot, humid locations such as Hong Kong and Singapore. Sustenir intended to reduce reliance on foreign food imports and food waste during the shipping process, by growing non-native crops in lab-controlled environments. [Source]
Data Sources: Fortune Business Insights, Allied Market Research, Agritech Tomorrow, and many more.
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