Vertical Farming Market Insight, Analysis, 2022-2028

1. Vertical Farming Market- Global Industry Size, Share, Trend Analysis and Forecast Report, 2022-2028

2. Global Vertical Farming Market- Industry Trends & Forecast Report 2028 A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Vertical Farming Market was worth USD 3.72 billion in the year 2022. It is estimated to grow at a CAGR of 19.5%, earning revenue of around USD 13.2 billion by the end of 2028. The significant growth of the Global Vertical Farming Market is attributed to urbanization, rapid technological innovation, and the benefit of year-round crop production by vertical farming. Also, vertical farming assures quite stable crop yields. This is easy to make long-term contracts with suppliers since there will be a stable supply of crops and income. All these factors increase vertical farming across the globe.

3. Growth Drivers High-Yield associated with Vertical Farming over Conventional Farming Vertical farming assures quite stable crop yields and reliable all year-round crop production. This is because vertical farming uses LED lights to grow plants faster in artificial light without sunlight. Also, there is continuously adjusting temperature, cooling, and humidity in vertical farming. This does not affect the crops by climate change, floods, and droughts like in conventional farming. Moreover, vertical farming does not need chemical fertilizers and pesticides, it is a completely organic way of growing plants. Since vertical farming does not require much space, soil, and water.

4. Restraints Lack of Technically Skilled Workforce and Limited Crop Types Vertical farming is the new technology in the agriculture sector. Since vertical farming processes are usually quite complex and involve various advanced techniques. This includes the use of smart sensors to monitor technical variables like temperature, oxygen, lighting, humidity, pH, pest control, irrigation, and harvesting. Industry experts and a skilled workforce are needed to set up a vertical gardening system in a proper manner. However, it might be difficult to find someone in the local area who has experience in this field. Thus, a lack of knowledge and hard-to-find qualified staff is restraining the growth of the Global Vertical Farming Market.

5. Impact of COVID-19 The sudden outbreak of coronavirus disease (COVID-19) that rapidly spread across the globe, which negatively affected the Food and Agriculture sector. The worldwide lockdown impacted the global economy, supply chains, health, and quality of life of people. Moreover, the economic crisis, government-imposed social distancing norms, and shortage of labor negatively impacted the agriculture sector. However, during the pandemic, people were more interested in urban farming like vertical gardens and indoor farming. Also, the COVID-19 pandemic increased the demand for healthy and organic food products which in turn accelerated the growth of the Global Vertical Farming. This trend in the market is likely to continue during the forecast period ( 2022-2028).

6. Regional Insights       Geographically, the Global Vertical Farming Market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA). The Asia-Pacific segment accounts to hold the largest share in the market owing to the rising population, and surging demand for organic food. Also, the rise in pollution, food scandals, and degradation of water and land is majorly propelling the growth of the Global Vertical Farming Market during the forecast period (2022-2028). Moreover, North America accounts for the second-largest share of the Global Vertical Farming Market revenue and is expected to grow rapidly during the forecast period. The market growth is attributed to factors such as the alarming rate of water level depletion, the presence of drought-stricken states, and an increase in environmental concerns.

7. Competitive Landscape The leading market players in the Global Vertical Farming Market are Signify Holding, OSRAM GmbH, Freight Farms Inc., Aerofarms, Sky Greens, Plenty, Valoya, Everlight Electronics Co. Ltd., Heliospectra AB, Green Sense Farms, Agrilution, BrightFarms, Illumitex Inc., American Hydroponics, Koninklijke Philips N.V., Urban Crop Solutions, and other prominent players. Sample Copy of the Report: https://www.blueweaveconsulting.com/report/vertical-farming-market/report-sample

8. Recent Developments In April 2021, Swegreen launched the ‘NextGen’ of super-efficient in-store vertical farms in the Ica Maxi megastore in Linköping, Sweden. The new vertical farm will be Scandinavia’s largest in-store cultivation. In January 2022, Plenty unlimited Inc. secured USD 400 million in a Series E funding round. The funding will support Plenty’s growth, including the proliferation of technology platforms to sell crop forms to partners directly.

9. Key Players Signify Holding, OSRAM GmbH, Freight Farms Inc., Aerofarms, Sky Greens, Plenty, Valoya, Everlight Electronics Co. Ltd., Heliospectra AB, Green Sense Farms, Agrilution, BrightFarms, Illumitex Inc., American Hydroponics, Koninklijke Philips N.V., Urban Crop Solutions, and other prominent players.

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