NEW YORK, Oct. 27, 2023 /PRNewswire/ — The vertical farming market size is expected to grow by USD 6.49 billion from 2021 to 2026, progressing at a CAGR of 16.55% as per the latest Technavio market research report. APAC is estimated to account for 43% of the market’s growth during the forecast period. In APAC, China and India are the major markets for the vertical farming market. In this region, market growth will be faster than the growth of the market in other regions. Over the forecast period, the increasing population and less availability of fertile land will facilitate the vertical farming market growth in APAC. For more insights on the market share of various regions- Download a sample report in MINUTES
Technavio has announced its latest market research report titled Global Vertical Farming Market
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Market Dynamics
Vertical Farming Market Driver: need for a higher yield to drive growth
The need to meet the rising demand for food products is one of the major factors driving the vertical farming market growth. To produce high quantities of food products without depending on favorable climatic conditions, vertical farming offers a revolutionary approach. However, with the increasing population, the demand for food production is also increasing. Technologies used in vertical farming can significantly be used with different farming systems in multi-level designs and deliver more area than single-level systems. This leads to an increase in the crop yield and offers a high-profit agricultural activity for the end-users. Therefore, the maximum crop yield and minimum overhead offered by vertical farming are anticipated to satisfy the rising demand for food products and can positively impact the growth of the vertical farming market during the forecast period.
Vertical Farming Market Challenge: Growing Concerns Regarding Vertical Farming
The major factor challenging the vertical farming market growth is the limitations of vertical farming. It is appropriate for growing only a few varieties of vegetables and fruits. moreover, through vertical farming, farmers can grow only limited types of fruits and vegetables. Also, vertical farming does not provide calorie-rich foods as they require high food security. However, traditional farming methods are used to produce domesticated grain crops such as wheat, barley, corn, and rice. Similarly, calorie-rich root crops can grow well only with outdoor farming methods. Therefore, the limitations of vertical farming can influence the growth of the vertical farming market during the forecast period.
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Some of the key Vertical Farming Market Players:
AS GIRI AND AQUA LLP, Bowery Farming Inc., Dream Harvest Farming Company LLC, Eataly Net USA LLC, Elevate Farms, Hortifrut SA, Kalera Inc., Nordic Harvest AS, Plenty Unlimited Inc., SPREAD Co. Ltd., Triton Foodworks, Upward Enterprises Inc., URBAN GREEN FATE FARMS, UrbanKisaan, Vertical Harvest, Vertical Roots, and Village Farms International Inc.
The vertical farming market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Vertical Farming Market: Segmentation Analysis
This market research report segments the vertical farming market by product (Tomato, Lettuce, Bell and chilli pepper, and Strawberry) and geography (APAC, North America, Europe, South America, and Middle East and Africa).
The vertical farming market share growth by the tomato segment will be significant during the forecast period. The significant factor behind growing crops such as tomatoes in vertical farming is to validate the economic viability of that crop, as it ensures that the company will make a large amount of money from its cultivation. In the food and beverage industry tomatoes are popular and are used in abundance in hotels, restaurants, and fast-food outlets worldwide. Additionally, the fast-food business is growing across the world, driving the demand for tomatoes. Thus, the growing demand for tomatoes is anticipated to drive the demand for vertical farming during the forecast period.
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Vertical Farming Market Scope |
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Report Coverage |
Details |
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Base year |
2021 |
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Historic period |
2017-2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 16.55% |
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Market Growth 2022-2026 |
USD 6.49 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
15.98 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 43% |
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Key countries |
US, Canada, China, India, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AS GIRI AND AQUA LLP, Bowery Farming Inc., Dream Harvest Farming Company LLC, Eataly Net USA LLC, Elevate Farms, Hortifrut SA, Kalera Inc., Nordic Harvest AS, Plenty Unlimited Inc., SPREAD Co. Ltd., Triton Foodworks, Upward Enterprises Inc., URBAN GREEN FATE FARMS, UrbanKisaan, Vertical Harvest, Vertical Roots, and Village Farms International Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of contents
1 Executive Summary
1.1 Market Overview
Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
Exhibit 06: Executive Summary – Chart on Incremental Growth
Exhibit 07: Executive Summary – Data Table on Incremental Growth
Exhibit 08: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 09: Parent market
Exhibit 10: Market Characteristics
3 Market Sizing
3.1 Market definition
Exhibit 11: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 12: Market segments
3.3 Market size 2021
3.4 Market outlook: Forecast for 2021-2026
Exhibit 13: Chart on Global – Market size and forecast 2021-2026 (USD million)
Exhibit 14: Data Table on Global – Market size and forecast 2021-2026 (USD million)
Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)
4 Five Forces Analysis
4.1 Five forces summary
Exhibit 17: Five forces analysis – Comparison between 2021 and 2026
4.2 Bargaining power of buyers
Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
4.3 Bargaining power of suppliers
Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
4.4 Threat of new entrants
Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
4.5 Threat of substitutes
Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
4.6 Threat of rivalry
Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
4.7 Market condition
Exhibit 23: Chart on Market condition – Five forces 2021 and 2026
5 Market Segmentation by Product
5.1 Market segments
Exhibit 24: Chart on Product – Market share 2021-2026 (%)
Exhibit 25: Data Table on Product – Market share 2021-2026 (%)
5.2 Comparison by Product
Exhibit 26: Chart on Comparison by Product
Exhibit 27: Data Table on Comparison by Product
5.3 Tomato – Market size and forecast 2021-2026
Exhibit 28: Chart on Tomato – Market size and forecast 2021-2026 (USD million)
Exhibit 29: Data Table on Tomato – Market size and forecast 2021-2026 (USD million)
Exhibit 30: Chart on Tomato – Year-over-year growth 2021-2026 (%)
Exhibit 31: Data Table on Tomato – Year-over-year growth 2021-2026 (%)
5.4 Lettuce – Market size and forecast 2021-2026
Exhibit 32: Chart on Lettuce – Market size and forecast 2021-2026 (USD million)
Exhibit 33: Data Table on Lettuce – Market size and forecast 2021-2026 (USD million)
Exhibit 34: Chart on Lettuce – Year-over-year growth 2021-2026 (%)
Exhibit 35: Data Table on Lettuce – Year-over-year growth 2021-2026 (%)
5.5 Bell and chili pepper – Market size and forecast 2021-2026
Exhibit 36: Chart on Bell and chili pepper – Market size and forecast 2021-2026 (USD million)
Exhibit 37: Data Table on Bell and chili pepper – Market size and forecast 2021-2026 (USD million)
Exhibit 38: Chart on Bell and chili pepper – Year-over-year growth 2021-2026 (%)
Exhibit 39: Data Table on Bell and chili pepper – Year-over-year growth 2021-2026 (%)
5.6 Strawberry – Market size and forecast 2021-2026
Exhibit 40: Chart on Strawberry – Market size and forecast 2021-2026 (USD million)
Exhibit 41: Data Table on Strawberry – Market size and forecast 2021-2026 (USD million)
Exhibit 42: Chart on Strawberry – Year-over-year growth 2021-2026 (%)
Exhibit 43: Data Table on Strawberry – Year-over-year growth 2021-2026 (%)
5.7 Others – Market size and forecast 2021-2026
Exhibit 44: Chart on Others – Market size and forecast 2021-2026 (USD million)
Exhibit 45: Data Table on Others – Market size and forecast 2021-2026 (USD million)
Exhibit 46: Chart on Others – Year-over-year growth 2021-2026 (%)
Exhibit 47: Data Table on Others – Year-over-year growth 2021-2026 (%)
5.8 Market opportunity by Product
Exhibit 48: Market opportunity by Product (USD million)
6 Customer Landscape
6.1 Customer landscape overview
Exhibit 49: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
7 Geographic Landscape
7.1 Geographic segmentation
Exhibit 50: Chart on Market share by geography 2021-2026 (%)
Exhibit 51: Data Table on Market share by geography 2021-2026 (%)
7.2 Geographic comparison
Exhibit 52: Chart on Geographic comparison
Exhibit 53: Data Table on Geographic comparison
7.3 APAC – Market size and forecast 2021-2026
Exhibit 54: Chart on APAC – Market size and forecast 2021-2026 (USD million)
Exhibit 55: Data Table on APAC – Market size and forecast 2021-2026 (USD million)
Exhibit 56: Chart on APAC – Year-over-year growth 2021-2026 (%)
Exhibit 57: Data Table on APAC – Year-over-year growth 2021-2026 (%)
7.4 North America – Market size and forecast 2021-2026
Exhibit 58: Chart on North America – Market size and forecast 2021-2026 (USD million)
Exhibit 59: Data Table on North America – Market size and forecast 2021-2026 (USD million)
Exhibit 60: Chart on North America – Year-over-year growth 2021-2026 (%)
Exhibit 61: Data Table on North America – Year-over-year growth 2021-2026 (%)
7.5 Europe – Market size and forecast 2021-2026
Exhibit 62: Chart on Europe – Market size and forecast 2021-2026 (USD million)
Exhibit 63: Data Table on Europe – Market size and forecast 2021-2026 (USD million)
Exhibit 64: Chart on Europe – Year-over-year growth 2021-2026 (%)
Exhibit 65: Data Table on Europe – Year-over-year growth 2021-2026 (%)
7.6 South America – Market size and forecast 2021-2026
Exhibit 66: Chart on South America – Market size and forecast 2021-2026 (USD million)
Exhibit 67: Data Table on South America – Market size and forecast 2021-2026 (USD million)
Exhibit 68: Chart on South America – Year-over-year growth 2021-2026 (%)
Exhibit 69: Data Table on South America – Year-over-year growth 2021-2026 (%)
7.7 Middle East and Africa – Market size and forecast 2021-2026
Exhibit 70: Chart on Middle East and Africa – Market size and forecast 2021-2026 (USD million)
Exhibit 71: Data Table on Middle East and Africa – Market size and forecast 2021-2026 (USD million)
Exhibit 72: Chart on Middle East and Africa – Year-over-year growth 2021-2026 (%)
Exhibit 73: Data Table on Middle East and Africa – Year-over-year growth 2021-2026 (%)
7.8 China – Market size and forecast 2021-2026
Exhibit 74: Chart on China – Market size and forecast 2021-2026 (USD million)
Exhibit 75: Data Table on China – Market size and forecast 2021-2026 (USD million)
Exhibit 76: Chart on China – Year-over-year growth 2021-2026 (%)
Exhibit 77: Data Table on China – Year-over-year growth 2021-2026 (%)
7.9 US – Market size and forecast 2021-2026
Exhibit 78: Chart on US – Market size and forecast 2021-2026 (USD million)
Exhibit 79: Data Table on US – Market size and forecast 2021-2026 (USD million)
Exhibit 80: Chart on US – Year-over-year growth 2021-2026 (%)
Exhibit 81: Data Table on US – Year-over-year growth 2021-2026 (%)
7.10 Germany – Market size and forecast 2021-2026
Exhibit 82: Chart on Germany – Market size and forecast 2021-2026 (USD million)
Exhibit 83: Data Table on Germany – Market size and forecast 2021-2026 (USD million)
Exhibit 84: Chart on Germany – Year-over-year growth 2021-2026 (%)
Exhibit 85: Data Table on Germany – Year-over-year growth 2021-2026 (%)
7.11 India – Market size and forecast 2021-2026
Exhibit 86: Chart on India – Market size and forecast 2021-2026 (USD million)
Exhibit 87: Data Table on India – Market size and forecast 2021-2026 (USD million)
Exhibit 88: Chart on India – Year-over-year growth 2021-2026 (%)
Exhibit 89: Data Table on India – Year-over-year growth 2021-2026 (%)
7.12 Canada – Market size and forecast 2021-2026
Exhibit 90: Chart on Canada – Market size and forecast 2021-2026 (USD million)
Exhibit 91: Data Table on Canada – Market size and forecast 2021-2026 (USD million)
Exhibit 92: Chart on Canada – Year-over-year growth 2021-2026 (%)
Exhibit 93: Data Table on Canada – Year-over-year growth 2021-2026 (%)
7.13 Market opportunity by geography
Exhibit 94: Market opportunity by geography (USD million)
8 Drivers, Challenges, and Trends
8.1 Market drivers
8.2 Market challenges
8.3 Impact of drivers and challenges
Exhibit 95: Impact of drivers and challenges in 2021 and 2026
8.4 Market trends
9 Vendor Landscape
9.1 Overview
9.2 Vendor landscape
Exhibit 96: Overview on Criticality of inputs and Factors of differentiation
9.3 Landscape disruption
Exhibit 97: Overview on factors of disruption
9.4 Industry risks
Exhibit 98: Impact of key risks on business
10 Vendor Analysis
10.1 Vendors covered
Exhibit 99: Vendors covered
10.2 Market positioning of vendors
Exhibit 100: Matrix on vendor position and classification
10.3 Bowery Farming Inc.
Exhibit 101: Bowery Farming Inc. – Overview
Exhibit 102: Bowery Farming Inc. – Product / Service
Exhibit 103: Bowery Farming Inc. – Key offerings
10.4 Dream Harvest Farming Company LLC
Exhibit 104: Dream Harvest Farming Company LLC – Overview
Exhibit 105: Dream Harvest Farming Company LLC – Product / Service
Exhibit 106: Dream Harvest Farming Company LLC – Key offerings
10.5 Eataly Net USA LLC
Exhibit 107: Eataly Net USA LLC – Overview
Exhibit 108: Eataly Net USA LLC – Product / Service
Exhibit 109: Eataly Net USA LLC – Key offerings
10.6 Kalera Inc.
Exhibit 110: Kalera Inc. – Overview
Exhibit 111: Kalera Inc. – Product / Service
Exhibit 112: Kalera Inc. – Key news
Exhibit 113: Kalera Inc. – Key offerings
10.7 Nordic Harvest AS
Exhibit 114: Nordic Harvest AS – Overview
Exhibit 115: Nordic Harvest AS – Product / Service
Exhibit 116: Nordic Harvest AS – Key offerings
10.8 Plenty Unlimited Inc.
Exhibit 117: Plenty Unlimited Inc. – Overview
Exhibit 118: Plenty Unlimited Inc. – Product / Service
Exhibit 119: Plenty Unlimited Inc. – Key offerings
10.9 Upward Enterprises Inc.
Exhibit 120: Upward Enterprises Inc. – Overview
Exhibit 121: Upward Enterprises Inc. – Product / Service
Exhibit 122: Upward Enterprises Inc. – Key offerings
10.10 Vertical Harvest
Exhibit 123: Vertical Harvest – Overview
Exhibit 124: Vertical Harvest – Product / Service
Exhibit 125: Vertical Harvest – Key offerings
10.11 Vertical Roots
Exhibit 126: Vertical Roots – Overview
Exhibit 127: Vertical Roots – Product / Service
Exhibit 128: Vertical Roots – Key offerings
10.12 Village Farms International Inc.
Exhibit 129: Village Farms International Inc. – Overview
Exhibit 130: Village Farms International Inc. – Business segments
Exhibit 131: Village Farms International Inc. – Key news
Exhibit 132: Village Farms International Inc. – Key offerings
Exhibit 133: Village Farms International Inc. – Segment focus
11 Appendix
11.1 Scope of the report
11.2 Inclusions and exclusions checklist
Exhibit 134: Inclusions checklist
Exhibit 135: Exclusions checklist
11.3 Currency conversion rates for USUSD
Exhibit 136: Currency conversion rates for USUSD
11.4 Research methodology
Exhibit 137: Research methodology
Exhibit 138: Validation techniques employed for market sizing
Exhibit 139: Information sources
11.5 List of abbreviations
Exhibit 140: List of abbreviations
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