Vertical Farming Market Size
Market Outlook:
Base Year Value (2023)
USD 6.09 Billion
CAGR (2024-2032)
23%
Forecast Year Value (2032)
USD 39.24 Billion
Historical Data Period
2019-2023
Largest Region
Asia Pacific
Forecast Period
2024-2032
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Market Dynamics:
Growth Drivers & Opportunity:With the increasing global population and rising demand for food, vertical farming offers a sustainable solution to meet the growing need for fresh produce. Additionally, advancements in technology, such as the use of automation and artificial intelligence, are driving efficiency and productivity in vertical farming operations. Furthermore, the ability to produce crops closer to urban areas reduces transportation costs and carbon footprint, appealing to environmentally-conscious consumers.
Industry
Report Scope
| Report Coverage | Details |
|---|---|
| Segments Covered | Growth Mechanism, Component, Structure |
| Regions Covered | • North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA) |
| Company Profiled | 4D Bios Inc, Illumitex Inc, Urban Crop Solutions, Koninklijke Philips N.V., AMHYDRO, AeroFarms, Agrilution, Everlight Electronics Co.,, Hort Americas, |
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However, the high initial investment required for setting up vertical farming facilities can be a major restraint for market growth. Additionally, the operating costs associated with energy consumption and maintenance of vertical farming systems can pose financial challenges for businesses. Despite the potential long-term benefits, these upfront costs may deter some investors from entering the vertical farming market.
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