Vertical Farming Market size will grow by USD 6.49 Billion from 2021 to 2026|Need to meet the rising demand for food products is one of the key drivers - Technavio

NEW YORK, July 4, 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

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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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The smart farming market share is expected to increase to USD 7.04 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 13.65%. This report extensively covers smart farming market segmentation by application (soil and crop management, fleet management, storage and irrigation management, and indoor farming), product (automation and control systems and smart agriculture equipment and machinery), and geography (North America, Europe, APAC, Middle East and Africa, and South America). One of the key factors driving the global smart agriculture industry growth is the availability of low-cost cloud services that encourages farmers to adopt smart farming. 

The indoor farming technologies market share is expected to increase by USD 6.93 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 20.93%. This report extensively covers indoor farming technologies market segmentation by application (greenhouse farming and vertical farming) and geography (Europe, APAC, North America, South America, and Middle East and Africa). One of the key factors driving the global indoor farming technologies market growth is the need to improve the yield of crops and reduce crop wastage.

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 ($ million)
• Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ 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 ($ million)
• Exhibit 29: Data Table on Tomato - Market size and forecast 2021-2026 ($ 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 ($ million)
• Exhibit 33: Data Table on Lettuce - Market size and forecast 2021-2026 ($ 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 ($ million)
• Exhibit 37: Data Table on Bell and chili pepper - Market size and forecast 2021-2026 ($ 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 ($ million)
• Exhibit 41: Data Table on Strawberry - Market size and forecast 2021-2026 ($ 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 ($ million)
• Exhibit 45: Data Table on Others - Market size and forecast 2021-2026 ($ 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 ($ 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 ($ million)
• Exhibit 55: Data Table on APAC - Market size and forecast 2021-2026 ($ 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 ($ million)
• Exhibit 59: Data Table on North America - Market size and forecast 2021-2026 ($ 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 ($ million)
• Exhibit 63: Data Table on Europe - Market size and forecast 2021-2026 ($ 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 ($ million)
• Exhibit 67: Data Table on South America - Market size and forecast 2021-2026 ($ 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 ($ million)
• Exhibit 71: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ 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 ($ million)
• Exhibit 75: Data Table on China - Market size and forecast 2021-2026 ($ 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 ($ million)
• Exhibit 79: Data Table on US - Market size and forecast 2021-2026 ($ 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 ($ million)
• Exhibit 83: Data Table on Germany - Market size and forecast 2021-2026 ($ 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 ($ million)
• Exhibit 87: Data Table on India - Market size and forecast 2021-2026 ($ 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 ($ million)
• Exhibit 91: Data Table on Canada - Market size and forecast 2021-2026 ($ 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 ($ 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 US$ 
• Exhibit 136: Currency conversion rates for US$

• 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

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Jesse Maida
Media & Marketing Executive
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Email: [email protected]
Website: www.technavio.com

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