Vertical Farming Market to Hit USD 17.59 Billion by 2028; Increasing Company Mergers and Acquisitions to Aid Growth, says Fortune Business Insights™

List of high profile companies in the market: Aero Farms, Bright Farms, Plenty, Freight Farms, Inc, Illumitex Inc, 4D Bios, Inc, Thrive Agritech, Heliospectra AB, Everlight Electronics, Signify, Osram

Pune, India, Aug 03, 2021 (GLOBE NEWSWIRE) – The global vertical farming market is projected to reach $ 17.59 billion by 2028 over the coming years. According to a report released by Fortune Business Insights entitled Vertical Farming Market, 2021-2028, the market was valued at $ 3.04 billion and is expected to have a CAGR of 25.2% over the forecast period of 2021-2028.

Impact of COVID-19: Market Growth Rate of 19.1% in 2020; Growing demand for organic food to support growth

The pandemic may have had multiple economic impacts around the world due to the disruption in the supply chain and reduced availability of raw materials, but the market thrived during the crisis. This is due to the high demand for organic food and the increasing demand for locally grown agricultural products, which prompted manufacturers to expand their production facilities. Due to all these factors, the market showed a positive growth rate of 19.1% in 2020.

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List of companies active on the world market:

  • AeroFarms (New Jersey, USA)

  • BrightFarms. (New York, USA)

  • Plenty (California, USA)

  • Freight Farms, Inc. (Massachusetts, USA)

  • Illumitex Inc. (Texas, USA)

  • 4D Bios, Inc. (Massachusetts, USA)

  • Thrive Agritech (New York, USA)

  • Heliospectra AB (Sweden)

  • Everlight Electronics (Taiwan)

  • Signify (Netherlands)

  • Osram (Munich, Germany)

  • Sky Greens (Singapore)

  • Spread Co., Ltd. (London, UK)

  • Valoya Ltd. (Finland)

  • Bowery Farmi (New York, USA)

  • Green Spirit Farms (Massachusetts, USA)

  • Green Sense Farms LLC (Portage, USA)

Report scope and segmentation –

The story goes on

Report coverage

details

Forecast period

2021-2028

Forecast period 2021 to 2028 CAGR

25.2%

Value forecast 2028

$ 17.59 billion

Base year

2020

Market size in 2020

$ 3.04 billion

Historical data for

2017-2019

number of pages

140

Covered segments

Type; Structure; Component; Regional

Growth accelerator

Growing need for independent cultivation technology to cope with climatic conditions to encourage growth.

Pitfalls & Challenges

High initial investment costs to challenge the market potential

Market segmentation:

On the basis of the type, the market is divided into hydroponics, aeroponics, and aquaponics.

  • In terms of type, the hydroponics segment held the largest market share with around 36.5% in 2020 and is expected to grow significantly in the coming years. This is due to the increasing use of this type of technique, which does not require soil and at the same time helps reduce water waste.

Based on the structure, the market is divided into building and shipping containers. In addition, based on the component, the market is divided into lighting system, irrigation and fertigation system, air conditioning, sensors, etc. Finally, depending on the region, the market is divided into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.

What does the report provide?

The global market report offers a detailed qualitative and quantitative analysis of the market, focusing on crucial aspects such as materials, leading companies, applications, and products. In addition, the report provides insights into the latest trends and highlights key developments in the industry. The report also provides historical data and projections of sales growth at the global, regional, and country levels, analyzing the latest industry dynamics and opportunities that will impact market growth between 2021 and 2028.

Click here to see the short and long term impact of COVID-19 on this market.

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DRIVING FACTORS

An increasing number of corporate mergers will fuel growth

The report covers several factors that have contributed to the growth of the market over the past few years. Of all the factors, the increasing number of business combinations had the greatest impact on market growth. The increasing investment in the development of newer vertical farming equipment, coupled with efforts to acquire medium and small businesses, will contribute to the growth of the market. In 2017 Signify Holding. (Philips Lighting) announced a collaboration with Ecobain Gardens to build Canada’s first commercial vertical farm. This partnership offers customers attractive returns through healthier, nutritious, and abundant foods that attract new customers. The report identifies some of the leading corporate mergers in recent times and measures their impact on global Vertical Agriculture Market growth over the coming years.

REGIONAL INSIGHTS

North America remains dominant; Growing demand for organic food to support growth

Among all regions, North America is expected to remain in the lead during the forecast period and hold the largest global market share of vertical farming. This is due to the increasing demand for high quality organic food in countries like the USA. North America was $ 957.1 million in 2020.

The market in Europe is expected to occupy the second position in the market. This is due to factors such as the increasing focus of some companies in the region on promoting home farming techniques, which will fuel demand for vertical farming in the region between 2021 and 2028.

COMPETITIVE LANDSCAPE

Large companies are focusing on product launches to intensify industry competition

The global vertical farming market includes small, medium and large companies that want to maintain their presence around the world by developing and introducing novel cultivation techniques. Additionally, other key players are pursuing organic and inorganic growth strategies that will add to the growth of the market during the forecast period.

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Important developments in the industry:

  • December 2020 – AeroFarms, a leading provider of vertical solutions in agriculture, announced the launch of an indoor crop solution for vertical lettuce farms to help reduce crop waste in the United States

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Table of Contents

  • introduction

  • The central theses

  • Market dynamics

    • Macro and microeconomic indicators

    • Drivers, restrictions, opportunities and trends

    • Effects of COVID-19

      • Short term effects

      • Long term effects

  • Competitive landscape

    • Business strategies adopted by key players

    • Consolidated SWOT Analysis of Key Players

    • Porter’s Five Forces Analysis

  • Global Vertical Agriculture Key Players Market Share Insights and Analysis, 2020

  • Key market insights and strategic recommendations

  • Company profiled (only covered for the top 10 players)

    • overview

      • Key management

      • Headquarters etc.

    • Offers / business segments

    • Key details (key details are subject to data availability in the public area and / or in chargeable databases)

      • Employee size

      • Financial metrics

        • Past and current earnings

        • Geographical share

        • Business segment share

    • Recent developments

  • Appendix / Appendix

    • Global Vertical Agriculture Market Size Estimates and Forecasts (Quantitative Data), by Segment, 2017-2028

      • By type (value)

        • Hydroponics

        • Aeroponics

        • Aquaponics

      • By structure (value)

      • By component (value)

      • By region (value)

        • North America

        • Europe

        • Asia Pacific

        • Middle East & Africa

        • Latin America

    • North America Vertical Agriculture Market Size Estimates and Forecasts (Quantitative Data), by Segment, 2017-2028

      • By type (value)

        • Hydroponics

        • Aeroponics

        • Aquaponics

      • By structure (value)

      • By component (value)

Table of contents continued…!

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