North America Vertical Farming Market – Industry Trends and Forecast to 2029

Market Analysis and Size

Farming has seen significant advancements in terms of farm mechanisation, irrigation techniques, and the ease with which credit is available over the years. It currently serves as the backbone of the Indian economy, providing food and raw materials and providing employment opportunities to a sizable portion of the population. Despite the advent of industrialization and remarkable growth in other industries, farming continues to contribute significantly to the country's Gross Domestic Product (GDP). It primarily entails growing crops and raising livestock with the goal of cultivating food products.

Data Bridge Market Research analyses that the vertical farming market which was growing at a value of 7,274.17 million in 2021 and is expected to reach the value of USD 58,250.98 million by 2029, at a CAGR of 29.7% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and consumer behaviour.  

Report Scope and Market Segmentation

Market Definition

Vertical farming is a method of processing food in vertically stacked layers, such as in a skyscraper, used factory, or shipping container. Modern vertical farming concepts employ indoor farming methods and controlled-environment agriculture (CEA) technologies to control all environmental conditions.

Vertical Farming Market Dynamics

Drivers

• Increase adoption of agricultural policies

Increasing adoption of federal agricultural policy programmes in emerging economies, rising levels of food consumption North America along with a growing population, an increase in trade activities such as grain and oilseed export, and the introduction of new and highly advanced technology are some of the major and impactful factors that will likely boost the growth of the vertical farming market

• Rise in the demand for speciality products

Rising demand for genetically modified seeds and rising consumer preferences for organic and specialty products will contribute to the growth of the vertical farming market over the forecasted timeframe. Furthermore, the market is being driven by an increase in the number of agreements between corporate companies and farmers to supply and produce agricultural products. Aside from that, organic products are considered safer than conventional products because they are not grown with chemically laden pesticides and are better for the environment.
Opportunity

Organic food items are becoming more popular as people's health consciousness grows. As a result, farmers across the country are shifting to organic farming, creating a positive market outlook. Furthermore, the government is launching a number of initiatives to improve the country's existing agricultural infrastructure. It also provides financial assistance to farmers for marketing and transportation of farm produce to increase exports. These initiatives are expected to have a significant impact.

Restraints

Lack of skilled labour and technical knowledge as well as the increasing need for high capital investment will likely act as market restraints for vertical farming growth in the above-mentioned projected forecast period. Marketing and distribution of new products and increasing workloads will be the biggest and most pressing challenges for market growth.

This vertical farming market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the vertical farming market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Vertical Farming Market

Many countries are experiencing disruptions to their agri-food supply chains as COVID-19 incidences rise around the world. National trade barriers between countries could significantly impact regions like Africa, which rely heavily on agricultural imports. The food sector is typically supplied by three sources: domestic production, imports, and storage. Some countries also rely on a network of manufacturers and distributors to process agricultural outputs, prepare them for human consumption, and transport products from farms to manufacturing facilities, and then to consumers. Suppose outbreaks around the world are severe or continue for an extended period of time. In that case, there will most likely be even more serious disruptions that will reduce food availability in markets over the medium and long term.

Recent Development

• In October 2020, ZipGrow Inc.’s ZipFarm technology was recently installed in Urban Fresh Farm’s facility in U.A.E. Urban Fresh Farms, Dubai’s newest indoor vertical hydroponic farm has used ZipGrow’s technology for producing pesticide free fresh herbs and leafy greens for the local market. With this installation of technology in Dubai based company will help company to expand their business in other regions and acquire more customers.

North America Vertical Farming Market Scope

The vertical farming market is segmented on the basis of growth mechanism, structure, type, crop type, application and component. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Growth mechanism

• Hydroponics
• Aeroponics
• Aquaponics

Structure

• Shipping Containers
• Building Based

Type

• Bio pesticides
• Bio fertilizer
• Bio stimulants

Crop type

• Leafy Green
• Pollinated Plants
• Nutraceutical Plant

Application

• Indoor
• Outdoor

Component

• Lighting
• Hydroponic Component
• Climate Control
• Sensors

Vertical Farming Market Regional Analysis/Insights

The vertical farming market is analysed and market size insights and trends are provided by country, growth mechanism, structure, type, crop type, application and component as referenced above.

The countries covered in the vertical farming market report are U.S., Canada and Mexico.

The U.S. is dominating in the North America vertical farming market due to ongoing investment and continuous research and development for the hydroponics segment. North America region has witnessed high growth in adoption of vertical farming for the hydroponics segment due to rising adoption of vertical farming solutions in countries such as the Canada and Mexico.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.    

Competitive Landscape and Vertical Farming Market Share Analysis

The vertical farming market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, North America presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to vertical farming market.

Some of the major players operating in the vertical farming market are:

• Deere & Company (U.S)
• CropMetrics LLC (Netherlands)
• Trimble Navigation Limited (Australia)
• CropX (U.S)
• AgSmarts Inc (India)
• AgSense, LLC (India)
• AGCO Corporation (Austria)
• DICKEY-john (U.K)
• Monsanto Company (Mexico)
• Ag Leader Technology (U.S)
• Farmers Edge (US)
• GEOSYS (US)
• Granular (US)
• Gro Intelligence (US)
• Proagrica (UK)
• Fasal (India)
• AGEYE Technologies (US)
• HelioPas AI (Germany)
• OneSoil (Belarus)

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