Vertical Farming Crops Market Facts and Largest Vertical Farming Companies in 2023; AeroFarms, Agricool, CropOne, etc

A Brief Introduction of Market Potential of Vertical Farming Crops

NEW YORK, NEW YORK, UNITED STATES, February 24, 2023 /EINPresswire.com/ -- Vertical farming crops are grown in vertically stacked containers or trays containing nutrient media. Vertical farming is gaining traction with rising urbanization and the growing uptake of modern agricultural practices that give better yield. In vertical farming, crops are grown under a controlled environment in soil-less mediums. Hydroponics, aquaponics, and aeroponics are some of the key vertical farming techniques. The global vertical farming crops market was valued at US$ 282.80 Mn in 2021 and is anticipated to reach a valuation of USD 1,057.75 Million by 2028. It is expected to grow at a robust CAGR of 20.7% between 2021 and 2028.

The rising demand for organic food is expected to drive the market's growth during the forecast period. High usage of synthetic chemical fertilizers and pesticides in food products often leads to several health issues, including cancer, obesity, and other congenital disabilities. These factors are driving the consumers' inclination toward locally grown organic produce. Furthermore, due to the increasing focus on health and nutrition, consumers' demand for pesticide-free food products has grown exponentially. This, in turn, is Fuelling the demand for vertically farmed crops since they are cultivated with extreme hygiene, free of pesticides, and delivered to the retail stores within hours of harvest.

In terms of the crop type, the vertical farming crops market has been classified into tomatoes, leafy greens, herbs, and others. The leafy greens segment accounted for a larger market share in 2020, and the herbs segment is expected to register a higher CAGR in the market during the forecast period. Leafy greens include various vegetables, such as coriander, spinach, kale, mizuna, beet greens, and microgreens. Outdoor farming challenges have led to an interest in growing these crops hydroponically in controlled environments. Leafy greens are suitable for indoor farming because they can be grown rapidly and in relatively small spaces.

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With the rising adoption of a healthier lifestyle, the demand for vertical farming crops is also expected to increase in the coming years. Also, the growing concerns toward food safety and nutrition and the rising demand for freshly harvested green vegetables are expected to drive the growth of the leafy greens segment over the forecast period.

Geographically, the global vertical farming crops market is segmented into five regions — North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America (SAM). Europe held the largest share of the global vertical farming crops market in 2020. Asia Pacific vertical farming crops market is expected to grow at the highest CAGR during the forecast period. There are different types of vertical farms in Europe, including PFALs (plant factories with artificial light), in-store farms, container farms, and appliance farms. The region has various large-scale as well as start-up vertical farming companies. The companies in the region are continuously looking forward to expanding and increasing their presence in the market by implementing various growth strategies. Moreover, the growing demand for organic food and pesticide-free food is propelling the market's growth across the region.

In terms of the end-use industry, the vertical farming crops market has been categorized into food retail and food service. The food retail segment accounted for the larger market share in 2020, while the food service segment is expected to grow at the fastest CAGR from 2021 to 2028. The food service sector is rapidly expanding owing to people's hectic work schedules and busy lifestyles. Moreover, the rising number of cafes, eateries, and quick-service restaurants (QSRs) offering dine-in, takeaway, and home delivery services is also boosting the growth of the food service sector.

With the increasing number of health-conscious people, the demand for healthy and organic food is rising in the food service sector. This factor is projected to create profitable growth opportunities for the vertical farming market over the coming years.

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A few key players in the global vertical farming market are AeroFarms, Agricool, BOWERY FARMING INC., CropOne, Infarm, Plantlab, Plenty Unlimited Inc., Gotham Greens, MIRAI Co. Ltd., and BrightFarms. These companies are investing huge amounts in emerging technologies to boost their crop yield and produce high-quality crops at affordable prices.

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