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The vertical farming market size has grown exponentially in recent years. It will grow from $6.29 billion in 2023 to $7.8 billion in 2024 at a compound annual growth rate (CAGR) of 24.0%.  The growth in the historic period can be attributed to water scarcity concerns, climate and seasonal independence, demand for locally sourced produce, population growth, food safety concerns. The vertical farming market size is expected to see exponential growth in the next few years. It will grow to $17.32 billion in 2028 at a compound annual growth rate (CAGR) of 22.1%.  The growth in the forecast period can be attributed to integration with smart cities, vertical farming in retail spaces, educational and research initiatives, expansion into developing countries, consumer preferences for organic and local produce. Major trends in the forecast period include customized crop varieties, collaborations with foodservice industry, multi-layered and stacked farming systems, automated planting and harvesting systems, aeroponics and hydroponics technologies.

The vertical farming market is set to witness growth propelled by the rise in urbanization. Urbanization increases the total cropland area, leading to higher per-capita cropland areas for rural residents and larger farm sizes. By 2050, 80% of the world’s population is expected to live in cities, with significant urban growth projected in countries like India, China, and Nigeria. India is expected to gain 416 million urban residents by 2050, China 255 million, and Nigeria 189 million. The ongoing trend of urbanization is a key factor driving the vertical farming market in 2023, 2024, and 2028.

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What Are The Key Trends That Influence Vertical Farming Market Share Analysis?

As the vertical farming industry expands, new developing trends in the sector are emerging to keep up with the technological advancements surrounding the market. One of the latest such kinds of trends is next generation vertical farms, which are farms that make use of hi-tech growing methods to produce high quantities of crops all year round. For instance, Sweetgreen, a Swedish company that operates in the vertical farming market and offers Hyper-local leafy greens manufacturing using a digitally based in-store service, developed and debuted the ‘NextGen’ of super-efficient in-store vertical farms in Linköping’s Ica Maxi megastore on April 16, 2021. The company’s ‘Farming-as-a-Service growing’ unit for leafy greens is now right at the store’s door. The new vertical farm will be the largest in-store cultivation market in Scandinavia.

Which Market Players Are Driving Growth In The Vertical Farming Market?

Major companies operating in the vertical farming market report are Philips Lighting N.V., Osram AG, Everlight Electronics Co Ltd., Infarms Indoor Forming GmbH, Spread Group GmbH, Bowery Farming Inc., Plenty Unlimited Inc., BrightFarms Inc., Mirai Co Ltd., Intelligent Growth Solutions Ltd., Freight Farms Inc., AeroFarms, General Hydroponics Inc., Agricool Group, CropOne Holdings Inc., CropOne Holdings Inc., Jewish Family Service of Colorado, AppHarvest Inc., Vertical Future Ltd., Valoya Inc., Kalera Public Limited Company, Agrilution Systems GmbH, American Hydroponics Inc., Square Mile Farms Ltd., Swegreen AB, 4D Bios Inc., Green Sense Farms Holdings Inc., Hort Americas LLC, Urban Crop Solutions, Eden Green Technology, Illumitex Inc., Heliospectra AB, Future Crops Vertical Farming B.V., Sky Urban Solutions Holding Pte Ltd.

How Is The Global Vertical Farming Market Segmented?

The vertical farming market covered in this report is segmented –

1) By Component: Irrigation Component, Lighting, Sensor, Climate Control, Building Material, Other Components
2) By Structure: Shipping Container, Building-Based
3) By Type: Hydroponics, Aeroponics, Aquaponics
4) By Crop Type: Leafy Green, Pollinated Plants, Nutraceutical Plant
5) By Application: Indoor, Outdoor

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The Vertical Farming Global Market Report 2024 provides an overview of the vertical farmingmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The vertical farming market forecast analyzes vertical farming market size, vertical farming market share, leading competitor and their market positions.

The Table Of Content For The Vertical Farming Market Include

1. Vertical Farming Market Executive Summary
2. Vertical Farming Market Segments
3. Vertical Farming Market Size And Template Market Growth Rate
4.  Key Vertical Farming Market Trends
5. Major Vertical Farming Market Drivers
……
25. Key Mergers And Acquisitions In The Vertical Farming Market
26. Top Vertical Farming Companies
27. Vertical Farming Market Opportunities And Strategies
28. Vertical Farming Market, Conclusions And Recommendations
29. Appendix

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