Vertical Farming Market size was valued at USD 6.88 billion in 2022 and is poised to grow from USD 8.27 billion in 2023 to USD 36.04 billion by 2031, growing at a CAGR of 20.2% in the forecast period (2024-2031).
Vertical farming is the process of producing food in a vertically stacked layers like in a used warehouse, skyscraper, or shipping container. These types of organic foods are known to be healthier, more nutritious, safer, and environmentally friendly. One of the primary factors that influence the demand for organic food is the food purchasingbehavior of the customers. This is important for producers, suppliers, and policymakers so that they can apply effective marketing strategies. In recent times, many people are suffering from health-related issues like obesity and heart diseases. The increasing reduction of groundwater and transformation in climatic conditions have forced the conventional growers to adopt different farming methods. Therefore, the rising consumer concerns about health is driving the market growth. Vertical farming also aligns with the trend of urban agriculture, reacting to the difficulties of restricted farming land in the urban areas. This practise helps in cultivating food in close proximity to the highly populated cities. However, the vertical farming has to deal with the growing regulatory norms as governments are focusing on sustainable agriculture. Administrative bodies are also offering financial incentives and grants to boosts the implementation of vertical farming. These incentives comprise of tax breaks, subsidies, or grants focused on minimizing the initial capital investments on vertical farming facilities.
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Developments in Light-Emitting Diode (LED) Technology Boosting Market Growth
Agriculture methods like vertical farming, aquaponics, hydroponics, recirculating aquaculture systems, and greenhouses are performed without the heat of the sun. This was possible due to technological advancements and advent of smart agriculture because growers have started using high-tech LED lights to grow crops. In vertical farms LED lights is used that distributes the energy into the huge number of crops cultivated in confined places. These LED lights extend the shelf life of the crops. The progression of vertical farming is mainly boosted by the developments in LED technology. For many years, indoor growing facilities based on artificial lights were costly. Therefore, used it only to cultivate profitable crops like marijuana. Today, LEDs are cost-efficient, and they are transforming the vertical farming, improving the market expansion.
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Implementation of Technology Combined with Vertical Farming
Today vertical farming is comprised of a combination of several technologies like robotics, IoT, big data analytics, and AI so that crops can grow without any agronomic restriction. With the help of advanced technologies like big data analytics, IoT, predictive analysis, and simulation modelling it is possible to constantly monitor, reviewed, tested, and enhance the quality of vertical farms. IoT is the support of vertical farming, and it is widely used in sensor and actuator technology. In the past few years, many technology-based organizations played an important role in making technology available for crop cultivations by applying crop-specific solutions, appropriate hardware, and devices that can collect real-time data. Moreover, technology-based organizations can implement wireless sensors to collect crucial data like change in natural light and pH balance. Many vertical farming manufacturers worldwide are partnering with technology-based organization to make an automated high-performing farm.
In February 2023, Plenty Unlimited is increasing it R&D skills in vertical farming by establishing a new research facility in the U.S.
In March 2024, Vertical Future collaborated with the World Green Economy Organisation to enhance shared sustainability goals.
In June 2024, Saudi Arabia ministry of environment introduced urban vertical farms with food markets and stores to offer free food products.
In December 2023, Conad, Italian supermarket chain collaborated with Zero and unveiled a new line of salads by utilizing vertical farming technology.
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The increasing demand for food and sustainable farming procedures are boosting the global vertical farming market. The developments in technology like robotic harvesting and vertical conveyor systems are helping in the growth. The primary trend in the vertical farming sectors is the increasing adoption of the sustainable farming practices as people are turning towards ecofriendly choices. With the increasing demand for fresh and locally grown food products and the adoption of technologies the vertical market will grow in the coming years.
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