Looking up! VF market set for more big growth

Added on 30 January 2024

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Looking up! VF market set for more big growth

Things are looking up (way up) for the vertical farming market. It is projected to experience substantial growth, with its global valuation poised to surpass $35.3 billion (USD) by 2032, according a recently released industry outlook report from Market.US. The impressive figure is up from $6.8 billion (USD) in 2023.

This expansion is anticipated to progress at a compound annual growth rate (CAGR) of 20.8% from 2024 to 2033.

Vertical farming, typically conducted within controlled environments, employs soilless farming techniques such as hydroponics, aeroponics, and aquaponics. Given the escalating global population and the constraints of available arable land, vertical farming is emerging as a viable solution to address the burgeoning worldwide food demand.

Key Takeaways from the Report

Structure: In 2022, the vertical farming market saw the shipping container-based segment leading with a notable revenue share of 53%. This segment’s success is attributed to its efficient use of space and adaptability in various environments.
Growth Mechanism: Dominating the growth mechanism category, hydroponics accounted for the largest revenue share of 38% in 2022. This method’s popularity is due to its efficient nutrient delivery system and reduced water usage.