Vertical Farming Crops Market is expected to reach US$ 1,057.75 million by 2028

The scope of the study, titled "Global Vertical Farming Crops Market Forecast to 2028 - COVID-19 Impact and Global Analysis - Crop Type (Tomato, Leafy Greens, Herbs, and Others), End-Use (Food Retail and Food Service), and Farming Technique (Hydroponics, Aeroponics, and Aquaponics)," involves understanding the factors responsible for the growth of the vertical farming crops market along with estimates and forecast of the revenue and market share analysis and highlighting the significant market players and their key developments.

Market Overview

In 2021, the global vertical farming crops market was valued at US$ 282.80 million. This market is expected to experience significant growth and reach US$ 1,057.75 million by 2028, exhibiting a compound annual growth rate (CAGR) of 20.7% during the period from 2021 to 2028. Vertical farming involves growing plants in vertically stacked trays with nutrient media and can be accomplished using methods such as hydroponics, aeroponics, and aquaponics. A variety of crops, including tomatoes, strawberries, coriander, lettuce, mint, and bell peppers, can be grown in this way. The popularity of vertical farming is increasing due to the growing acceptance of advanced agricultural practices and the worldwide demand for organic food products.   

Market Dynamics

The increasing adoption of a healthier lifestyle is anticipated to lead to a rise in demand for vertical farming crops in the future. Furthermore, the growing focus on food safety and nutrition, coupled with a surge in demand for freshly harvested green vegetables, is expected to drive the growth of the leafy greens segment throughout the forecast period.  

Market Segmentation 

Based on the end-use industry, the vertical farming crops market is segmented into food retail and food service. Based on the farming technique, the market is segmented into hydroponics, aeroponics, and aquaponics.

Based on crop type, the vertical farming crops market is categorized into tomatoes, leafy greens, herbs, and others. In 2020, the leafy greens segment held the larger market share, but the herbs segment is expected to experience a higher compound annual growth rate (CAGR) during the forecast period. Leafy greens encompass a variety of vegetables such as coriander, spinach, kale, mizuna, beet greens, and microgreens. These crops face challenges when grown outdoors, which has spurred interest in hydroponic cultivation in controlled environments. Leafy greens are ideal for indoor farming as they can be grown quickly and in relatively small spaces.

The global vertical farming crops market is divided into five regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America (SAM). In 2020, Europe held the largest share of this market, while the Asia Pacific vertical farming crops market is expected to exhibit the highest CAGR during the forecast period. In Europe, there are various types of vertical farms, such as PFALs (plant factories with artificial light), in-store farms, container farms, and appliance farms. The region has a mixture of large-scale and start-up vertical farming companies, which are continuously seeking to expand and grow their presence in the market through a variety of growth strategies. Furthermore, the vertical farming crops market is being propelled by the increasing demand for organic and pesticide-free food products throughout the region.  

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