The vertical farming market is estimated to be USD 5.1 billion in 2023, and it is expected to reach USD 15.3 billion by 2028, growing at a CAGR of 24.7% from 2023 to 2028. Vertical farming is poised to bring about numerous positive impacts as it continues to grow. One of the most significant benefits is the increased food security it offers. By implementing vertical farming techniques, communities can establish a reliable and consistent source of food production that is not subject to external factors such as adverse weather conditions or limited arable land. The controlled indoor environment allows for year-round cultivation, reducing dependence on seasonal harvests and potential disruptions.
Several players in this market have adopted various strategies to expand their global presence and increase their market shares. Acquisitions and product launches are among the important strategies adopted by market players such as Signify (Netherlands), ams-OSRAM AG (Germany), Freight Farms (US), AeroFarms (US), Sky Greens (Singapore), Spread (Japan).
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Signify Holding, a global leader in lighting, is making significant contributions to the growth of the vertical farming market. Their LED lighting solutions are designed for vertical farming, providing the precise light spectrum and intensity required for optimal plant growth and high yields. In addition to lighting, with their emphasis on innovation and expertise in lighting and horticulture, Signify is driving the expansion of the vertical farming market. They are well-positioned to continue playing a leading role by developing new products and services that cater to the evolving needs of vertical farmers. Signify’s dedication to advancing technology in this field contributes to the sustainability and efficiency of vertical farming practices, ultimately benefiting the industry and its stakeholders.
ams OSRAM, a prominent provider of sensors and LED lighting solutions, is making significant contributions to the expansion of the vertical farming market. Their product offerings are well-suited for vertical farming, delivering the precise light spectrum and intensity required for healthy plant growth and high yields. ams OSRAM's key strategies for product development in the vertical farming sector encompass tailored solutions. They are dedicated to developing LED lighting solutions designed specifically for vertical farming, ensuring plants receive the optimal light spectrum and intensity. Additionally, ams OSRAM focuses on creating climate control systems capable of maintaining ideal conditions for plant growth, encompassing temperature, humidity, and CO2 levels.
AeroFarms, a prominent player in the vertical farming industry, has established itself as a leader by utilizing aeroponics, a soilless cultivation technique, to cultivate fresh and local produce throughout the year. The company has introduced several innovative practices that have contributed to its success in vertical farming. Aeroponics lies at the heart of AeroFarms’ operations, allowing them to grow their produce without soil. By suspending plant roots in a mist enriched with nutrients, AeroFarms enables accelerated plant growth while utilizing less water than conventional farming methods. This sustainable approach aligns with their commitment to efficient resource management. By integrating aeroponics and data-driven practices, AeroFarms has established itself as a pioneer in the vertical farming field. Their innovative methods enhance productivity and promote sustainable farming practices by conserving resources. AeroFarms’ dedication to leveraging technology and data for continuous improvement reinforces its position as a leading player in the vertical farming industry.
Sky Greens is a pioneering vertical farming company based in Singapore that has achieved a prominent position in the industry through its innovative practices and strategic approaches. Notably, the company employs rotating towers to cultivate crops, ensuring constant exposure to sunlight, water, and nutrients. These towers, reaching heights of up to 9 meters with multiple tiers, enable optimized growing conditions. Sky Greens also utilizes a water-driven system, which enhances energy efficiency compared to conventional electric motor-driven systems. Sky Greens has significantly advanced its innovations and strategies and has successfully built a strong brand and reputation within the industry. The company’s accomplishments have gained recognition and features in prestigious publications like The New York Times, The Wall Street Journal, and Forbes. Moreover, Sky Greens have been honored with accolades, including the Singapore Green Plan 2030 Award for Sustainability. These achievements, combined with its innovative approaches, strategic initiatives, strong branding, and an esteemed reputation, have positioned Sky Greens as a frontrunner in the vertical farming sector. With operational farms in Singapore and China and plans to expand into other countries, the company is poised for continued growth and success in the future.
Vertical Farming Market by Growth Mechanism (Hydroponics, Aeroponics, Aquaponics), Structure (Building-based and Shipping container-based), Crop Type, Offering (Lighting, Sensors, Climate Control, Software, Services) & Region - Global Forecast to 2028
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