Market Overview and Dynamics
The North America vertical farming market is projected to grow significantly, rising from an estimated US$ 1,469.4 million in 2021 to US$ 6,523.6 million by 2028, at an impressive CAGR of 25.70% during the forecast period. This robust growth is primarily driven by the increasing demand for organic food and the numerous advantages vertical farming offers over traditional farming methods. However, high upfront investment and ongoing maintenance costs may pose challenges to market expansion.
In recent years, vertical farming has gained considerable traction, largely due to the growing awareness of its benefits. Unlike conventional farming, vertical farming is not dependent on weather conditions, allowing year-round crop production. It also significantly enhances productivity—yielding up to 240 times more crops while using 99% less land and 98% less water. These efficiencies, combined with the adoption of next-generation, AI-driven farming technologies, have contributed greatly to market growth by further reducing resource consumption.
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The increasing demand for sustainable agricultural practices is another key factor propelling the market. Technological advancements, such as the integration of controlled environmental systems and the use of unconventional farming locations—like skyscrapers, shipping containers, and unused warehouses—are expected to accelerate market adoption. In addition, innovations focused on recapturing evaporated water and recycling materials to minimize waste are gaining momentum and supporting the market’s upward trajectory.
Furthermore, vertical farming offers a reliable supply of fresh, locally-grown crops, a feature that has become increasingly appealing to health-conscious urban consumers, particularly in the aftermath of the COVID-19 pandemic. This shift in consumer preference toward organic and nutrient-rich produce is anticipated to continue fueling demand.
During the COVID-19 pandemic, North American countries such as the US, Canada, and Mexico experienced widespread lockdowns, which disrupted manufacturing operations and significantly impacted the supply chain for vertical farming equipment. Labor shortages and delays in equipment deliveries were among the challenges faced by industry players in 2020. However, with the rollout of vaccination programs and the gradual easing of restrictions in 2021, the vertical farming market began to recover. The region’s growing emphasis on sustainable, environmentally friendly, and economically viable technologies is expected to further boost market growth in the coming years.
North America Vertical Farming Strategic Insights
Strategic insights for the North America Vertical Farming provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
Market leaders and key company profiles
ď‚·Â Eden Green Technology
ď‚·Â Elevate Farms Inc.
ď‚·Â iFarm
ď‚·Â OSRAM GmbH
ď‚·Â Plenty Unlimited Inc.
ď‚·Â Agrilution
ď‚·Â AeroFarms
North America Vertical Farming Regional Insights
The geographic scope of the North America Vertical Farming refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
Key Market Segments
Based on type, the North America vertical farming market is segmented into hydroponics, aeroponics, and aquaponics. The hydroponics segment led the highest share of the vertical farming market in 2021, however, the aeroponics segment is expected to account the largest share of the market by 2021-2028.
Based on component, the North America vertical farming market is bifurcated into lighting, sensor, climate control, irrigation component, building material, and others. In 2021, the lighting segment is likely to hold the largest share of the market, however climate control is expected to grow at the fastest rate during the coming years.
Major Sources and Companies Listed
A few of the primary and secondary sources associated with this report on the North America vertical farming market are the World Health Organization (WHO) and US Department of Agriculture (USDA).
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Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights
