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US vertical farming market offers analysis on market size & forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights on segmentation by growth systems (hydroponics, aeroponics, and aquaponics), by the environment (indoor and outdoor), and by technology (lighting devices, software, growth mechanism components, climate control, and sensing devices) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2024
152 Pages
19 Tables
46 Charts
1 Regions
1 Countries
23 Companies
3 Market Segment
| Report Attribute | Details |
|---|---|
| MARKET SIZE (REVENUE) | USD 3 BILLION (2024) |
| CAGR | 3% (2019-2024) |
| BASE YEAR | 2018 |
| FORECAST YEAR | 2019-2024 |
| MARKET SEGMENTS | Growth systems (hydroponics, aeroponics, and aquaponics), by the environment (indoor and outdoor), and by technology (lighting devices, software, growth mechanism components, climate control, and sensing devices) |
| GEOGRAPHIC ANALYSIS | United States |
| COUNTRIES COVERED | United States |
With the increase in environmental strain and growing need for alternative food, production solution is augmenting the growth of the US vertical farming market. Vertical farms are designed in the middle of the urban city landscape and are relatively safe from unpredictable weather and largely free from pesticides, herbicides, and fertilizers. The vertical spaces are using precision agriculture which uses low inputs and results in year-round production with increased yields in the US market. The availability of fresh food which doesn’t have to travel a million miles and reduced loss of produce en-route and food miles is boosting the demand for vertical agriculture market in the US. The immediate end-consumers of the vertical grow system are communities, hotels, restaurants, and supermarkets in-and-around the area of the farm. This urban farming technique require an indoor controlled environment that heavily hinges on the substantial power supply, understanding the requirement of support from lighting, equipment, HVAC, dehumidifiers, and automation, thus, the farmers have to ensure that the facilities meet the energy requirements. The leading vendors are ensuring a proper distribution strategy and system in place that can render a perception that these products are top-notch and better quality in the US market. The large farmers are investing in the development and implementation of advanced technologies that will help them increase their production and generate significant market revenues. The increase in urban agriculture and new developments in the space of vertical farms, rooftop greenhouses, and home to new farming-based startups will contribute to the growing revenues in the US vertical farming market.
The vertical farming technique offers speedier supply chain for seedling production and with an eight-week turnaround time of seedling ordering system. These systems will help farmers to meet the growing demand and offer promotions and special offers to consumers in the US market. The increasing focus on plug development and reduced shrink of plants will encourage companies to introduce innovative technologies in the market. The US vertical farming market is projected to reach values of around $3 billion by 2024, growing at a CAGR of more than 24% during 2018-2024.
The recent trend of the farm-to-table movement that promotes localized, organic farming concepts will contribute to the development of US vertical farming market. The desire to eat local and the availability of hyper fresh year-around produce is leading to the popularization of the farm-to-table movement in the US market. The growing demand for fresh ingredients, safe production processes, and better taste experience is fueling the growth of the farmers market set-up in the US region. Leading restaurants are incorporating locally-made ingredients to attract a maximum number of consumers in the market. National chains such as Chipotle and Subway are also participating in this movement in the US market. The drastic shift from eating packaged foods to healthier, locally grown, organic food will drive the growth of the local agricultural community in the US market. Logistics and remote communities are adopting urban indoor farming that facilitates local food production and drives revenues in the market. New players are entering the market to promote business development and gain a larger US vertical farming market share.
This market research report includes a detailed segmentation of the market by
Incorporation of wireless multi-network grow room technology in the hydroponic segment will transform the US vertical farming market
The US vertical farming market by growth systems is categorized into hydroponics, aeroponics, and aquaponics. Hydroponics segment dominated around half of the total market share in 2018, growing at a CAGR of more than 22% during the forecast period. The use of hydroponics enables long-term cultivation of a wide range of crops in the market. The recent developments in the field of hydroponics to cater to the casual indoor grower, simplifying technology and economics is boosting the growth of this segment in the US market. The use of this vertical farming technique that ensures the water chemistry is maintained and controlled to enhance natural plant bio-actives will aid in better health. The growing demand for “superfoods” will lead to the development of this segment in the US market. The introduction of new cloud technologies that aid growers with accuracy, convenience, and relevant information will transform the hydroponics segment in the US vertical farming market. The incorporation of wireless multi-network grow room technology products that link timers, CO2, lighting, VPD, temperature and humidity, and irrigation layers, and enables customization of the system will lead to the evolution of the market.
Aquaponics has a self-regulating mechanism, have managed to keep the robustness of the crops in tack, thereby building the right flavor profile and nutrition, thereby, driving the demand for these systems across high-end restaurants and supermarket chains. Vendors are leveraging advanced technology to improve the efficiency and productivity of aeroponics to attract a maximum number of consumers in the US vertical farming market.
The growing popularity of vertical rooftop gardens will increase the adoption of outdoor farming practices in the US vertical farming market
The environment segment in the US vertical farming market is divided into indoor and outdoor. The outdoor segment is the fastest growing sector in the US market, at CAGR of approximately 26% during the forecast period. The increasing adoption of the local food movement and growing demand for fresh produce is fueling the growth of the outdoor segment in the US market. Restaurants, housing complexes, schools, and supermarkets are using outdoor vertical agriculture practices to offer nutrient-rich and fresh produce in the US market. The increasing popularity of rooftop vertical gardens that uses aeroponics to produce hyperlocal produce is transforming the vertical farming industry. The pan-ethnic growth is reshaping the food and beverage industry bolstering the demand for exotic crops and herbs that cannot be sourced locally. Such changes in consumer tastes and preferences will allow restaurants to outdoor farming techniques to bridge the gap between the demand and supply in the US market. Various universities are developing a vertical farm-to-cafeteria program to inculcate farming practices in the students’ curriculum and promote development in the US vertical farming market.
The growing need for high-quality produce on demand, food safety, and sustainability are the major factors attributing to the rise in adoption of the vertical farming method in the US market. The growing popularity of customizable warehouse growth systems with players offering advanced technology to suit the needs of the grower is transforming the market. Shipping container and building-based vertical farms are the most common indoor farms in the US vertical farming market.
LED horticultural lighting systems offer innovative features for superior crop production in the US vertical farming market
The US vertical farming market by technology is segmented into lighting devices, software, growth mechanism components, climate control, and sensing devices. Lighting devices occupied more than 1/3rd of the total market share in 2018, growing at a CAGR of around 24% during the forecast period. The development of customized lighting systems for research testing,top-lighting, inter-lighting, and tissue culture is augmenting the growth of the lighting devices segment in the US market. The increasing focus on using moisture sensors and GPS enabled tractors that aims to produce food sustainably and profitably in the US market will fuel the demand for LED lighting systems in the market. The development of horticulture LED lighting systems with advanced features will lead to the development of the market over the next few years. The top vendors are offering consulting services and digital controls that can help vertical farmers to understand the biomass potential of their growing spaces in the US market. The integration of light control system with a logistics or climate computer systems will fuel the growth of the US vertical farming market.
The farmers are leveraging software solutions to the development of superior farm management systems to attract a large number of consumers in the US market. The increasing use of climate control systems such as chillers, heaters, AC units, dehumidifiers, humidifiers, CO2 enrichment, and full spectrum artificial lighting will lead to the development of the US vertical farming market.
Growth Systems
Environment
Technology
Frequently Asked Questions
What is the vertical farming market size and growth forecast?
The US vertical farming market size is expected to reach revenues of approximately USD 3 billion by 2024, growing at an impressive CAGR of over 24% during the forecast period.
What are the factors impacting the growth of the vertical farming market?
With the increase in environmental strain and growing need for alternative food, production solution is augmenting the growth of the US vertical farming market.
Who are the key players in the vertical farming market?
The key players are Aerofarm, Plenty, Green Spirit Farms, Bowery Farming
What are the trends in vertical farming market?
The drastic shift from eating packaged foods to healthier, locally grown, organic food will drive the growth of the local agricultural community in the US market.
The US vertical farming market is driven by the movement of agriculture toward a more sustainable model. The use of layout and workflow optimization will enable proper optimization and highest labor efficiency in the US market. The market research report provides in-depth market analysis and segmental analysis of the US vertical farming market by growth systems, environment, and technology.
Base Year: 2018
Forecast Year: 2019–2024
The report considers the present scenario of the US vertical farming market and its market dynamics for the period 2019−2024. It covers a detailed overview of various market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes the leading companies and several other prominent companies operating in the market.
Major Vendors in the US Vertical Farming Market
Prominent Players in the US Vertical Farming Market
Market Segmentation by Growth Systems
Market Segmentation by Environment
Market Segmentation by Technology
1 Research Methodology
2 Research Objectives
3 Research Process
4 Report Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of Study
4.3.1 Market Segmentation by Growth System
4.3.2 Market Segmentation by Environment
4.3.3 Market Segmentation by Technology
5 Report Assumptions and Caveats
5.1 Key Caveats
5.2 Inclusions
5.3 Exclusions
5.4 Currency Conversion
5.5 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
7.2 STATE OF THE US ECONOMY
7.3 Agriculture in the US: An overview
7.3.1 Indoor Agriculture
7.4 Vertical farming market: An Overview
7.4.1 Success Factors
8 Market Dynamics
8.1 Market Growth Enablers
8.1.1 Archaic agricultural system threatens food security
8.1.2 Need for sustainable agricultural operations
8.1.3 Solution to food desert crisis
8.1.4 Intensifying farm-to-table movement
8.1.5 Big bets on vertical farming
8.1.6 YOY Impact of Market Growth Enablers
8.2 Market Growth Restraints
8.2.1 Lack of economic and societal viability
8.2.2 Massive energy usage
8.2.3 Low potential to replace conventional food production
8.2.4 Unproven demand for indoor-grown food
8.2.5 Dearth of expertise
8.2.6 YOY Impact of Market Growth Restraints
8.3 Market Opportunities & Trends
8.3.1 Growing popularity of plug & play farms
8.3.2 Scope for further automation using big data and AI
8.3.3 Kitchen gardens fuel concept of on-site farming
8.3.4 Crop transformations and increased variety
8.3.5 YOY Impact of Market Opportunities and Trends
9 Vertical Farming Market IN US
9.1 Market Size & Forecast
9.2 Porter’s Five Forces Analysis
9.2.1 Threat of New Entrants
9.2.2 Bargaining Power of Suppliers
9.2.3 Bargaining Power of Buyers
9.2.4 Threat of Substitutes
9.2.5 Competitive Rivalry
10 By Growth System
10.1 Market Overview
10.2 Hydroponics vertical farming
10.2.1 Market Size & Forecast
10.3 Aeroponics vertical farming
10.3.1 Market Size & Forecast
10.4 Aquaponics vertical farming
10.4.1 Market Size & Forecast
11 By Environment
11.1 Market Overview
11.2 Indoor Vertical farming
11.2.1 Market Size & Forecast
11.3 Outdoor Vertical farming
11.3.1 Market Size & Forecast
12 By Technology
12.1 Market Overview
12.2 Lighting Devices
12.2.1 Market Size & Forecast
12.3 Software
12.3.1 Market Size & Forecast
12.4 Growth mechanism component
12.4.1 Market Size & Forecast
12.5 Climate Control
12.5.1 Market Size & Forecast
12.6 Sensing Devices
12.6.1 Market Size & Forecast
13 Competitive Landscape
14 Market Vendor Analysis
14.1 Market Ranking Analysis
15 Key Company Profiles
15.1 AeroFarms
15.1.1 Business Overview
15.1.2 Major Product Offerings
15.1.3 Key Strengths
15.1.4 Key Strategies
15.1.5 Key Opportunities
15.2 Plenty
15.2.1 Business Overview
15.2.2 Major Product Offerings
15.2.3 Key Strengths
15.2.4 Key Strategies
15.2.5 Key Opportunities
15.3 Green Spirit Farms
15.3.1 Business Overview
15.3.2 Major Product Offerings
15.3.3 Key Strengths
15.3.4 Key Strategies
15.3.5 Key Opportunities
15.4 Bowery Farming
15.4.1 Business Overview
15.4.2 Major Product Offerings
15.4.3 Key Strategies
15.4.4 Key Strengths
15.4.5 Key Opportunities
16 Other Prominent Vendors
16.1 Acre In A Box
16.1.1 Business Overview
16.1.2 Product Offerings
16.1.3 Key Strategies
16.1.4 Key Strengths
16.2 Altius Farms
16.2.1 Business Overview
16.2.2 Product & Service Offerings
16.2.3 Key Strategies
16.2.4 Key Strengths
16.3 Crop One Holdings
16.3.1 Business Overview
16.3.2 Product Offerings
16.3.3 Key Strengths
16.3.4 Key Strategies
16.4 American Hydroponics (AmHydro)
16.4.1 Business Overview
16.4.2 Product & Service Offerings
16.4.3 Key Strengths
16.4.4 Key Strategies
16.5 Dream Harvest Farming Company
16.5.1 Business Overview
16.5.2 Product Offerings
16.5.3 Key Strategies
16.5.4 Key Strengths
16.6 Edenworks
16.6.1 Business Overview
16.6.2 Product Offerings
16.6.3 Key Strengths
16.6.4 Key Strategies
16.7 Farm.One
16.7.1 Business Overview
16.7.2 Product Offerings
16.7.3 Key Strategies
16.7.4 Key Strengths
16.8 Freight Farms
16.8.1 Business Overview
16.8.2 Product & Service Offerings
16.8.3 Key Strengths
16.8.4 Key Strategies
16.9 Green Girl Produce
16.9.1 Business Overview
16.9.2 Product Offerings
16.9.3 Key Strategies
16.9.4 Key Strengths
16.10 Green Living Technologies International
16.10.1 Business Overview
16.10.2 Product Offerings
16.10.3 Key Strategies
16.10.4 Key Strengths
16.11 GreenTech Agro
16.11.1 Business Overview
16.11.2 Product & Service Offerings
16.11.3 Key Strategies
16.11.4 Key Strengths
16.12 LA Urban Farms
16.12.1 Business Overview
16.12.2 Product Offerings
16.12.3 Key Strengths
16.12.4 Key Strategies
16.13 Living Greens Farm
16.13.1 Business Overview
16.13.2 Product Offerings
16.13.3 Key Strengths
16.13.4 Key Strategies
16.14 Moonflower Farms
16.14.1 Business Overview
16.14.2 Product Offerings
16.14.3 Key Strategies
16.14.4 Key Strengths
16.15 Plant Chicago
16.15.1 Business Overview
16.15.2 Product & Service Offerings
16.15.3 Key Strategies
16.15.4 Key Strengths
16.16 Square Roots
16.16.1 Business Overview
16.16.2 Product Offerings
16.16.3 Key Strategies
16.16.4 Key Strengths
16.17 Urban Crop Solutions
16.17.1 Business Overview
16.17.2 Product & Service Offerings
16.17.3 Key Strengths
16.17.4 Key Strategies
16.18 Urban Organics
16.18.1 Business Overview
16.18.2 Product & Service Offerings
16.18.3 Key Strategies
16.18.4 Key Strengths
16.19 Oasis Biotech
16.19.1 Business Overview
16.19.2 Product Offerings
16.19.3 Key Strengths
16.19.4 Key Strategies
17 Report Summary
17.1 Key Takeaways
17.2 Strategic Recommendations
17.3 Qualitative Summary
17.4 Quantitative Summary
18 Appendix
18.1 Abbreviations
List of Exhibits
Exhibit 1 Segmentation of Vertical Farming Market in US
Exhibit 2 Market Size Calculation Approach 2018
Exhibit 3 Case for Vertical Farming
Exhibit 4 Change in Real GDP in US 2017−2023 (%)
Exhibit 5 Indoor Agriculture versus Conventional Agriculture
Exhibit 6 US Crops Grown Under Cover 1998 and 2014 (million sq. ft)
Exhibit 7 Indoor Agriculture: A Structural Overview
Exhibit 8 Financial/Operational Overview of Indoor Agriculture (US$ /sq ft)
Exhibit 9 Food Security in the US 2016
Exhibit 10 Case for Sustainability in Agriculture
Exhibit 11 Integration of Local Food: An Overview 2016
Exhibit 12 State Vegetable and Food Production as Share of Demand (%) 2018
Exhibit 13 Corporate and Venture Capital Activity (US$ million)
Exhibit 14 Statistics and Viability of Vertical Farming 2017
Exhibit 15 Energy Use in Vertical Farming: An Overview
Exhibit 16 Perceptions of Vertical Farming versus Other Methods of Food Production
Exhibit 17 Vertical Farming Market in US 2018−2024 (US$ million)
Exhibit 18 Five Forces Analysis 2018
Exhibit 19 Vertical Farming Market in US by Growth System 2018 & 2024
Exhibit 20 Vertical Farming Market in US by Growth System (US$ million)
Exhibit 21 Vertical Farming Market in US by Growth System 2018 & 2024
Exhibit 22 Vertical Farming Market in US - Comparison by Contract Type 2018−2024
Exhibit 23 Hydroponics Overview
Exhibit 24 Vertical Farming Market in US by Hydroponics 2018−2024 (US$ million)
Exhibit 25 Vertical Farming Market in US by Aeroponics 2018−2024 (US$ million)
Exhibit 26 Vertical Farming Market in US by Aquaponics 2018−2024 (US$ million)
Exhibit 27 Aquaponics Overview
Exhibit 28 Vertical Farming Market in US by Environment 2018 & 2024
Exhibit 29 Vertical Farming Market in US by Environment (US$ million)
Exhibit 30 Vertical Farming Market in US by Application 2018 & 2024
Exhibit 31 Indoor Vertical Farming Market in US 2018–2024 (US$ million)
Exhibit 32 Outdoor Vertical Farming Market in US 2018–2024 (US$ million)
Exhibit 33 Vertical Farming Market in US by Technology 2018 & 2024
Exhibit 34 Vertical Farming Market in US by Technology (US$ million)
Exhibit 35 Vertical Farming Market in US by Technology 2018 and 2024
Exhibit 36 Vertical Farming Market in US - Growth Comparison by Technology 2018–2024
Exhibit 37 Vertical Farming Market in US by Lighting Devices 2018–2024 (US$ million)
Exhibit 38 Vertical Farming Market in US by Software 2018–2024 (US$ million)
Exhibit 39 Vertical Farming Market in US by Growth Mechanism Component 2018–2024 (US$ million)
Exhibit 40 Vertical Farming Market in US by Climate Control 2018–2024 (US$ million)
Exhibit 41 Vertical Farming Market in US by Sensing Devices 2018–2024 (US$ million)
Exhibit 42 Overview of Labor in Indoor Farming
Exhibit 43 Primary Space of Focus of Indoor Farmers 2018–2024
Exhibit 44 Main Crop Type 2018
Exhibit 45 Main Crop Type by Profitability in Indoor Farming 2018
Exhibit 46 Main Goal of Indoor Farmers 2018–2024
List of Tables
Table 1 Key Caveats
Table 2 Currency Conversion 2013−2017
Table 3 Lettuce Production and Sustainability Statistics Across Different Production Methods
Table 4 YOY Impact of Market Growth Enablers 2018−2024
Table 5 YOY Impact of Market Growth Restraints 2018−2024
Table 6 YOY Impact of Market Opportunities and Trends 2018−2024
Table 7 Most Common Crops Grown by Facilities 2017
Table 8 Market Ranking Analysis 2017
Table 9 Aerofarms: Product Offerings
Table 10 Plenty: Product Offerings
Table 11 Green Spirit Farms: Product Offerings
Table 12 Bowery: Product Offerings
Table 13 Qualitative Summary of Vertical Farming Market in US
Table 14 Vertical Farming Market in US by Growth System (US$ million)
Table 15 Vertical Farming Market in US by Growth System (%)
Table 16 Vertical Farming Market in US by Environment (US$ million)
Table 17 Vertical Farming Market in US by Environment (%)
Table 18 Vertical Farming Market in US by Technology (US$ million)
Table 19 Vertical Farming Market in US by Technology (%)
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