As world population continues to increase, food security has entered a global crisis, with the Food and Agriculture Organization (FAO) warning about demand supply imbalances.
Additionally, issues such as supply chain disruptions, climate change, the COVID-19 pandemic, inflation and financial tightening through rising interest rates and the war in Ukraine have all caused an unprecedented shock to the global food system.
But as these complications arise, so do technology and new alternatives to traditional production methods.
According to a recent report by ResearchAndMarkets.com, the global market for vertical farming was estimated at $3.2 billion in 2022, with a projected compound annual growth rate (CAGR) of 15.6%.
With this, it would reach $10.3 billion by 2030.
In the U.S., its value was estimated at $866.1 million in 2022. China, the world’s second largest economy, is forecast to reach a projected market size of $1.7 billion by 2030, trailing a CAGR of 17.9%.
Among the other noteworthy geographic markets are Japan and Canada, forecasted to grow at 13.2% and 14% respectively over the 2022-2030 period. Within Europe, Germany is forecasted to grow at approximately 13.9% CAGR.
Key companies include 4D Bios, Inc., Agrilution Systems GmbH, AMHYDRO (American Hydroponics), Everlight Electronics Co., Ltd., Freight Farms, General Hydroponics, Inc., Heliospectra AB, FarmVisionAI and Mirai Co., Ltd.