The US vertical farming market is anticipated to grow significantly at a CAGR of 19.0% over the forecast period (2020-2026). The key aspect that drives the growth of the US vertical farming market is the rising popularity of organic foods, especially among the young generation. Organic food products are generally produced through a farming system that does not involve the use of pesticides, growth regulators, or synthetic fertilizers. There has been an increased awareness among the millennials regarding the source of the food that is to be consumed on a daily basis. Owing to this, the demand for organic food is likely to witness an upsurge, thus, vertical farming is poised to be rapidly adopted. Hence, the shift of the consumers towards the adoption of organic food items is likely to create significant scope for the growth of the US vertical farming market over the forecast period.
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Besides, the presence of the various regional players also supports market growth during the forecast period. Players such as 4D Bios Inc., AeroFarms, American Hydroponics Systems Inc. (AMHYDRO), CropBox (Vertical Crop Consultants), FarmvisionAI (Illumitex Inc.), Freight Farms, Hort Americas, Indoor Harvest Corp., and Signify Holding (Koninklijke Philips N.V.) among others are contributing to the market growth. For instance, in December 2019, AeroFarms invested approximately $42 million for the manufacturing of an indoor vertical farm in the US. Hence, this is expected to contribute to the US vertical farming market growth over the forecast period.
Market Coverage
- Market number available for – 2019-2026
- Base year- 2019
- Forecast period- 2020-2026
- Segment Covered- By Structure Type, Growth Mechanism, and Components
- Country Covered- The US
- Competitive Landscape- 4D Bios Inc., AeroFarms, American Hydroponics Systems Inc. (AMHYDRO), CropBox (Vertical Crop Consultants), FarmvisionAI (Illumitex Inc.), Freight Farms, Hort Americas, Indoor Harvest Corp., and Signify Holding (Koninklijke Philips N.V.) among others
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US Vertical Farming Market – Segmentation
By Structure Type
- Building-based Vertical Farming
- Shipping Container-based Vertical Farming
By Growth Mechanism
- Aeroponics
- Hydroponics
- Aquaponics
By Component
- Sensors
- Lighting
- Climatic Controls
- Irrigation Component
- Building Material
- Other Components
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