The vertical farming market size is projected to reach US$ 29,782.53 million by 2031 from US$ 9,936.39 million in 2023. The market is expected to register a CAGR of 14.7% during 2023–2031. The growing demand for organic foods and growing emphasis on precision farming are likely to remain a key trend in the market.
The growing population and consumer awareness of healthy food are acting as a major driver for vertical farming. The rising concern towards smart and precision farming is also positively influencing the vertical farming market globally. Lack of awareness and high cost in maintenance are some of the reasons that might hinder the growth of the market. However, growing government initiatives towards smart agriculture techniques are projected to drive the growth of vertical farming over the forecast period.
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Top Key Major Players:-
- Eden Green Technology
- Elevate Farms Inc.
- iFarm
- OSRAM GmbH
- Plenty Unlimited Inc.
- Sky Greens
- Vertical Farm Systems
- Square Mile Farms
- Freight Farms
- AeroFarms