Aug 7, 2024

US vertical farming market expected to reach $7.8 billion by 2033

The U.S. vertical farming market is projected to grow significantly, reaching $7.8 billion by 2033, according to a report by Custom Market Insights. The market, valued at $3.4 billion in 2023, is anticipated to expand to $4.8 billion by 2024, driven by a compound annual growth rate (CAGR) of 10.3% over the next decade.

Key factors fueling this growth include advancements in technology and increased adoption of sustainable practices. Vertical farming operations are increasingly utilizing automation, artificial intelligence, and IoT sensors to enhance efficiency and productivity while reducing resource consumption.

The report highlights that shipping container-based vertical farms held the largest market share in 2023 and are expected to continue leading. Hydroponics remains the dominant growing mechanism, while fruits, vegetables, and herbs are the most prevalent crop types in this sector.

Major players in the market include AeroFarms, Plenty Unlimited and Bowery Farming, among others. These companies are leveraging innovative techniques to meet rising demand for locally grown, sustainable produce.

For more information, visit Custom Marketing Insights online.