US Vertical Farming Market Size (2024 - 2029)

US Vertical Farming Market Analysis

The US Vertical Farming Market size is estimated at USD 3.56 billion in 2024, and is expected to reach USD 5.95 billion by 2029, growing at a CAGR of 10.80% during the forecast period (2024-2029).

Growing concerns about food security and nutrition are anticipated to open several novel opportunities for the industry to prosper. The United States is anticipated to invest a significant share in facilitating the ecosystem for future foods. As more consumer insights develop toward "fresh-from-farm-to-table," the availability of freshly harvested vegetables across retail outlets is likely to increase in the country (which is the pioneering idea for adopting this concept).

• The onset of urban population dwellings across cities, such as New York, Chicago, and Milwaukee, propelled the environment for vertical farming with activities such as revamping derailed vacant warehouses, derelict buildings, and high rises. This led to an increase in the production of fresh-grown foods.
• Hydroponic growing systems are largely favored by the organizations in this market. Given the rising popularity of greenhouse horticulture and agriculture in the country, the United States is one of North America's largest markets for hydroponic systems. North America accounts for about 35% of the vertical farming market, and according to Agri Farming, more than 2,300 farms are growing hydroponic crops in the United States. The future of the hydroponics market in the country mainly depends upon the development of production systems that are competitive in cost with open-field agriculture.
• The increasing demand for healthy products has led to the need for maximizing crop yields. This trend is expected to drive the US vertical farming market in the future. Many commercial growers are adopting high capital expenditure technologies, such as advanced hydroponic systems and electronic traceability systems. In addition, growers are heavily investing in LEDs and other innovative lighting products to reduce their exposure to associated risks by carefully monitoring and investing in new technologies.
• The key players in terms of yield include Plenty Unlimited Inc., Bowery Farming Inc., and Aerofarms. In terms of equipment, the major players in the market include Signify Holding, Heliospectra, and Freight Farms. In 2022, to meet increased customer demand, AeroFarms Danville VA established the world's largest aeroponic smart farm with the newest indoor vertical farm capable of growing over 3 million lb of fresh leafy greens annually.

US Vertical Farming Industry Segmentation

Vertical farming is the process of producing crops in layers that are vertically stacked. The crops are produced under a controlled environment, which maximizes plant development, and soilless farming techniques such as hydroponics, aquaponics, and aeroponics are frequently used. 

The US vertical farming market is segmented by growth mechanism (aeroponics, hydroponics, and aquaponics), structure (building-based and shipping container vertical farms), and crop type (fruits and vegetables, herbs and micro-greens, flowers and ornamentals, and other crop types). The report offers the market size and forecasts in terms of value (USD) for all the above segments.