Vertical farming market projected to reach $15.3 billion by 2028, driven by urbanization and climate change.

From GlobeNewswire: 2024-07-22 08:00:00

The global vertical farming market is valued at USD 5.1 billion in 2023, expected to reach USD 15.3 billion by 2028, with a CAGR of 24.7%. Decreasing land availability due to urbanization, deforestation, and climate change drives market growth. Hydroponics is the preferred method for efficient food production, while building-based vertical farms dominate the market. The US leads North America’s vertical farming market, with key players like AeroFarms and Bowery Farming.Vertical farming reduces environmental impact through organic practices. The lack of skilled workers and limited crop varieties pose challenges. Indoor farming is the future, with various crops best suited for different methods.



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