global vertical farming market size was USD 5.63 billion in 2023 and is predicted to reach USD 24.73 billion in 2032, exhibiting at a CAGR of 17.87% during the forecast period.
The global vertical farming market refers to the cultivation of crops in vertically stacked layers, often in controlled environments indoors or within urban settings. This innovative approach to agriculture utilizes techniques such as hydroponics, aeroponics, and aquaponics to grow various types of produce, including leafy greens, herbs, and even some fruits, without the need for traditional soil-based farming. With the rising population, urbanization, and diminishing arable land, vertical farming presents a sustainable solution to meet the increasing demand for fresh and nutritious food.
Additionally, vertical farming offers numerous benefits, including higher crop yields, efficient resource utilization, reduced water consumption, and decreased dependency on pesticides and herbicides, thus promoting food security and environmental sustainability. As a result, the global vertical farming market has experienced significant growth in recent years, driven by technological advancements, increasing investments, and growing consumer awareness regarding the importance of sustainable food production methods. Moreover, vertical farming has garnered attention from various stakeholders, including governments, agricultural organizations, and investors, as it holds the potential to revolutionize the way we produce food and address the challenges posed by conventional farming practices.
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