North America Vertical Farming Crops Market Forecast to 2028 - COVID-19 Impact and Analysis - Crop Type (Tomato, Leafy Greens, Herbs, and Others), End-Use (Food Retail, and Food Service), and Farming Technique (Hydroponics, Aeroponics, and Aquaponics)
The vertical farming crops market in North America is expected to grow from US$ 95.59 million in 2021 to US$ 398.77 million by 2028; it is estimated to grow at a CAGR of 22.6% from 2021 to 2028.
Water scarcity, which is likely to be made worse by climate change, is another threat to the whole food system. According to the United Nations, by 2025, two-thirds of the world's population will live in water-stressed regions. Presently, 70% of the world’s freshwater is used for traditional agriculture, so a water crisis would certainly lead to a food crisis. The impact of climate change is variable and unpredictable, thereby adding pressure on the food system. For example, higher CO2 levels increase some crop yields but reduce their nutritional values. Warmer temperatures lead to the growth of many new pests and weeds. Extreme temperatures lead to droughts or excessive rainfall, which can prevent crops from growing. Vertical farming can be part of the solution as it uses less water and allows farmers to control the climate needed for the crops. For instance, a group of researchers from Columbia University, who commercialized the idea of vertical farming in the US, projected that a 30-story building covering one city block could have the efficiency of a 2,400 acre traditional farm due to the year-round growing season and the ability to use vertical space to pile vegetables. Furthermore, vertical farming is projected to use 70–95% less water than traditional agriculture due to a controlled environment reducing evaporation and easier water recapture. For this reason, areas with limited water supplies are primary adopters of vertical farming. Vertical farms do not use soil for farming. They use little water (compared to traditional agricultural practices) and a combination of natural and artificial lighting. Also, the manufacturers' strategic activities is further driving the adoption of vertical farming. For instance, companies such as Signify and Valoya are developing better lighting solutions, resulting in a decrease in the costs of running a vertical farm.
The US had the highest number of confirmed COVID-19 cases compared to Canada and Mexico, which negatively impacted the region's food & beverage and agriculture industries. Labor shortages, particularly during the initial months of the COVID-19 pandemic, negatively impacted the vertical farming crops market across the region. However, major players focused on expanding their operations during the COVID-19 pandemic. For instance, vertical farms such as Bowery Farming and AeroFarms are boosting output. Bowery Farms has been pairing technology with agriculture to increase yields and curb the need for water and other inputs. The startup's software uses vision systems, automation technology, and machine learning to monitor plants continually. Bowery's three farms, two in Kearny, New Jersey, about 10 miles from Manhattan, and one in Baltimore, use no pesticides, 95% less water, and are more than 100 times more productive than traditional agriculture per acre. Another pioneering startup in the field, South San Francisco-based Plenty, established a new farm in the middle of Los Angeles. Also, Orlando-based Kalera opened a second facility near the Orlando International Airport, projected to produce about 6 million heads of lettuce per year. Such developments are boosting market growth.
Vendors can attract new customers and expand their footprints in emerging markets with the new features and technologies, thereby driving the North America vertical farming crops market. The North America vertical farming crops market is expected to grow at a significant CAGR during the forecast period.
North America Vertical Farming Crops Market Segmentation
North America Vertical Farming Crops Market – By Crop Type
- Tomato
- Leafy Greens
- Herbs
- Others
North America Vertical Farming Crops Market – By End-Use
- Food Service
- Food Retail
North America Vertical Farming Crops Market – By Farming Technique
- Hydroponics
- Aeroponics
- Aquaponics
North America Vertical Farming Crops Market – By Country
- US
- Canada
- Mexico
North America Vertical Farming Crops Market – Companies Mentioned
- AeroFarms
- CropOne
- Plantlab
- Gotham Greens
- BOWERY FARMING INC.
- Infarm
- Plenty Unlimited Inc.
- BrightFarms
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis Formulation:
3.2.4 Macro-economic Factor Analysis:
3.2.5 Developing Base Number:
3.2.6 Data Triangulation:
3.2.7 Country Level Data:
3.2.8 Assumptions & Limitations:
4. North America Vertical Farming Crops Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Expert Opinion
5. North America Vertical Farming Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Surge in Demand for Fresh, Pesticide-Free, and Locally Grown Produce
5.1.2 Restricted Availability of Arable Land for Conventional Agriculture
5.2 Market Restraints
5.2.1 Heavy Initial Investment
5.3 Market Opportunities
5.3.1 Growing Demand for Vertical Farming in Highly Populated Urban Countries
5.4 Future Trends
5.4.1 AI-Controlled Vertical Farms
5.5 Impact Analysis of Drivers and Restraints
6. North America Vertical Farming Crops – Market Analysis
6.1 North America Vertical Farming Crops Market Overview
6.2 North America Vertical Farming Crops Market –Revenue and Forecast to 2028 (US$ Million)
7. North America Vertical Farming Market Analysis – By Crop Type
7.1 Overview
7.2 North America Vertical Farming Market, By Crop Type (2020 and 2028)
7.3 Tomato
7.3.1 Overview
7.3.2 Tomato: Vertical Farming Crops Market – Revenue, and Forecast to 2028 (US$ Million)
7.4 Leafy Greens
7.4.1 Overview
7.4.2 Leafy Greens: Vertical Farming Crops Market – Revenue, and Forecast to 2028 (US$ Million)
7.5 Herbs
7.5.1 Overview
7.5.2 Herbs: Vertical Farming Crops Market – Revenue, and Forecast to 2028 (US$ Million)
7.6 Others
7.6.1 Overview
7.6.2 Others: Vertical Farming Crops Market – Revenue, and Forecast to 2028 (US$ Million)
8. North America Vertical Farming Market Analysis – By End-Use
8.1 Overview
8.2 North America Vertical Farming Crops Market, By End-Use (2020 and 2028)
8.3 Food Retail
8.3.1 Overview
8.3.2 Food Retail: Vertical Farming Crops Market – Revenue, and Forecast to 2028 (US$ Million)
8.4 Food Service
8.4.1 Overview
8.4.2 Food Service: Vertical Farming Crops Market – Revenue, and Forecast to 2028 (US$ Million)
9. North America Vertical Farming Market Analysis – By Farming Technique
9.1 Overview
9.2 North America Vertical Farming Crops Market, By Farming Technique (2020 and 2028)
9.3 Hydroponics
9.3.1 Overview
9.3.2 Hydroponics: Vertical Farming Crops Market – Revenue, and Forecast to 2028 (US$ Million)
9.4 Aeroponics
9.4.1 Overview
9.4.2 Aeroponics: Vertical Farming Crops Market – Revenue, and Forecast to 2028 (US$ Million)
9.5 Aquaponics
9.5.1 Overview
9.5.2 Aquaponics: Vertical Farming Crops Market – Revenue, and Forecast to 2028 (US$ Million)
10. North America Vertical Farming Crops Market – Country Analysis
10.1 Overview
10.1.1 North America: Vertical Farming Crops Market, by Key Country
10.1.1.1 US: Vertical Farming Crops Market –Revenue and Forecast to 2028 (US$ Million)
10.1.1.1.1 US: Vertical Farming Crops Market, by Crop Type
10.1.1.1.2 US: Vertical Farming Crops Market, by End-Use
10.1.1.1.3 US: Vertical Farming Crops Market, by Farming Technique
10.1.1.2 Canada: Vertical Farming Crops Market –Revenue and Forecast to 2028 (US$ Million)
10.1.1.2.1 Canada: Vertical Farming Crops Market, by Crop Type
10.1.1.2.2 Canada: Vertical Farming Crops Market, by End-Use
10.1.1.2.3 Canada: Vertical Farming Crops Market, by Farming Technique
10.1.1.3 Mexico: Vertical Farming Crops Market –Revenue and Forecast to 2028 (US$ Million)
10.1.1.3.1 Mexico: Vertical Farming Crops Market, by Crop Type
10.1.1.3.2 Mexico: Vertical Farming Crops Market, by End-Use
10.1.1.3.3 Mexico: Vertical Farming Crops Market, by Farming Technique
11. Impact of COVID-19 Pandemic on North America Vertical Farming Crops Market
11.1 Overview
12. Industry Landscape
12.1 Overview
12.2 Strategy & Business Planning
12.3 Merger and Acquisition
13. Company Profiles
13.1 AeroFarms
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Agricool
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 BOWERY FARMING INC.
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 CropOne
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Infarm
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Plantlab
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Plenty Unlimited Inc.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Gotham Greens
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 BrightFarms
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Glossary of Terms
LIST OF TABLES
Table 1. North America Vertical Farming Crops Market –Revenue and Forecast to 2028 (US$ Million)
Table 2. North America Vertical Farming Crops Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 3. US Vertical Farming Crops Market, by Crop Type – Revenue and Forecast to 2028 (US$ Million)
Table 4. US Vertical Farming Crops Market, by End Use – Revenue and Forecast to 2028 (US$ Million)
Table 5. US Vertical Farming Crops Market, by Farming Technique – Revenue and Forecast to 2028 (US$ Million)
Table 6. Canada Vertical Farming Crops Market, by Crop Type – Revenue and Forecast to 2028 (US$ Million)
Table 7. Canada Vertical Farming Crops Market, by End Use – Revenue and Forecast to 2028 (US$ Million)
Table 8. Canada Vertical Farming Crops Market, by Farming Technique – Revenue and Forecast to 2028 (US$ Million)
Table 9. Mexico Vertical Farming Crops Market, by Crop Type – Revenue and Forecast to 2028 (US$ Million)
Table 10. Mexico Vertical Farming Crops Market, by End Use – Revenue and Forecast to 2028 (US$ Million)
Table 11. Mexico Vertical Farming Crops Market, by Farming Technique – Revenue and Forecast to 2028 (US$ Million)
Table 12. Glossary of Terms, North America Vertical Farming Crops Market
LIST OF FIGURES
Figure 1. North America Vertical Farming Crops Market Segmentation
Figure 2. North America Vertical Farming Crops Market Segmentation – By Country
Figure 3. North America Vertical Farming Crops Market Overview
Figure 4. North America Vertical Farming Crops Market, By Crop Type
Figure 5. North America Vertical Farming Crops Market, By Country
Figure 6. North America Vertical Farming Crops Market, Industry Landscape
Figure 7. North America PEST Analysis
Figure 8. Expert Opinion
Figure 9. North America Vertical Farming Crops Market Impact Analysis of Drivers and Restraints
Figure 10. North America Vertical Farming Crops Market – Revenue and Forecast to 2028 (US$ Million)
Figure 11. North America Vertical Farming Crops Market Revenue Share, by Crop Type (2020 and 2028)
Figure 12. Tomato: Vertical Farming Crops Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 13. Leafy Greens: Vertical Farming Crops Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. Herbs: Vertical Farming Crops Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 15. Others: Vertical Farming Crops Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 16. North America Vertical Farming Crops Market Revenue Share, by End-Use (2020 and 2028)
Figure 17. Food Retail: Vertical Farming Crops Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 18. Food Service: Vertical Farming Crops Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 19. North America Vertical Farming Crops Market Revenue Share, by Farming Technique (2020 and 2028)
Figure 20. Hydroponics: Vertical Farming Crops Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 21. Aeroponics: Vertical Farming Crops Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 22. Aquaponics: Vertical Farming Crops Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 23. Geographic Overview of North America Vertical Farming Crops Market
Figure 24. North America: Vertical Farming Crops Market Revenue Share, by Key Country (2020 and 2028)
Figure 25. US: Vertical Farming Crops Market –Revenue and Forecast to 2028 (US$ Million)
Figure 26. Canada: Vertical Farming Crops Market –Revenue and Forecast to 2028 (US$ Million)
Figure 27. Mexico: Vertical Farming Crops Market –Revenue and Forecast to 2028 (US$ Million)
Figure 28. Impact of COVID-19 Pandemic in North American Country Markets
- AeroFarms
- CropOne
- Plantlab
- Gotham Greens
- BOWERY FARMING INC.
- Infarm
- Plenty Unlimited Inc.
- BrightFarms
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America Vertical Farming Crops market.
- Highlights key business priorities in order to assist companies to realign their business strategies
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- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth North America market trends and outlook coupled with the factors driving the North America Vertical Farming Crops market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution