VF industry to grow 25% annually through 2030
Added on 06 February 2024
Vertical farming facilities usually are not more than two or three stories high, but the rapidly growing indoor farming industry is aiming for the stratosphere in terms of revenue.
According to a new report from Fortune Business Insights, vertical farming will grow seven-fold between now and 2030, soaring to more than $27B in value globally in 2030 from a little over $4B in 2022.
Nowhere is indoor farming growing faster than in North America, which currently has a global market share of close to 40%, the report said. The North American market for vertical farming is expected to expand at a compound annual growth rate of 25.5% during the rest of this decade.
Low water usage, enhanced efficiency, enhanced food security and resistance to weather and environmental conservation are fueling the growth of vertical farming.
Recreational cannabis, now legal in 24 U.S. states, also is driving the growth of indoor farming, the report said.
Vertical farming facilities are usually two- to three-story buildings that feature floor-to-ceiling racks holding leafy vegetables or fruits grown in climate-controlled settings with intense lighting in 24/7 operations (think data centers with radicchio instead of servers).
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