Latest Vertical Farming Market Size, Growth, and Statistics

Interest in vertical farming has been soaring exponentially since its inception in 1999.

Searches for the term “vertical farming” in Google Trends

Vertical farming has grown rapidly due to new technologies, local food demand, and limited resources.

This report looks at the latest market size, growth trends, and key statistics that showcase the momentum vertical farming is gaining globally.

Vertical Farming Industry Highlights

  • The global vertical farming market is worth over $5.1 billion as of 2023 and is projected to reach $15.3 billion by 2028, with a CAGR of 24.7%.
  • North America accounts for the largest market share in vertical farming in 2023. The USA has the highest number of vertical farms.
  • The Middle East is a high-growth potential market for vertical farming due to the hot climate. Countries like the UAE and Kuwait have adopted vertical farming.
  • In 2022, indoor vertical farming companies received a total investment of $2.4 billion.
  • Key players in the vertical farming market include Signify, AeroFarms, Sky Greens, Spread, Illumitex, BrightFarms, Urban Crop Solutions, etc.

Vertical Farming Market Size

As of 2023, the global vertical farming market is worth over $5.1 billion.

Global vertical farming market size 2023

The growth of the vertical farming market is influenced by several factors, including the efficient use of resources, the increasing popularity of organic food, the convenience of monitoring and harvesting crops, and declining available farmland, among others.

The vertical farming market was dominated by North America, which acquired the most significant revenue share of 35% in 2022.

North America vertical farming revenue share in 2022

In 2023, North America accounts for the largest market share in the Vertical Farming Market.

Sources: PR Newswire, Mordor Intelligence, Allied Market Research, GlobeNewswire, Grand View Research

Vertical Farming Market Growth Projections

The vertical farming market is projected to reach $15.3 billion by 2028.

Vertical farming market growth projections

The market is expected to grow at a compound annual growth rate (CAGR) of 24.7%.

Sources: PR Newswire

Vertical Farming Adoption Statistics

The USA has the highest number of vertical farms, while in Asia, the leading countries in the industry are Japan, China, Singapore, South Korea, Taiwan, and Thailand.

Leading Asian countries in vertical farming

In Europe, vertical farms can be found in Germany, France, the UK, and the Netherlands.

Leading European countries in vertical farming

Countries from the Middle East also have vertical farms, such as Kuwait and UAE.

The US market has witnessed a significant emergence of new vertical farms across the country and the early adoption of urban farming in the country results in high demand for vertical farming produce.

Middle East is another market with high growth potential for vertical farming, as the climate in Middle Eastern countries is hot for almost eight months a year, leaving a significantly less favorable period for crop production.

Middle East climate favorable for vertical farming

A scoping review of vertical farming technologies in Sub-Saharan Africa’s agricultural sector found that the majority of individuals adopting the technology are smallholders, who make up the largest share of farmers in the region.

These smallholders are mostly adopting the low-complexity-technological form of vertical farming, while the adoption of the high-complexity-technological form of vertical farming is also slowly on the rise.

Sources: Semantic Scholar, Grand View Research, Forbes

Vertical Farming Funding Statistics

In 2022, indoor vertical farming companies received a total investment of $2.4 billion.

Vertical farming companies total investment received in 2022

In the first three months of 2023, indoor farms raised $75.8 million globally across 14 deals, down 70% in deal value from the previous quarter.

In 2022, indoor farming startups alone captured around 20% of the total $4.5 billion venture investors put into agtech startups.

Indoor farming funding statistics

Sources: Crunchbase, PitchBook, iGrow News

Key Players In The Vertical Farming Market

  • Signify (Netherlands)
  • Freight Farms (US)
  • AeroFarms (US)
  • Sky Greens (Singapore)
  • Spread (Japan)
  • Illumitex, Inc. (US)
  • American Hydroponics (US)
  • 4D Bios Inc.
  • Agrilution
  • AMHYDRO (American Hydroponics)
  • BrightFarms
  • Heliospectra AB
  • Plenty Unlimited Inc.
  • Urban Crop Solutions

These companies provide different ways to grow crops, like using lights, sensors, and software. They also offer services for controlling climate and have different structures and crop types.

Sources: MarketsandMarkets, Grand View Research, Allied Market Research, Mordor Intelligence, Fortune Business Insights, GlobeNewswire

Vertical Farming Market Segments

The vertical farming market is divided into different categories, such as growth mechanism, structure, crop type, offering, and region.

Here are some of the key segments:

  • Growth Mechanism: Hydroponics, aeroponics, and aquaponics.
  • Structure: Building-based and shipping container-based structures.
  • Crop Type: Fruits, vegetables, herbs, and others.
  • Offering: Lighting, sensors, climate control, software, and services.
  • Region: North America, Europe, Asia-Pacific, and the rest of the world.

Sources: MarketsandMarkets, Mordor Intelligence


The exponential growth of the vertical farming industry is nothing short of remarkable.

The leaders of this farming revolution are increasing yields and reducing resources with advanced methods like hydroponics, aeroponics, LED lights, and climate control.

Vertical farms that use data to grow crops are not only good for the environment, but they also produce healthy food without pesticides.

However, work remains to be done around reducing high upfront costs and energy demands.

Vertical farming is still in its early days. It has only scratched the surface of its immense disruptive potential.

Dhruvir Zala

Meet your guide
Dhruvir Zala

I’m the guy behind Farmingram, where I nerd out on all things indoor agriculture. Through rigorous research, my goal is to get more people excited about where agriculture is headed.