Vertical farming presents an opportunity to provide fresh, locally-grown produce in urban areas where access to fresh food is limited. By utilizing vertical space and advanced technologies such as robotics, artificial lighting, hydroponics and climate control, vertical farms can produce high-quality crops year-round, with minimal environmental impact. This opportunity extends beyond food production to the potential to create new jobs and promote economic development in urban areas. Additionally, vertical farming can reduce transportation distances, leading to decreased carbon emissions and traffic congestion. Overall, the North American market presents a significant opportunity for vertical farming to address food security, sustainability, and economic development challenges, while also offering a viable and sustainable solution for consumers and the environment.

According to a report by Research and Markets, the global vertical farming market size is projected to reach USD 15.4 billion by 2027, with a CGAR of 24.13% from 2023 to 2027. This growth is attributed to the increasing demand for high-quality food with no pesticides, herbicides, and fertilizers, the need for higher yields using limited space, and the growing urbanization and technological advancements.1 Furthermore, a report by Grand View Research states that the North American vertical farming market size was valued at USD 1.3 billion in 2019 and is expected to reach USD 6.46 billion by 2027, with a CGAR of 25.7% during the forecast period. This growth is driven by the demand for fresh and locally grown produce, the need for water and energy conservation, and the increasing popularity of indoor farming methods.2 Overall, the vertical farming industry is experiencing rapid growth and is projected to continue to expand in the coming years.