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.
