Lucintel anticipates that Asia Pacific will be the fastest growing region in the vertical farming market

   October 21, 2019
According to a market report by Lucintel, the future of the vertical farming market looks promising with opportunities in the building based and shipping container vertical farming markets. The vertical farming market is expected to grow with a CAGR of 25% from 2019 to 2024. The major drivers for this market are rising demand for high quality food, limited use of pesticides or herbicides, and increasing demand for independent farming techniques with very less/no impact of climatic conditions.

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Hydroponics, aeroponics, and aquaponics are the growth mechanisms used in the vertical farming industry. Lucintel forecasts that hydroponics will remain the largest growth mechanism segment over the forecast period, as this mechanism provides faster plant growth.

By structure, building based and shipping container based vertical farms are used in vertical farming. Shipping container based vertical farms will remain the largest segment, and building based vertical farms are expected to witness the highest growth over the forecast period.

Asia Pacific will remain the largest market over the forecast period. Koninklijke Philips, Aerofarms, Sky Greens, Illumitex, Everlight Electronics, Green Sense Farms, LLC, Agrilution, American Hydroponics, Urban Crops, and Vertical Farm Systems are among the major players in the vertical farming market.

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the vertical farming market by structure, component, growth mechanism, crop type, and region. Lucintel has prepared a comprehensive research report titled “Vertical Farming Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” This Lucintel report serves as a catalyst for growth strategies, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for the vertical farming market by component, structure, growth mechanism, crop type, and region as follows:

By Component [$M shipment analysis for 2013 – 2024]:

  • Irrigation Component

  • Lighting

  • Sensor

  • Climate Control

  • Building Material

  • Others

By Structure [$M shipment analysis for 2013 – 2024]: 

  • Building-Based Vertical Farms

  • Shipping Container Vertical Farms

By Growth Mechanism [$M shipment analysis for 2013 – 2024]: 

  • Aeroponics

  • Hydroponics

  • Aquaponics

By Crop Type [$M shipment analysis for 2013 – 2024]: 

  • Lettuce

  • Peppers

  • Broccoli

  • Spinach

  • Cucumbers

  • Tomatoes

  • Strawberries

  • Pomegranates

  • Others

By Region [$M shipment analysis for 2013 – 2024]:

  • North America

    • United States

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • Italy

  • Asia Pacific

    • China

    • Japan

    • India

  • Rest of the World

This 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link or

About Lucintel

Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit

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