North America Vertical Farming Crops Market Forecast to 2028 - COVID-19 Impact and Analysis - Crop Type (Tomato, Leafy Greens, Herbs, and Others), End-Use (Food Retail, and Food Service), and Farming Technique (Hydroponics, Aeroponics, and Aquaponics)

North America Vertical Farming Crops Market Forecast to 2028 - COVID-19 Impact and Analysis - Crop Type (Tomato, Leafy Greens, Herbs, and Others), End-Use (Food Retail, and Food Service), and Farming Technique (Hydroponics, Aeroponics, and Aquaponics)

The vertical farming crops market in North America is expected to grow from US$ 95.59 million in 2021 to US$ 398.77 million by 2028; it is estimated to grow at a CAGR of 22.6% from 2021 to 2028.

Water scarcity, which is likely to be made worse by climate change, is another threat to the whole food system. According to the United Nations, by 2025, two-thirds of the world's population will live in water-stressed regions. Presently, 70% of the world’s freshwater is used for traditional agriculture, so a water crisis would certainly lead to a food crisis. The impact of climate change is variable and unpredictable, thereby adding pressure on the food system. For example, higher CO2 levels increase some crop yields but reduce their nutritional values. Warmer temperatures lead to the growth of many new pests and weeds. Extreme temperatures lead to droughts or excessive rainfall, which can prevent crops from growing. Vertical farming can be part of the solution as it uses less water and allows farmers to control the climate needed for the crops. For instance, a group of researchers from Columbia University, who commercialized the idea of vertical farming in the US, projected that a 30-story building covering one city block could have the efficiency of a 2,400 acre traditional farm due to the year-round growing season and the ability to use vertical space to pile vegetables. Furthermore, vertical farming is projected to use 70-95% less water than traditional agriculture due to a controlled environment reducing evaporation and easier water recapture. For this reason, areas with limited water supplies are primary adopters of vertical farming. Vertical farms do not use soil for farming. They use little water (compared to traditional agricultural practices) and a combination of natural and artificial lighting. Also, the manufacturers' strategic activities is further driving the adoption of vertical farming. For instance, companies such as Signify and Valoya are developing better lighting solutions, resulting in a decrease in the costs of running a vertical farm.

The US had the highest number of confirmed COVID-19 cases compared to Canada and Mexico, which negatively impacted the region's food & beverage and agriculture industries. Labor shortages, particularly during the initial months of the COVID-19 pandemic, negatively impacted the vertical farming crops market across the region. However, major players focused on expanding their operations during the COVID-19 pandemic. For instance, vertical farms such as Bowery Farming and Aero Farms are boosting output. Bowery Farms has been pairing technology with agriculture to increase yields and curb the need for water and other inputs. The startup's software uses vision systems, automation technology, and machine learning to monitor plants continually. Bowery's three farms, two in Kearny, New Jersey, about 10 miles from Manhattan, and one in Baltimore, use no pesticides, 95% less water, and are more than 100 times more productive than traditional agriculture per acre. Another pioneering startup in the field, South San Francisco-based Plenty, established a new farm in the middle of Los Angeles. Also, Orlando-based Kalera opened a second facility near the Orlando International Airport, projected to produce about 6 million heads of lettuce per year. Such developments are boosting market growth.

Vendors can attract new customers and expand their footprints in emerging markets with the new features and technologies, thereby driving the North America vertical farming crops market. The North America vertical farming crops market is expected to grow at a significant CAGR during the forecast period.

North America Vertical Farming Crops Market Revenue and Forecast to 2028 (US$ Million)

North America Vertical Farming Crops Market Segmentation

North America Vertical Farming Crops Market - By Crop Type

Tomato Leafy Greens Herbs Others North America Vertical Farming Crops Market - By End-Use

Food Service Food Retail North America Vertical Farming Crops Market - By Farming Technique

Hydroponics Aeroponics Aquaponics North America Vertical Farming Crops Market - By Country

US Canada Mexico North America Vertical Farming Crops Market - Companies Mentioned

Aero Farms Crop One Plantlab Gotham Greens BOWERY FARMING INC. Infarm Plenty Unlimited Inc. Bright Farms

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