North America Vertical Farming Crops Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Crop Type, End-Use, Farming Technique

The North America vertical farming crops market is expected to grow from US$ 88.52 million in 2019 to US$ 250.23 million by 2027; it is estimated to grow at a CAGR of 13.9% from 2020 to 2027 Vertical farming is the production of plants grown in vertical layers or, stacked horizontal, or in three-dimensional configurations. Most of the commercial vertical farms produce crops indoors, such as inside buildings, relying on light-emitting diodes (LEDs) as the sole light source. While some vertical farms exist inside greenhouses, the variability in light intensity caused by shading from crops and structures above makes producing a uniform crop difficult. An increase in the demand for new, locally grown, and pesticide-free produce, and limited availability of arable land for traditional agriculture bolster the growth of the vertical farming crops market across North America. The companies operating in the market are continuously improving the overall business processes to meet the customers' demand for superior quality products and services in the best possible way. Several domestic and multinational companies already have a strong foothold in North American countries such as the US and Canada. Vertical farming crops include tomatoes, peppers, eggplants, leafy greens, herbs, and various others. Moreover, vertical farming, also known as indoor farming, is being widely adopted in North America for the past two decades. Technological advancements in vertical farming have allowed the farmers to expand their operations and offer innovative products.

In case of COVID-19, in North America, especially the US, witnessed an unprecedented rise in number of coronavirus cases, which led to the discontinuation of food and beverages producing activities; other horticulture producing sector has subsequently impacted the demand for vertical farming crops during the early months of 2020. Moreover, decline in the overall production activities has led to discontinuation of food and beverages producing projects, thereby reducing the demand for vertical farming crops. Similar trend was witnessed in other North America countries, i.e., Mexico, Canada and Panama. However, the countries are likely to overcome thus drop in demand with the economic activities regaining their pace, especially in the beginning of the 2021.

Based on crop type, the leafy greens segment led the North America vertical farming crops market in 2019. Leafy greens include lettuce, kale, collard greens, spinach, mizuna, beet greens, and microgreens to name a few. Outdoor production challenges have led to interest in growing these crops hydroponically in controlled environments. Leafy greens are a suitable choice for indoor farming because they can be grown rapidly and in relatively small spaces. Also, the growing concerns toward food safety and nutrition are expected to drive the demand for leafy greens during the forecast period. As consumer trend is developing toward “fresh-from-farm-to-table”, the demand for freshly harvested green vegetables is expected to increase across retail outlets. Compared to traditional outdoor farming, vertical farms have lower land use requirement and less CO2 emissions from transportation. They are up to 90% more water efficient. The increasing investment in research of indoor cultivation of leafy greens is offering lucrative opportunities for the market growth for this segment.

The overall North America vertical farming crops market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the North America vertical farming crops market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the North America vertical farming crops market. A few of the key players operating in the market are AeroFarms, Bowery Farming Inc., CropOne., Infarm, Plenty Unlimited Inc., Gotham Greens, and BrightFarms.

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