Vertical farming market projected to reach $13.7 B by 2029

The global vertical farming industry was valued at about USD 5.6 billion in 2024 and is forecast to grow to roughly USD 13.7 billion by 2029, implying a compound annual growth rate of 19.7 %. Growth is driven by agriculture IoT and AI, rapid urbanization, land scarcity, climate change and rising consumer demand for fresh, organically grown produce. The hardware segment—especially LED lighting, water‑nutrient delivery and climate‑control systems—accounts for the largest market share, while building‑based vertical farms dominate due to their flexibility and high efficiency.

North America, led by the United States, is expected to retain the biggest share of the market, benefitting from strong funding, supportive regulation and high venture‑capital activity. Key industry players include AeroFarms, Plenty, Freight Farms, Signify, Sky Greens, Spread, Valoya and Osram, among others.