Vertical farming facilities usually are not more than two or three stories high, but the rapidly growing indoor farming industry is aiming for the stratosphere in terms of revenue.
According to a new report from Fortune Business Insights, vertical farming will grow seven-fold between now and 2030, soaring to more than $27B in value globally in 2030 from a little over $4B in 2022.
Nowhere is indoor farming growing faster than in North America, which currently has a global market share of close to 40%, the report said. The North American market for vertical farming is expected to expand at a compound annual growth rate of 25.5% during the rest of this decade.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
