The global urban farming market size was US$ 137.5 billion in 2021. The global urban farming market is forecast to grow to US$ 281.9 billion by 2030 by registering a compound annual growth rate (CAGR) of 3.1% during the forecast period from 2022 to 2030.

Factors Influencing the Market
Urban agriculture is the processing and distribution of food in and around cities as an indoor and outdoor crop for local residents. Globally increasing urbanization is primarily driving the demand for urban farming. In addition, urban farming is gaining popularity due to lower transportation costs and fresh nutritious products available at feasible prices.
The rapidly declining prices of light-emitting diodes (LEDs), which are available at significantly affordable enough to reduce farmers' overall costs, will also contribute to the growth of the global urban farming market.
Rising demand for local food, combined with the increasing awareness about health and nutrition, food safety, and transparency, will offer ample growth opportunities for the global urban farming market.
The growing global population and declining range of lands available for farming practices will also hamper the growth of the global urban farming market during the study period.
Lack of technological knowledge may limit the growth of the urban farming market during the study period.

COVID-19 Impact Analysis
Urban farming practices increased due to the COVID-19 outbreak. Due to the pandemic, the demand for grocery and food shopping decreased in order to prevent the further spread of the virus. In addition, the shortage of laborers and food crisis surged the demand for urban farming even more, which had been beneficial for the overall market. Moreover, the focus of urban agriculture has majorly been on high-value (nutrient) vegetables, with the aim to boost the immune system. Thus, such factors have contributed to the growth of the global urban farming market.

Regional Analysis
The Asia-Pacific urban farming market is forecast to emerge as the largest market in terms of region. The growth of this region is attributable to many factors, including the rapidly growing rate of the population. In addition, shortening the range of lands for farming practices is also upsurging the demand for alternative practices. Thus, the urban farming market is forecast to witness lucrative growth opportunities during the study period. The region is also investing highly in this sector in order to cater to the demands of the population. Sustenir (Singapore), an agritech manufacturer, unveiled its 30,000 square foot vertical hydroponic farm in Hong Kong. Moreover, the adoption of agricultural equipment like steering systems, guided systems, sensors, display devices, etc., is also growing in this region, which will contribute to the growth of the Asia-Pacific urban farming market during the study period.

Competitors in the Market
Signify
Osram
Freight Farms
AeroFarms
Sky Greens
Spread Co., Ltd.
Plenty
Valoya
Everlight Electronics Co., Ltd.
Heliospectra
Other Prominent Players

Market Segmentation
The global urban farming market segmentation focuses on Growing Medium, Component, and Region.
By Growing Medium
Hydroponics
Aeroponics
Aquaponics
By Component
Irrigation Component
Lighting
Sensor
Climate Control
Building Material
Others
By Regional Outlook
? North America
o The U.S.
o Canada
o Mexico
? Europe
? Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
? Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America