Consulting firm Data Bridge Market Research has published a report on the urban farming market through 2028. Its analysts expect the market to reach nearly $556 billion within six years, growing by an average of 5.2% a year. Rising demand for high-quality food grown without pesticides or herbicides will be the main driver.
The analysts note that vertical farming has many advantages, including food security for low-income groups and more fresh fruit and vegetables. Farming in cities reduces harm to the environment. Urban farms also avoid large storage and transport costs.
Rapid urbanization and the growing appeal of urban farms, which supply fresh local produce at competitive prices, are the main forces behind the segment’s growth.
Asia-Pacific currently dominates the urban farming market thanks to fast urbanization and growing awareness of what alternative farming offers, such as needing less space and having a smaller environmental footprint. Europe is expected to see strong annual growth over the 2021-2028 forecast period as nanotechnology, robotics and genetically modified crops spread in agriculture.
The report’s authors say urban farming improves life in big cities overall, because vertical farming encourages:
- new jobs;
- growth of city economies and small businesses;
- consumption of organic food.
Growing food in cities makes fresh produce easier for residents to get. Vertical farms are more productive than traditional agriculture, and growing investment in these projects is good for the market. The high output comes from new technology. How those forecasts landed for one company is visible in its SEC filings: AeroFarms projected $329.9 million of 2025 revenue and ended up sold to a family office.
