Indoor Farming Market to Grow with a CAGR of 11.51% through 2028
Technological advancements in farming techniques and
rise in control over crop cultivation & management is expected to drive the
Global Indoor Farming Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Indoor
Farming Market – Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Indoor Farming Market stood at USD 33.85 Billion in 2022 and is
anticipated to grow with a CAGR of 11.51% in the forecast period, 2024-2028. The Global Indoor
Farming Market is driven by a myriad of factors. Key among them is the
increasing demand for fresh, high-quality produce throughout the year,
regardless of climatic conditions. This is coupled with advancements in indoor
farming technologies like artificial lighting, climate control systems, and
hydroponics that have made indoor farming more efficient and productive. Furthermore, the growing awareness about the
detriments of pesticides and genetically modified organisms (GMOs) has spurred
interest in controlled environment agriculture, where such issues can be
minimized. In addition, the escalating need for food security amidst rising
populations and limited arable land has also significantly contributed to the
growth of the indoor farming market globally. The Global Indoor Farming Market
is on the verge of witnessing remarkable growth in the coming years, driven by
a multitude of factors. The escalating demand for fresh, high-quality produce
that is available year-round, irrespective of external weather conditions, is a
key catalyst. In today's health-conscious era, consumers are increasingly
seeking out locally grown, pesticide-free fruits and vegetables, and indoor
farming emerges as a sustainable solution to meet this growing demand. Moreover,
the continuous advancements in lighting, climate control, and automation
technologies are playing a pivotal role in propelling the evolution of indoor
farming. These cutting-edge innovations not only enhance efficiency but also
contribute to the reduction of resource consumption and the improvement of crop
yields. By integrating smart sensors, machine learning, and data analytics,
indoor farms can optimize growing conditions, ensuring optimal growth while
minimizing waste. Furthermore, the pressing need to optimize crop
production in densely populated urban areas, where space is limited, acts as a
driving force behind the expansion of the indoor farming market. Vertical
farming and hydroponics systems enable farmers to make the most efficient use
of space, allowing them to cultivate a larger number of crops within smaller
areas. This not only addresses the issue of food scarcity but also
significantly reduces the carbon footprint associated with long-distance
transportation of produce. By leveraging innovative techniques and embracing
sustainable farming practices, indoor farming has the potential to
revolutionize the agriculture industry and ensure food security for future
generations. The controlled environment provided by indoor farms diminishes the
reliance on pesticides, conserves water, and mitigates the overall
environmental impact of food production. Moreover, the integration of advanced
monitoring systems and data-driven decision-making processes optimizes resource
utilization, resulting in higher crop yields and improved efficiency.
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The Global Indoor Farming Market is poised for
tremendous growth, fueled by the increasing demand for fresh, high-quality
produce, rapid technological advancements, and the urgent need to tackle food
security and sustainability challenges. Indoor farming offers a promising
solution that combines efficiency, productivity, and environmental responsibility,
positioning itself as a key player in shaping the future of the agriculture
industry. The continuous development and adoption of innovative
technologies such as artificial intelligence, automation, and vertical farming
systems will further enhance the potential of indoor farming. This will not
only increase the variety of crops that can be grown indoors but also enable
year-round cultivation, overcoming the limitations of traditional farming
methods. By providing a reliable and sustainable source of nutritious food,
indoor farming holds the promise of transforming our approach to agriculture
and ensuring a brighter and more secure future for all. The Global Indoor
Farming Market is segmented into farming technique, facility type, component, crop
type, regional distribution, and company. Based on component, the Climate Control segment is
rapidly emerging as the dominant player, revolutionizing the way we cultivate
crops and ensuring sustainable food production for the future. This remarkable
advancement can be attributed to the growing recognition of the importance of
maintaining optimal conditions for crop growth. With the precise control over
temperature, humidity, and light, indoor farming has witnessed a transformative
shift. By creating the perfect environment for crops, farmers can now achieve
unprecedented levels of yield and quality. The ability to fine-tune these
factors has become paramount, as they directly impact the growth and
development of plants.
Moreover, climate control has become an indispensable
aspect of modern farming practices. It enables farmers to create customized
conditions that mimic the ideal natural environments for different crops. This
level of control not only maximizes productivity but also minimizes the risk of
diseases and pests, ultimately leading to healthier and more resilient crops. As
the demand for sustainable and efficient food production continues to rise, the
significance of climate control in agriculture becomes even more evident. By
optimizing the growth conditions, farmers can minimize resource wastage and
reduce environmental impact. This transformative technology holds immense
potential to address the challenges of food security and climate change, paving
the way for a brighter and more sustainable future in agriculture.
Based on region, North America held the largest market
share in the global indoor farming industry in 2022. Through the adoption of
high-efficiency LED lights and advanced indoor management practices, US growers
have embraced large-scale indoor farming. These practices are projected to
reduce energy lighting costs by approximately 50%, resulting in a reduced
carbon footprint for controlled environment agriculture. According to the US
Department of Agriculture (USDA), conventional lettuce farming yields doubled
when cultivated using vertical farming techniques. Currently, greenhouse crop
production dominates the indoor farming industry in the US. The rise of urban
population centers in cities such as New York, Chicago, and Milwaukee has
created favorable conditions for indoor farming, with initiatives including the
renovation of vacant warehouses, derelict buildings, and high-rises leading to
increased production of fresh, locally grown food. The demand for greenhouse
tomatoes in the United States is driving the market for hydroponic operations.
Indoor farming is one of the fastest-growing industries in the country.
Mexico's drylands cover approximately 101.5 million
hectares of land, creating opportunities for indoor farming practices. Canada
has also experienced positive growth, making significant contributions to
global exports of hydroponically grown tomatoes. The region's adoption of
hydroponics and aeroponics systems is driving the overall indoor farming
market, fueled by a focus on innovative and efficient technologies to improve
crop yields. North American countries are cultivating a wide variety of crops, including
leafy vegetables, herbs, fruits, microgreens, and flowers, through indoor
farming. The availability of organic produce has become a major driving force
for indoor vertical farming, reflecting the increasing consumer demand for
pesticide- and herbicide-free food in North America.
Major companies operating in Global Indoor
Farming Market are:
- LumiGrow Inc.
- Signify Holding BV
- Argus Control Systems Ltd.
- Netafim Ltd
- Logiqs BV
- Vertical Farm Systems
- General Hydroponics, Inc.
- Heliospectra AB
- Bright Farms Inc.
- Bowery Farming Inc.
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“The Global Indoor Farming Market is poised to witness
substantial growth in the coming years, driven by a multitude of factors.
Advancements in technology, particularly in the realm of artificial
intelligence (AI) and machine learning, are spearheading a revolution in indoor
farming practices. These innovations are not only optimizing crop yields but
also enhancing overall operational efficiency. Moreover, the pressing concerns
of climate change and the imperative need for food security on a global scale
are further fueling the demand for indoor farming solutions. In addition, a
rising trend towards organic food consumption is anticipated to contribute
significantly to the expansion of the market. With such promising developments,
the future of indoor farming looks increasingly bright and sustainable.,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Indoor Farming Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Farming Technique
(Hydroponics, Aeroponics, Aquaponics, Soil-Based, Hybrid), By Facility Type
(Greenhouse, Indoor Vertical Farm, Container Farm, Others), By Component
(Irrigation Component, Lighting, Sensor, Climate Control, Others), By Crop Type
(Fruits & Vegetables, Herbs & Greens, Flowers & Ornamentals,
Others), By Region and Competition”, has evaluated
the future growth potential of Global Indoor Farming Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Indoor Farming Market.
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