The Indoor Farming market is projected to grow at a CAGR of 10.2% to reach USD 53.7 billion by 2026 from 27.2 billion in 2019. The increasing urbanization and rising population have created a growth in the demand for food, this has in turn led to the demand for indoor farming. This market is growing at a double-digit CAGR.
The research report analyses the ecosystem of Indoor Farming and categorizes the Indoor Farming Market to forecast the revenues and analyse the trends in each of the following below-mentioned market segments.
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By Component Type
- Irrigation Component
- Building Material
- Climate Control
By Facility Type
- Indoor Vertical Farms
- Glass or Poly Greenhouses
- Indoor Deep Water Culture (DWC) Systems
- Container Farms
- Hardware Services
- Software & Services
By Crop Type
- Herbs & Microgreens
- Fruits & Vegetables
- Flowers & Ornamentals
- North America
- Rest Of Europe
- Asia Pacific
- New Zealand
- Rest Of Asia Pacific
- South America
Unique Insights Provided by this report also includes the following:
- In-depth value chain analysis
- Opportunity mapping
- Sector snapshot
- Technology landscape
- Regulatory scenario
- Patent trends
- Market trends
- Covid-19 impact analysis
- Pricing trends
- Sustainability trends and environmental concerns
- Critical Success Factors
- Competitive Landscape
- Customer preferences
In terms of Growing System the Aeroponics, the segment is estimated to be the fastest-growing segment during the forecast period
In terms of the Growing System, the global Indoor Farming market can be segregated into Hydroponics, Aeroponics, Soil-Based, Aquaponics, Hybrid and Others. The Aeroponics segment of the Indoor Farming market is projected to be the fastest-growing segment. In Aeroponics, the roots of plants inserted are inserted in containers filled with plant nutrients, instead of soil. This also aids in better oxygenation and further helps the plants absorb nutrients and moisture effectively, thereby assisting in rapid development and cultivation.
The Aeroponics system also enhances crop yields and reduces costs as compared to other traditional farming techniques or to any other alternative farming methods. This farming method does not need pesticides; hence it is highly environment friendly.
By Facility Type, the Indoor Vertical Farm is expected to be the fastest-growing segment
Indoor Vertical Farm is expected to grow at the highest CAGR during the forecast period. The growing demand for sustainable food production in the Middle East countries is possible by adopting Indoor vertical farming technologies in agriculture. It is thus fast gaining popularity and therefore emerging as the fastest-growing segment of the Indoor Farming market. The main advantages of indoor vertical farm-grown fruits and vegetables are that they are pesticide- and herbicide-free, less need for water and land, have short grown cycles, and offer year-round production.
Europe is expected to be the largest segment in the forecast period
Europe accounted for the largest share of the Indoor Farming market. The region is also projected to witness a higher product demand in the coming years on account of higher urbanization, rising demand for organic foods, environment-friendly agriculture practices, shifting consumer preferences, and changing lifestyle habits. Rising disposable income coupled with growing consumer awareness in major Asia- Pacific countries such as Japan, China, India, Malaysia, Singapore, South Korea, and Indonesia has contributed to the growing market of Indoor Farming in this region. Geographically, Asia-Pacific is expected to witness the fastest growth in the indoor farming market.
The report also provides an in-depth analysis of indoor farming market dynamics:
Indoor Farming Market Drivers:
- Increase in popularity of organic foods
- Reducing arable land for traditional agriculture
- Increasing consumer demand for pesticide- and herbicide-free food
Indoor Farming Market Restraints:
- High initial investment
- Limitations on crop varieties
Indoor Farming Market Opportunities:
- New Technologies
Indoor Farming Market Challenges:
- Maintaining optimum technical parameters for farming like temperature and humidity, air circulation and HVAC equipment
Company Profiles and Competitive Intelligence Covered in Indoor Farming Market Report are:
- Bright Farms Inc.
- Bowery Inc.
- FreshBox Farms
- Metropolis Farms Inc.
- Garden Fresh Farms
- Village Farms International Inc
- Green Sense Farms LLC
- Sky Greens
- Richel Group
- Hydrodynamics International
- Argus Control System Limited
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