The global indoor farming market was valued at USD 40.12 Million in 2021. Between 2023-2032, it's projected to grow at 14.2 percent CAGR.
INCREMENTAL DEMAND IN THE INDOOR FARMING SALE INDOOR FARMING
Farmers are increasingly under pressure to satisfy the increasing demand. This is due to issues such as the growing population, food insecurity, and a decrease in arable land. High-yielding farming techniques such as precision agriculture and indoor agriculture have come into the spotlight.
Indoor farming is a great solution to meet the ever-growing food demand. It's the practice of cultivating crops or plants indoors in controlled settings. It is possible to use systems for growing like aquaponics, hydroponics or hybrid, soil-based systems, and hybrid systems to grow a wide range of species of plants and crops, including exotic varieties on small or large scales. Indoor farming is a fantastic solution to food insecurity.
With the growing popularity of DIY (Do-It-Yourself), as well as advances in indoor gardening technology and a booming smart Indoor Gardening System, the indoor agriculture market will increase.
indoor farming market
FACTORS FOR DRIVING
Indoor farming yields a greater yield than traditional methods of farming. This is one its greatest advantages. Indoor farming uses enclosed facilities to provide the most favorable conditions for growing. Indoor farming allows farmers to cultivate a crop more quickly and use less land. USDA information revealed that tomatoes grown in hydroponics for greenhouses yielded 10.59 lbs per square foot in 2016, as compared to conventional tomatoes that yielded 1.85 lbs per square. foot. Indoor farms can increase yield by stacking tomatoes higher and adding layers to their areas of cultivation.
INDOOR FARMING MARKET RESTRAINTS FACTORS
The cost of indoor farming is higher than traditional farming. The high investment cost is due to the cost of urban land. It is more expensive than agricultural land. Both vertical farms and greenhouses are more expensive to operate due to energy. The lights on vertical farms are turned on for 16 hours each night, while greenhouses have light for 9 hours in winter.
The process of powering up a farm structure for temperature control and lighting takes a lot of effort. A perfect indoor farm is required to regulate the atmosphere within the structures. This includes the lighting, temperature, and placement of plants. In order to grow indoors, farmers must put a significant amount of money into the equipment and devices they employ. This is among the major barriers to the growth of technology used in indoor farming.
INDOOR FARMING MARKET TRENDS
The primary reason for decreasing yields is the decrease in the amount of land that can be cultivable. This is in addition to adverse weather conditions such as flooding and drought soil erosion, the use of pesticides, and increasing soil fertility. China and other developing countries have 334 million acres of arable land. 37 million of them are not being used for cultivation. This is a grave threat to the country's growing population. The solution to increasing arable land is to increase productivity and yield on the land being cultivated. These technologies include high-yielding varieties that manage pesticides and fertilizers as well as mechanization, irrigation management as well as the implementation of new methods of farming, such as indoor farming.
NEW DEVELOPMENTS
Cambridge HOK has created a modular vertical farm facility that will allow retail and investor to have their own fully automated indoor farms by 2022.
Cambridge HOK announced a partnership with Fabrgro Ltd. in 2020. Fargro customers will benefit from the company's lighting, climate, and energy solutions.
MARKET KEY PLAYERS:
Indoor farming is highly scattered. The market is highly dispersed. Top players own a small percentage, while smaller companies have a significant percentage.
The market is a bit fragmented. Some of the major businesses that generate revenue include Village Farms International Inc. (Aerofarms), Metropolis Farms Inc. Fresh Box Farms Inc. and Bowery Inc. Each has a smaller share of the market. Argus Control System Ltd., Certhon, Richel Group, Netafim, General Hydroponics, Hydrodynamics International, Illumitex, Lumigrow Philips Lighting, Everlight Electronics, Vertical Farm Systems, Heliospectra AB, Green Sense Farms LLC, Argus Control Systems Ltd., Aerofarms, 4D Bios Inc., Illumitex Inc., Everlight Electronics Co., Ltd. and Other Key Players engaged in the Indoor Farming market.
INDOOR FARMING MARKET SEGMENTATION
Market.US has split the Indoor agriculture market into North America, Europe and APAC. South America and the Middle East and African nations. The market is split into Greenhouses, Vertical Farms, and other Facilities. The market was further subdivided according to components, into Hardware and Software. Sub-divisions further were created by components into Hardware and Software based on Crop Category.
Frequently asked questions
What is the size of the Indoor Farming Market?
In 2021, the world's Indoor Farming Market was worth USD 40.12 billion. It is predicted to grow to USD 172.86 billion by 2032.
What is Indoor Farming Market growth?
Indoor farming is expected to increase at a compound annual rate of 14.2 percent between 2021-2032, reaching USD172.86 billion in 2032.
Which segment accounted for the most of the Indoor Farming Market's sales?
Europe was the market leader in indoor farming with the highest share of 32.1 percentage share in 2021. This could be due to the increased emphasis on using technologies such as LEDs and active heat systems in order to improve yield.
What are the driving factors behind the Indoor Farming Market?
The two main factors that are driving the indoor farming market growth are the rising population as well as the growing demand for food.
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