The North American Indoor Farming Market is expected to be dominated by the USA, as projected by FMI. This dominance is attributed to several factors, including the thriving vertical farming industry, the decrease in available arable land, the rise in food export business, and the rapid expansion of indoor farming technology. It is anticipated that the overall sales in the U.S. indoor farming market will experience a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period spanning from 2022 to 2032.
Indoor farming has gained immense popularity among American farmers due to its ability to boost crop and vegetable yields while utilizing fewer resources and minimizing negative environmental impacts. Additionally, driven by changing lifestyles and increased awareness, consumers are increasingly interested in cultivating essential crops on a small scale within their homes to ensure access to pesticide-free food. This consumer behavior further contributes to the growth of the indoor farming market in the country.
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The global indoor farming market are anticipated to grow by 9.6% CAGR to US$ 96,675 Mn in 2032. To address the rising demand for organic food, the agriculture sector is implementing innovative practises.
Growing in popularity, vertical farming will become a significant farming technique in the years to come. Vertical farms are employing artificial light management, humidity control, and gas control inside the facility thanks to the development of new technology. Vertical farming increases automation while reducing costs and pollution.
Some of the main elements influencing the development of vertical farming are the high yield associated with it compared to conventional farming, the year-round production of crops regardless of the weather, advances in light-emitting diode (LED) technology, and the need for little resources.
“Indoor farming is growing as a result of rising urbanisation, rising food quality demands, and autonomous agricultural methods. A key analyst at FMI adds that the loss of groundwater and shifting climatic circumstances are also pushing traditional producers to use alternative farming techniques.
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Key Takeaways:
Sales in the greenhouse facility market are anticipated to grow at a 4.8% CAGR through 2032, depending on the capacity type.
- Over the course of the projection period, the hydroponics market will grow at a 6.1% CAGR.
Sales in the hardware category will increase at a 7.4% CAGR through 2032, depending on the component type.
- Over the course of the evaluation period, the category for fruits and vegetables will expand at a 6.5% CAGR.
- Over the course of the forecast period, sales in the U.S. indoor farming market are expected to grow at a 5.5% CAGR.
- Sales in India will expand at a 6.6% CAGR through 2032, making it an attractive market.
- With a market share of 13.9%, Germany will command the indoor farming market in Europe.
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Competition Landscape
Argus Control Systems Ltd., Certhon, AeroFarms, Bright Farms Inc., Richel Group, Bowery Inc., FreshBox Farms, Metropolis Farms Inc., General Hydroponics, Hydrodynamics International, Illumitex, Lumigrow, Vertical Farm Systems, Priva, and Netafim among others are some of the players profiled by FMI.
Leading players operating in the indoor farming are investing in promotional strategies, advertisements, and new product launches to gain a competitive edge in the market. Some recent developments include:
- In 2021, BrightFarms opened its latest indoor farm in Hendersonville, North Carolina.
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Future Market Insights, in its new offering, provides an unbiased analysis of the global indoor farming market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on the indoor farming market based on the facility type (greenhouses, indoor vertical farms, container farms, indoor deep water culture systems, and other facility types), growing system (aeroponics, hydroponics, aquaponics, soil-based and hybrid), component type (hardware and software), crop type (fruits and vegetables, herbs and microgreens, flowers and ornamentals and other crop types) across seven major regions.
Global Indoor Farming Market by Category
Facility Type:
- Greenhouses
- Indoor Vertical Farms
- Container Farms
- Indoor Deep Water Culture Systems
- Other Facility Types
Growing System:
- Aeroponics
- Hydroponics
- Aquaponics
- Soil-based
- Hybrid
Component Type:
- Hardware
- Software
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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