According to a recent report by Future Market Insights (FMI), sales in the global the indoor farming market are expected to increase at a 9.6% CAGR, reaching US$ 96,675 Mn in 2032.
The agriculture industry is adopting new methods to meet the growing demand for organic food. Vertical farming is gaining traction and will emerge as one of the key farming methods in the forthcoming years.
With the development of new technologies, vertical farms are using artificial light control, humidity control, and gas control within the facility. Vertical farming improves automation, lowers emissions, and lowers costs.
High yield associated with vertical farming over conventional farming, year-round crop production regardless of weather conditions, advancements in light-emitting diode (LED) technology, and the requirement of minimal resources are some of the major factors driving the adoption of vertical farming.
Furthermore, growing adoption of indoor farming with activities such as revamping derailed vacant warehouses, derelict buildings, and high rises, which increases the production of fresh grown foods is further expected to fuel the growth in the market.
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“Growing urbanization, increasing demand for high quality food, and independent agricultural techniques are responsible for the expansion of indoor farming. Besides this, the depletion of groundwater and changing climatic conditions are encouraging traditional growers to adopt alternative farming methods,” says a lead analyst at FMI.
Key Takeaways:
- Based on the capacity type, sales in the greenhouse facility segment are forecast to increase at a 4.8% CAGR through 2032.
- The hydroponic segment will expand at a 6.1% CAGR over the forecast period.
- In terms of component type, sales in the hardware segment will rise at a 7.4% CAGR through 2032.
- The fruits and vegetables segment will grow at a 6.5% CAGR over the assessment period.
- Sales in the U.S. indoor farming market are forecast to increase at a 5.5% CAGR over the forecast period.
- India will emerge as a lucrative pocket, with sales growing at a 6.6% CAGR through 2032.
- Germany will dominate the Europe indoor farming market, accounting for 13.9% of the total market share.
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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Get More Valuable Insights
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.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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