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Indoor Farming Market Reached USD 13,180 million in 2019 and growing at a CAGR of 9.1% during 2020-2027 | Size, Trends & Industry Forecast

09-16-2022 05:23 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: GMI Research

Indoor Farming Market

Indoor Farming Market

Indoor Farming Market

The Indoor Farming Market was valued around USD 13180 million in 2019 and is expected to grow at a CAGR of 9.1% over the forecast period (2020-2027).

The factors driving the growth of Indoor Farming Market includes growing adoption of precision farming techniques around the world, increasing demand for fresh and high-quality food and rising concerns related to depletion of groundwater and soil degradation. According to the report published by Bloomberg, the Global Precision Farming Market is expected to reach USD 20.84 billion by the end of 2030, growing at a CAGR of 12.8% over the forecast period, which will accelerate the Indoor Farming Market size in the approaching years. Moreover, growing use of advanced technologies by farmers such as Artificial Intelligence (AI) and Internet of Things (IoT), subsidies provided by Government for indoor farming and emerging need to reduce carbon footprints, are some of the additional factors supplementing the Global Indoor Farming Market. In addition, rising consumption of fruits and vegetables, growing trend of Do-It-Yourself (DIY) worldwide, increasing investments by leading players on research and development and rapid urbanization, are further contributing to the market growth.

For Additional Insights, Click to Access Complete Report -  https://www.gmiresearch.com/report/indoor-farming-market/

However, the growth of Indoor Farming Market is hindered due to high investment required for setting up indoor farms.

The leading players operating in the market are Vertical Farm Systems, Illumitex, General Hydroponics, Everlight Electronics Co., Ltd., Signify Holding, Netafim, Hydrodynamics International, Argus Control Systems Limited, Logiqs B.V. and LumiGrow, among others.

Based on Growing System, the Hydroponics segment is predicted to expand at a significant CAGR during the forecast period

Hydroponic system conserves water, do not require soil, minimizes the use of insecticide, & herbicides, and enhances the growth, are some of the factors responsible for the segment's growth.

Based on Indoor Facility Type, the Vertical Farms segment is projected to grow at a remarkable CAGR over the forecast period

Vertical farms protect from severe weather conditions through advanced techniques and can be adjusted to fit any building, along with increasing demand for organic food products, are propelling the growth of the segment.

Based on Region, the Asia-Pacific region is anticipated to capture the largest market share during the forecast period

Rise in the number of vertical farms across India, China and South Korea, increasing consumers inclination towards adopting healthy lifestyles, Government schemes promoting indoor farming, rapid urbanization and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific.

Key Developments

In 2020, Signify Holding expanded its collaboration with Planet Farms, through this partnership Plant Farms will provide aromatic herbs and lettuce to its customers in Italy.
In 2019, Argus Control Systems Limited partnered with Hydrofarm Holdings Group, Inc., an independent wholesaler, and manufacturer of hydroponics equipment and commercial horticultural products. Through this partnership, both companies plan to deliver advanced environmental systems for horticultural production in the United States and Canada.
Market Segmentation

Global Indoor Farming Market by Growing System

Hydroponics
Aeroponics
Soil-Based
Aquaponics
Hybrid

Global Indoor Farming Market by Facility Type

Indoor Vertical Farms
Glass or Poly Greenhouses
Indoor Deep-Water Culture (DWC) Systems
Container Farms

Global Indoor Farming Market by Component

Hardware
Lighting Systems
Climate Control Systems
Sensors
Communication Systems
Irrigation Systems
System Controls
Others
Software & Services

Global Indoor Farming Market by Crop Type

Herbs & Microgreens
Herbs
Basil
Wheatgrass
Tarragon

Fruits & Vegetables
Tomato
Leafy Greens
Kale
Lettuce
Spinach
Others

Eggplant
Strawberry
Others

Flowers & Ornamentals
Annuals
Perennials
Ornamentals

Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe - +353 1 442 8820; US - +1 860 881 2270
Address: Dublin, Ireland
Website: https://www.gmiresearch.com/

 

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