Press release
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
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.
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