Cultivating Growth: Indoor Farming Market Poised to Reach US$96,675 Million with 9.6% CAGR by 2032 | FMI

The global indoor farming market is anticipated to grow by 9.6% CAGR to US$ 96,675 Million 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.

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"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.
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.

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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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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.