Press release
Indoor Farming Market Revenue Analysis, Industry Outlook, Forecast -2032
The global indoor farming market is experiencing rapid growth as the demand for fresh, nutritious food intensifies. According to recent findings, the market reached a valuation of USD 17.80 billion in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 9.8% over the coming years. This growth is largely driven by consumers' increasing need for fresh, locally-grown produce, along with the significant environmental benefits that indoor farming offers.
Indoor farming, which involves growing plants and crops in fully controlled environments using hydroponics, aeroponics, and artificial lighting, offers several benefits. This approach enables precise climate control, reduces water usage, and eliminates exposure to soil contaminants and pests. Additionally, indoor farming plays an important role in reducing deforestation and conserving valuable resources traditionally used in open-field farming.
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Key Market Drivers
Recent investments and partnerships by leading companies in the industry are further accelerating the growth of the indoor farming market. For example, Realty Income Corporation and Plenty Unlimited Inc. entered a strategic agreement to support the expansion of Plenty's vertical indoor farms, while Unfold launched an Innovation Partner Program to enhance vertical farming through advanced plant biology expertise and digital tools.
The rising importance of food safety and security has also increased interest in indoor farming, which provides a dependable supply of fresh produce. This trend is particularly evident in technological advancements such as Plenty's opening of its Compton Farm in California, an advanced indoor vertical farm designed to produce up to 4.5 million pounds of leafy greens annually on a single city block. Innovative farming technologies, like Plenty's unique 3D vertical structure, offer yields up to 350 times greater than traditional farming, highlighting the efficiency of this approach.
Similarly, Certhon and Living Greens Farm have joined forces to expand the reach of Living Greens Farm's aeroponic technology, which allows for efficient production of lettuce varieties and salad kits with a long shelf life, thereby addressing rising consumer demand for fresh produce.
Challenges to Growth
Despite its benefits, the indoor farming industry faces certain challenges, primarily the high initial cost and complexity of setting up commercial operations. Controlled environment systems, lighting, and HVAC systems can be costly to maintain, impacting the profitability of indoor farms. However, with advancements in technology and potential efficiencies gained over time, these barriers may become more manageable.
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Market Segments
The indoor farming market comprises various technology segments, including greenhouse farming, hydroponics, and vertical farms. The greenhouse farming segment generated the largest revenue in 2022, as greenhouses offer ideal growing conditions and protect crops from harsh environmental elements. Recently, Gotham Greens expanded its greenhouse operations in Colorado, creating more opportunities for fresh, local produce across the region.
Hydroponics, another significant segment, is experiencing fast growth due to its efficient water usage and higher yield potential compared to traditional farming. Rockwell Automation's partnership with Fork Farms, for example, will establish a hydroponic farm within its Milwaukee headquarters, showcasing hydroponics' adaptability to urban environments and workplaces.
Farm Size Segment Insights
Indoor farming is also categorized by farm size, including small-scale, medium-scale, and large-scale farms. Small-scale indoor farms are projected to see significant growth, driven by demand from individuals, community gardens, and urban agriculture programs. These farms contribute to food security by providing communities with a reliable source of fresh produce, and they enable city residents to grow their own food.
With its promising growth outlook and increasing consumer interest in sustainable food sources, the indoor farming market is expected to remain an area of innovation and investment. The expansion of vertical and hydroponic farming technologies will likely continue to address both consumer demand and environmental concerns, reinforcing indoor farming's role in the future of agriculture.
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Indoor Farming Market Top Companies and Competitive Landscape
The global indoor farming market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective farming solutions in the market.
Some major players included in the global indoor farming market report are:
AeroFarms
Bowery Farming Inc.
BrightFarms
Gotham Greens
80AcresFarms
Freight Farms, Inc.
AppHarvest
Vertical Harvest
Greener Crop Inc.
Eden Green Technology
INFARM
Living Greens Farm, Inc.
Indoor Farming Latest Industry Updates
On 6 February 2023, Kroger extended its partnership with indoor farming business Gotham Greens. Gotham Greens supplied the retailer with vegetables as well as plant-based dips, cooking sauces, and dressings to about 2,000 Kroger shops. This collaboration comes as Kroger expands its environmental initiatives and vertical farming becomes more common in the sector.
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Indoor farming Market Segmentation Analysis
For the purpose of this report, Emergen Research has segmented the global indoor farming market on the basis of crop type, technology, component, farm size, end-use, and region:
Indoor Farming Type Insights: (Revenue, USD Billion; 2019-2032)
Leafy Greens
Herbs
Fruits
Microgreens
Root Vegetables
Mushrooms
Others
Indoor Farming Technology Insights: (Revenue, USD Billion; 2019-2032)
Hydroponics
Aquaponics
Aeroponics
Vertical Farming
Greenhouse Farming
Indoor Vertical Farms
Container Farming
Hybrid Farming
Indoor Farming Component Insights: (Revenue, USD Billion; 2019-2032)
Lighting Systems
Climate Control Systems
Irrigation Systems
Sensors and Monitoring Devices
Growing Media
Nutrient Delivery Systems
Climate Control Equipment
Others
Indoor Farming Farm Size Insights: (Revenue, USD Billion; 2019-2032)
Small-Scale Farms
Medium-Scale Farms
Large-Scale Farms
Indoor Farming End-use Insights: (Revenue, USD Billion; 2019-2032)
Commercial Growers
Community and Urban Farms
Research and Educational Institutions
Home and Hobbyists
Restaurant and Retail Chains
Other Specialty Crops
Indoor Farming Market Regional Insights: (Revenue, USD Billion; 2019-2032)
North America Market
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa
View Additional Related Reports:
Indoor Farming Market Analysis: https://www.emergenresearch.com/industry-report/indoor-farming-market/market-analysis
Indoor Farming Market Top Companies: https://www.emergenresearch.com/industry-report/indoor-farming-market/top-companies
Indoor Farming Market News: https://www.emergenresearch.com/industry-report/indoor-farming-market/market-news
Indoor Farming Market Executive Summary: https://www.emergenresearch.com/industry-report/indoor-farming-market/executive-summary
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