The indoor farming global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Indoor Farming Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The indoor farming market size has grown rapidly in recent years. It will grow from $26.79 billion in 2023 to $29.76 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to increasing urbanization, increasing investment in agricultural technology, increasing concerns over food security, increasing research and development in crop genetics, and rise in disposable incomes.
The indoor farming market size is expected to see rapid growth in the next few years. It will grow to $45.53 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to increasing demand for organic food, growing adoption of eco-friendly production of fruits and vegetables, growing demand for locally sourced, nutritious food, rising demand for fresh crops, and growing demand for vegan vegetables. Major trends in the forecast period include technological advancements, pesticide-free produce, sustainable farming practices, precision farming, and advanced nutrient delivery systems.
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Scope Of Indoor Farming Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Indoor Farming Market Overview
Market Drivers –
The increasing demand for organic food is expected to propel the growth of the indoor farming market going forward. Organic food refers to products grown and processed without synthetic chemicals, pesticides, fertilizers, genetically modified organisms (GMOs), or artificial additives. The demand for organic foods is due to growing consumer awareness of health benefits, environmental sustainability, and the desire for natural, chemical-free products. Indoor farming is used for organic food production by providing a controlled environment where crops can be grown without synthetic pesticides, fertilizers, or GMOs, ensuring adherence to organic standards while optimizing plant health and productivity conditions. For instance, in February 2023, according to The Organic Research Centre, a UK-based non-profit organization, sales of organic food and beverages in the United Kingdom grew from £3.05 billion ($3.88 billion) in 2021 to £3.11 billion ($3.95 billion) in 2022. Therefore, increasing demand for organic food is driving the growth of indoor farming.
Market Trends –
Major companies operating in the indoor farming market are focused on developing innovative establishments, such as vertical hydroponic farms, to enhance efficiency and sustainability in agricultural practices. Vertical hydroponic farms are indoor farming systems where plants are grown in vertically stacked layers or towers using a hydroponic growing method. For instance, in September 2022, FarmBox Foods LLC, a US-based producer of solutions for container farming, launched the Hydroponic Fodder Farm, a vertical hydroponic system designed to grow livestock feed efficiently. The system employs advanced hydroponic technology to deliver a nutrient-rich water solution directly to plant roots, ensuring rapid and uniform growth. The controlled indoor environment allows for year-round production, independent of external weather conditions, and minimizes water usage compared to traditional farming methods. It integrates automation and monitoring systems to optimize growing conditions and ensure high-quality feed production.
The indoor farming market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Crop Category: Fruits, Vegetables And Herbs, Flowers And Ornamentals, Other Crop Category
3) By Growing System: Aeroponics, Hydroponics, Aquaponics, Soil-Based, Hybrid
4) By Facility Type: Glass Or Poly Greenhouses, Indoor Vertical Farms, Container Farms, Indoor Deep Water Culture Systems, Other Facility Types
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Regional Insights –
North America was the largest region in the indoor farming market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the indoor farming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the indoor farming market are Signify Holding B.V., The Scotts Miracle-Gro Company, Priva BV, Bowery Farming Inc., Plenty Unlimited Inc., Agritecture Consulting LLC, AeroFarms LLC, Certhon, Argus Control Systems Ltd., Fluence Bioengineering Inc., UrbanKisaan, BrightFarms Inc., Iron Ox Inc., Superior Fresh LLC, FreshBox Farms, Hydrodynamics International Inc., Metropolis Farms Inc., Innovation Agritech Group Ltd., Gotham Greens Holdings LLC, Crop One Holdings Inc., Farmshelf, Illumitex Inc., ZipGrow Inc., LumiGrow Inc., GrowUp Farms Ltd< /b>
Table of Contents
1. Executive Summary
2. Indoor Farming Market Report Structure
3. Indoor Farming Market Trends And Strategies
4. Indoor Farming Market – Macro Economic Scenario
5. Indoor Farming Market Size And Growth
…..
27. Indoor Farming Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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