The urban 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.
Urban 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 urban farming market size has grown strongly in recent years. It will grow from $146.21 billion in 2023 to $159.92 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to increasing population and urbanization, climate change and environmental concerns, local food movement, government support and policies, rising awareness of health and nutrition.
The urban farming market size is expected to see strong growth in the next few years. It will grow to $217.49 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to post-industrialization and abandoned spaces, community gardens movement, green revolution and industrial agriculture critique, rooftop farming in ancient cultures, city beautiful movement and urban planning. Major trends in the forecast period include tech integration and automation, circular economy practices, hybrid farming models, corporate and institutional partnerships, aquaponics and integrated farming systems.
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Scope Of Urban 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.
Urban Farming Market Overview
Market Drivers –
The decreasing availability of farmland is expected to propel the growth of the urban farming market in the coming years. Farmland is described as land employed for or ideal for farming, comprising cultivable land cultivated by plowing, planting, and reaping crops, as well as pasture or countryside used to graze cattle. Urban farming creatively addresses the challenge of diminishing farmland in urban centers by maximizing land utilization, promoting sustainability, and providing residents with access to fresh produce, thereby mitigating the impact of urbanization on traditional agriculture. For instance, in January 2024, according to the survey conducted by the U.S. Department of Agriculture, a US-based federal institution responsible for overseeing agriculture, there were 2.00 million farms in the United States in 2022, a decrease from 2.20 million compared to the last two decades. Similarly, farmland acres continue to decline, falling to 893 million acres in 2022 from 915 million acres. Therefore, the decreasing availability of farmland is driving the urban farming market.
Market Trends –
Major companies operating in the urban farming market are focusing on developing technologically advanced products, such as cloud-connected growing centers, to better meet the needs of their existing consumers. Cloud-connected growing centers are agricultural facilities with integrated technology that enables remote monitoring and data analysis through cloud-based systems for optimized crop cultivation. For instance, in March 2021, Infarm, an Israel-based urban farming company that uses machine learning and IoT technology, introduced a high-capacity growing center. This integrated and modular local farm and distribution facility can yield crops equivalent to up to 10,000 square meters of traditional farmland, making it up to 400 times more efficient than soil-based farming. These high-yield, cloud-connected growing centers are integral to Infarm’s expanding global network of self-learning farms, enhancing plants’ nutritional value, flavor, and yield worldwide.
The urban farming market covered in this report is segmented –
1) By Type: Aquaponics, Hydroponics, Aeroponics, Other Types
2) By Structure: Indoor, Outdoor
3) By Crop Type: Non-Food Crops, Food Crops
4) By Application: Commercial, Agriculture, Other Applications
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Regional Insights –
North America was the largest region in the urban farming market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the urban farming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the urban farming market report are Infarm, Richel Group, UrbanFarmers AG, Plenty Unlimited Inc., Bowery Farming, Dalsem, Certhon, Aerofarms, Pasona, Plantagon International AB, Agrilution GmbH, BrightFarms Inc., Square Roots Urban Growers Inc., Brooklyn Grange Farm, Green Spirit Farm, Urban Crop Solutions, American Hydroponics, Sky Greens, GrowUP Urban Farms, Edenworks Inc., Garden Fresh Farms Inc, Metropolitan Farms, General Hydroponics, Green Sense Farms LLC, Eden Green Technology, Gotham Greens, Mirai Co. Ltd., SproutsIO Inc., Spread Co. Ltd, Harnois Greenhouses
Table of Contents
1. Executive Summary
2. Urban Farming Market Report Structure
3. Urban Farming Market Trends And Strategies
4. Urban Farming Market – Macro Economic Scenario
5. Urban Farming Market Size And Growth
…..
27. Urban Farming Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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