Global Indoor Farming Market Size Estimated to Reach USD 62 Billion by 2030, at CAGR of 10.1%: Astute Analytica

NEW DELHI, May 19, 2022 /PRNewswire/ -- The study undertaken by Astute Analytica foresees a tremendous growth in revenue of the market for the global indoor farming market from US$ 26.5 Billion in 2021 to US$ 62.0 Billion by 2030. The market is anticipated to grow at a CAGR of 10.1% during the forecast period 2022-2030.

Indoor vertical farming is defined as the practice of growing produce stacked one above another in a closed and indoor setup, and in a controlled environment. By growing crops on vertically mounted shelves, significantly reduces the amount of land space needed to grow plants compared to traditional farming methods. Vertical farms are unique in the sense that some setups do not require soil for plants to grow. Most are either hydroponic, where vegetables are grown in a nutrient-dense bowl of water, or aeroponic, where the plant roots are systematically sprayed with water and nutrients. Moreover, vertical farms use smart sensors to monitor technical variables including temperature, carbon dioxide, oxygen, lighting, humidity, nutrient concentration, pH, pest control, irrigation, and harvesting.

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On the basis of growing system, the hydroponics segment holds the highest share in the global indoor farming market in 2021. Whereas, the aeroponics segment is anticipated to grow at the highest CAGR during the forecast period. Moreover, in terms of crop type, the common crops segment held the largest share in the indoor farming market in 2021. While, the herbs segment is expected to grow at the highest CAGR during the forecast period. Furthermore, based on technology, the lighting segment is estimated to hold the largest market share and highest CAGR over the forecast period.

Market Dynamics and Trends

Drivers

The lesser impact of external weather conditions and rising demand for fresh foods with high nutritive value will boost the global indoor farming market during the forecast period. The conditions of indoor settings allow for no use of pesticides, and it also reduces agricultural land use allowing agricultural growth without expansion, while making it possible to cultivate year-round independently of weather conditions. Moreover, improving the overall nutritional status of the country's population is the main growth factor in terms of economic development. Also, the rising demand for organic food further fuels the growth of the market as it is perceived to be healthier, nutritious, safer, and more eco-friendly. This has resulted in qualitative changes in the production, processing, distribution, and marketing of food

Restraints

High initial investments and limitations on the types of crops that can be grown is a restraining factor that inhibits the growth of the indoor farming market during the forecast period. One of the main factors responsible for the high investment is the cost of urban land. Furthermore, energy accounts for a higher percentage of operating costs for both vertical farms and greenhouses. In addition to this, vertical farming also heavily relies on technology for creating optimal conditions for crops to grow. Moreover, in indoor farming basically, all crops can be grown but would be limited to horticultural crops only.

Trend

Development of innovative and cost-effective technologies creates a significant growth opportunity for the indoor farming market. New technologies need to be developed in order to decrease the carbon footprint in indoor farming. Moreover, in the future, there is an opportunity to develop fully automated urban farms based on vertical farming and controlled environment agriculture.

Global Indoor Farming Market Country Wise Insights

• North America Indoor Farming Market-

US holds the major share in terms of revenue in the North America indoor farming market in 2021 and is projected to grow with the highest CAGR during the forecast period.  Moreover, developed countries such as U.S. and Canada are the rapid and early adopters of indoor farming technologies. Furthermore, based on the growing system, the hydroponics segment holds the highest share in the North America indoor farming market in 2021 as it reduces the amount of space and water required for cultivation.

• Europe Indoor Farming Market-

Western Europe is the highest shareholder region and is projected to grow with the highest CAGR of 10.7% due to the deployment of greenhouse and vertical farm technologies in the region. Moreover, in terms of crop type, the common crops segment dominated the Europe indoor farming market in 2021. Whereas, the herbs segment is expected to grow at the highest CAGR during the forecast period. Furthermore, due to increased R&D investments from various multinational manufacturers and the adoption of greenhouse farming for the production of particular crops, Europe is thriving in indoor farming.

• Asia Pacific Indoor Farming Market-

China is the highest shareholder region, and India is projected to grow with the highest CAGR of 11.8% in the Asia Pacific indoor farming market due to the increasing investment of overseas business lines in agricultural operations mainly in indoor farming. Due to rising demand for fresh produce, emerging nations such as India, China and Singapore are seeing a significant increase in the usage of technologies incorporated into indoor farms. Furthermore, in terms of technology, the lighting segment is estimated to hold the largest market share and highest CAGR over the forecast period.

• Middle East & Africa Indoor Farming Market-

Saudi Arabia is the highest shareholder in 2021 and is also projected to grow with the highest CAGR during the forecast period in the MEA indoor farming market. The market for indoor farming in Middle East & Africa will have steady growth in the coming years as indoor farming is significantly gaining momentum. Moreover, by the growing system, the aeroponics segment is anticipated to grow at the highest CAGR during the forecast period.

• South America Indoor Farming Market-

Brazil is the highest shareholder country in South America indoor farming in 2021 and is also projected to grow with the highest CAGR over the forecast period. Furthermore, based on crop type, the common crops segment dominated the South America indoor farming market in 2021. Whereas, the herbs segment is expected to grow at the highest CAGR during the forecast period in the South America market.

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Competitive Insight

Global Indoor Farming Market is highly competitive in nature and companies are adopting various strategies in order to increase their presence in the marketplace. Some of the key players operating in the market include are AeroFarms, Agricool, Argus Control Systems Limited, Bowery Farming Inc., BrightFarms, Everlight Electronics Co., Ltd., EXDIN Solutions, General Hydroponics, Gotham Greens and Grow Pod Solutions among others.

Segmentation Overview

Global Indoor Farming Market is segmented based on growing system, crop type, technology and region. The industry trends in the Global indoor farming market are sub-divided into different categories in order to get a holistic view of the global marketplace.

Following are the different segments of the Global Indoor Farming Market:

• By Growing System segment of the Global Indoor Farming Market is sub-segmented into:
• Hydroponics
• Aeroponics
• Aquaponics
• Soil-based
• Hybrid
• By Crop Type segment of the Global Indoor Farming Market is sub-segmented into:
• Common crops
• Lettuce
• Chard
• Cabbage
• Kale
• Tomatoes
• Spinach
• Herbs
• Basil
• Mint
• Chives
• Parsley
• Microgreens
• By Technology segment of the Global Indoor Farming Market is sub-segmented into:
• Controlled Environment Agriculture
• Dosing systems
• Sterilization Systems
• Chemical disinfection
• Lighting
• Fluorescent grow lights
• LED lighting
• Air control
• CO2 gassing
• Compressed CO2
• The Internet of Things - IoT
• Sensors
• By Region segment of the Global Indoor Farming Market is sub-segmented into:
• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• South Korea
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• Rest of MEA
• South America
• Argentina
• Brazil
• Rest of Latin America

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SOURCE Astute Analytica