Asia Pacific Indoor Farming Market Report 2023-2028: Hydroponics and Aeroponics Revolutionizing Crop Cultivation
Asian Pacific Indoor Farming Market
Dublin, Jan. 23, 2024 (GLOBE NEWSWIRE) — The “Asia Pacific Indoor Farming Market Forecasts from 2023 to 2028” report has been added to ResearchAndMarkets.com’s offering.
The Asia Pacific Indoor Farming Market is projected to grow at a CAGR of 12.78% over the forecast period, increasing from US$9.045 billion in 2021 to reach a total market size of US$20.986 billion by 2028
The growing consumer demand for chemical-free and organically rich food coupled with the growing adoption of hydroponics and aeroponics techniques in crop cultivation is expected to fuel the indoor farming market growth in Asia Pacific.
The usage of advanced technologies like artificial intelligence, and data analytics for improving crop productivity and the favorable efforts to tackle soil erosion are further expected to boost the overall scope of indoor farming in the APAC region in the future.
Expansion in the R&D Programs
Several businesses in China & Indonesia are focusing on expanding their research & development programs for better integration of technology with food systems. This will expand the market for sustainable agricultural food production & thereby promote indoor farming techniques in the Asia Pacific.
Moreover, the government initiative promoting indoor farming techniques amid growing food security concerns is expected to propel the market in the long term. For instance-in 2022, the Indian government provided a subsidy for aeroponic farming techniques which in turn will expand the adoption for indoor farming in India.
Increasing Food Security Issues & Scarcity of Resources
The rising population in major Asian countries such as India, and China has augmented the need for improved food production techniques. The rising demand for higher agricultural yields for fruits & vegetables, herbs & flowers in the present situation of limited land resources & water will provide an impetus for indoor farming culture in upcoming years.
Additionally, indoor farming techniques are gaining more popularity due to their ability to ensure community sustainability & resource efficiency. It also supports biodiversity as well with minimal disturbance to wildlife & trees in inland areas. Farmers are also not exposed to heavy agricultural machines that cause huge pollution & also it minimizes contact with hazardous substances with indoor farming practices. Key developments in the market are expected to boost market growth.
According to the estimates from the World Bank, the population in Asia Pacific will grow by about 700 million by the year 2050 thereby reaching a figure of 5.3 billion from 4.7 billion in 2021. The Asia Pacific economies are expected to lose millions of hectares of agricultural land to meet urbanization & rising population needs. For instance- a recent study at Duke University highlights that regions like Asia & Africa are expected to lose around 24 million hectares due to urbanization in coming years. Therefore, less land availability will increase the preference towards the adoption of indoor farming technology for a better crop yield, thereby augmenting the overall market growth in the coming years.
India in Asia Pacific is an Expected Dominant Market
Indoor farming involves crop production in a controlled environment with less pesticide usage. Such technology’s cost-effective nature and its ability to reduce reliance on fossil fuels and conventional farming equipment have provided a positive scope to its market demand in India. Also, the booming horticulture and floriculture in the country are further adding to the market growth.
For instance, according to the Ministry of Agriculture and Farmers Welfare, in 2021, India’s horticulture production stood at 347.18 million tons which signified an increase of 3.8% over 2020’s 334.60 million tons. Moreover, as per the same source, 833 thousand tons of cut flowers and 2, 295 thousand tons of loose flowers were produced in India for 2021.
Moreover, favorable initiatives and projects establishments for vertical farming are also acting as an additional driving factor for market growth. For instance, in December 2021, AS AGRI AND AQUA LLP inaugurated its state-of-the-art vertical farming project in Nagpur, Maharashtra. T
he project is expected to be Asia’s largest vertical farming project which aims to enable farmers in the Vidarbha region to tackle major agricultural issues relating to climatic and drought conditions as well poor irrigation facilities. Technological adoptions to propel urban farming coupled with the growing shift towards organic crops production and less chemical usage are paving the way for the further market growth of indoor farming in India.
|No. of Pages
|2021 – 2028
|Estimated Market Value (USD) in 2021
|Forecasted Market Value (USD) by 2028
|Compound Annual Growth Rate
- Plenty Unlimited Inc
- Xiamen Heseng Agricultural Technology Co., Ltd
- Grow Pod Solutions
- YesHealth Group
- Thai Advance Agri Tech
- Barton Breeze
By Growing System
By Facility Type
- Glass or Poly Greenhouse
- Indoor Vertical Farm
- Container Farm
- Indoor DWC System
By Crop Type
- Fruits and Vegetables
- Herbs and Microgreens
- Flowers and Ornamentals
- South Korea
For more information about this report visit https://www.researchandmarkets.com/r/zc9h7u
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- Asian Pacific Indoor Farming Market
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