Indoor Farming Market Size Worth $75.3 Billion By 2028: Grand View Research, Inc.
SAN FRANCISCO, Oct. 28, 2021 /PRNewswire/ — The global indoor farming market size is estimated to reach USD 75.3 billion by 2028, exhibiting a CAGR of 10.9% from 2021 to 2028, according to the new report conducted by Grand View Research, Inc. The increasing demand for food owing to the rising population is expected to drive the growth. Factors such as declining water supply, urbanization, and climate change have contributed to the loss of arable land. This in turn is driving demand for indoor farms to produce food. The challenges, such as rising global temperature and extreme weather conditions, act as a barrier in the traditional farming technique. The European Environment Agency (EEA) has carried out several initiatives to build vertical farms to overcome these challenges and produce food in an environment-friendly way.
Key Insights & Findings:
- The greenhouses segment dominated the market in terms of revenue in 2020 as these facilities produce higher yields. Greenhouses offer a stable and highly controlled environment for the cultivation of flowers, vegetables, and fruits
- The fruits, vegetables, and herbs segment is estimated to register the fastest CAGR over the forecast period, owing to the increasing food consumption along with growing consumer awareness regarding the importance of healthy eating, especially in regions such as Europe and Asia Pacific
- The climate control systems segment is projected to expand at the highest CAGR during the forecast period, as the crop development can be controlled by adjusting and monitoring the concentration of minerals
- Some of the key players operating in the market include LumiGrow (U.S.), Illumitex (U.S.), Hydrodynamics International (U.S.), and Agrilution (Germany)
Read 120 page market research report, “Indoor Farming Market Size, Share & Trends Analysis Report By Facility Type (Greenhouses, Vertical Farms), By Component (Hardware, Software), By Crop Category, By Region, And Segment Forecasts, 2021 – 2028“, by Grand View Research
Indoor farming increases the crop yield and reduces the farming impact on the environment by reducing the distance traveled in the supply chain. It reduces the need for the land space required to grow plants compared to traditional farming methods by using growing shelves mounted vertically. Rising consumer awareness regarding the consumption of healthy and fresh food is anticipated to positively influence the growth of the market for indoor farming over the forecast period. Furthermore, the use of technology, such as LED indoor farming to create nature-like conditions will help farmers meet the expected demand for food supply in near future.
Europe dominated the market in 2020 and is anticipated to remain dominant over the coming years, owing to the continuous adoption of advanced technologies such as LED lighting, controlled environment agriculture. Asia Pacific is expected to exhibit the fastest CAGR from 2021 to 2028, owing to the increasing indoor farms in countries such as China and Japan. Increasing adoption of greenhouses and vertical farms is projected to bode well for regional growth. In addition, the rising demand for pesticide-free, fresh vegetables and fruits is expected to fuel the regional market growth.
Grand View Research has segmented the global indoor farming market based on facility type, component, crop category, and region:
- Indoor Farming Facility Type Outlook (Revenue, USD Million, 2017 – 2028)
- Vertical Farms
- Shipping Container
- Indoor Farming Component Outlook (Revenue, USD Million, 2017 – 2028)
- Climate Control Systems
- Lighting Systems
- Irrigation Systems
- Indoor Farming Crop Category Outlook (Revenue, USD Million, 2017 – 2028)
- Fruits, Vegetables, & Herbs
- Bell & Chili Peppers
- Leafy Greens
- Flowers & Ornamentals
- Indoor Farming Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- South America
- Middle East and Africa (MEA)
List of Key Players of Indoor Farming Market
- Argus Control Systems Ltd.
- General Hydroponics
- Hydrodynamics International
Check out more studies on technology and techniques of farming, conducted by Grand View Research:
- Precision Farming Market – The global precision farming market size was valued at USD 6.00 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 13.1% from 2021 to 2028. The growth is attributed to the increasing proliferation of the Internet of Things (IoT) and the use of advanced analytics by farmers.
- Vertical Farming Market – he global vertical farming market size was valued at USD 3.89 billion in 2020. It is anticipated to expand at a compound annual growth rate (CAGR) of 23.6% over the forecast period. This is attributed to the growing adoption of environment-friendly production of fruits and vegetables.
- Smart Agriculture Market – The global smart agriculture market size is anticipated to reach USD 29.18 Billion by 2028. It is expected to expand at a CAGR of 10.6% from 2021 to 2028.
- Browse through Grand View Research’s coverage of the Global Next Generation Technologies Industry.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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