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Indoor Farming Market Analysis, Predictions and Trends for the Next 5 Years

Indoor Farming Market Analysis, Predictions and Trends for the Next 5 Years

The recent “Indoor Farming Market” report by Report Ocean gathers insights and assessments through genuine consultations with key stakeholders, including CEOs, Managers, Department Heads of Suppliers, Manufacturers, and Distributors. This comprehensive study aims to thoroughly examine the global industry, target market, competition, and various influencing factors. Ask for Free Sample Report

The report on the “Indoor Farming Market” conducts a data-driven quantitative analysis of the relevant industry. It utilizes research based on public records to identify significant patterns. Additionally, it provides predictions for the market sector’s growth between 2024 and 2032. The research primarily focuses on major global market manufacturers, analyzing sales volume, rates, competitive aspects, market share, and development strategies up to 2032.

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Global Indoor Farming Market Analysis and Growth Forecast:

The global indoor farming market held a market value of USD 26.5 Billion in 2021 and is estimated to reach USD 62 Billion by the year 2030. The market is anticipated to register a CAGR of 10.1% during the forecast period.

Indoor farming is one of the ideal alternatives for conventional agriculture. The increasing research and awareness in the fields of hydroponics, aquaponics, and hybrid growing systems is fueling the growth rate of the market to a double digit over the forecast period. The increasing support by companies also contributes heavily. For instance, in April 2019, Signify Holdings acquired WiZ Connected (China), the manufacturers of the WiZ Wi-Fi-based connected lighting ecosystem. Thus, such measures aid the market growth.

Government, as well as non-government agencies, manufacturers are pointing at growing awareness by providing policies, subsidies, and other strategies as well as perks that drive the growth of the indoor farming market across the world.

On the other hand, the high cost and high initial investment cost is a hampering factor for indoor farming market. Moreover, the different limitations on different types of crops to be grown also hinders the growth of the market.

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Growth Influencers:

Lesser impact of external weather conditions

The ever-changing climatic conditions underwrite the existing increasing environmental issues, including soil degradation, groundwater depletion, and many others. A lot of research experts have proved that indoor farming through its different growing systems, has less impact of the external weather conditions, in comparison to the traditionally grown plants. In light of this, the demand for indoor farming has tremendously increased, and is propelling the growth rate of the market to a huge extent.

Rising demand for fresh foods with high nutritive value

The surging demand for fresh foods by health-conscious consumers, as well as producers utilizing top-notch technologies is fuelling the market growth. Moreover, the usage of these new technologies, such as aeroponics, hydroponics, offer high yield value, contributing to high demand of the end product. For instance, USDA data 2016 stated that the average yield of tomatoes grown in greenhouse hydroponics was 10.59 pounds per square foot, and that of traditionally grown tomatoes was 1.85 pounds per square foot. Thus, such measures drive the market growth.

Competitive Landscape

Key players operating in the global indoor farming market include AgriCool, Argus Control Systems, AeroFarms, Bowery Farming, Everlight Electronics, EXDIN Solutions, General Hydroponics, Gotham Greens, GP Solutions, BrightFarms, Heliospectra AB, Infarm, Iron Ox, LumiGrow, Signify Holding, SPREAD Co., Ltd., Sky Greens, among others.

The major four players in the market hold approximately 15% of the market share. These market players are investing in product launches, collaborations, mergers & acquisitions, and expansions to create a competitive edge in the market. For instance, in June, 2019, Everlight Electronics showcased lighting, automotive, and signage components, including new horticulture, UV (UVA&UVC), and general lighting products.

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Segments Overview:

The global indoor farming market is segmented into growing systems, crop type, technology.

By Growing Systems

The hydroponics segment is projected to hold an opportunity of more than USD 15 Billion during 2022 to 2030.

By Crop Type
Common Crops

The common crops segment held the largest market share of more than 50% due to its ease of accessibility and growing. On the other hand, the herbs segment is projected to grow highest at the rate of 10.7%. based on herbs, the basil sub-segment is expected to be the largest shareholding amongst all herbs during the forecast period.

By Technology
Controlled Environment Agriculture
Dosing systems
Sterilization Systems
Chemical disinfection
Fluorescent grow lights
LED lighting
Air Control
CO2 gassing
Compressed CO2
The Internet of Things – IoT
Environment Sensors
Connected Devices

On the basis of controlled environment agriculture, the sterilization systems subsegment is estimated to cross the mark of USD 5 Billion by 2029. Moreover, the lighting segment held the largest market share of more than 40% in 2021. Furthermore, the air control segment is projected to cross the mark of USD 10 Billion by 2029.

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Regional Overview

By region, the global indoor farming market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

The North American region is expected to grow steadily owing to the increasing initiatives by government. The European region is anticipated to grow substantially with the highest growth rate of 10.6% over the forecast period owing to the increasing number of companies investing in research and development to develop cutting-edge products. The Asia-Pacific region is also anticipated to grow at a considerable rate. The Latin American market and the Middle Eastern and African market are growing steadily.

The global indoor farming market report provides insights on the below pointers:

Market Penetration: Provides comprehensive information on the market offered by the prominent players

Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets

Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments

Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global indoor farming market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.

Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

Pricing Analysis: Pricing analysis of various types and other components used in the manufacturing of indoor farming

Manufacturing Cost Analysis: Cost-share of various indoor farming materials, cost analysis of indoor farming materials

Life Cycle analysis on the environmental impact of Vertical Farming compared to rural agriculture in the U.S.

The global indoor farming market report answers questions such as:

  • What is the market size and forecast of the global indoor farming market?
  • What are the inhibiting factors and impact of COVID-19 on the global indoor farming market during the assessment period?
  • Which are the products/segments/applications/areas to invest in over the assessment period in the global indoor farming market?
  • What is the competitive strategic window for opportunities in the global indoor farming market?
  • What are the technology trends and regulatory frameworks in the global indoor farming market?
  • What is the market share of the leading players in the global indoor farming market?
  • What modes and strategic moves are considered favorable for entering the global indoor farming market?

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Report Components

Market Synopsis: This section encapsulates the present market scenario and outlines the industry’s scope. It includes a comprehensive analysis of key segments such as product types, applications, and regions, with revenue and sales forecasts provided as part of this overview.

Competitive Landscape: Illuminating the market’s competitive terrain, this section presents an in-depth analysis of manufacturers, offering insights into individual players’ revenue and sales figures. Additionally, it encompasses noteworthy details on mergers, acquisitions, and industry investments.

Regional Analysis: Providing an overview of market revenue, sales, and shares across major regions and sub-regions, this segment also explores the pricing structure, sales growth rate, and other crucial estimations.

Company Profiles: This section provides strategic business insights about key firms operating within the market landscape. It covers product specifications, revenue shares, and portfolios of these major companies.

The Analysis Objectives of the Report are:

To determine the size of the Market by identifying its sub-segments.

To research the key players and analyze their growth strategies.

To assess the size and value of the Market based on key regions.

To analyze the Market in terms of growth trends, potential, and participation in the overall sector.

To investigate the Market size (volume and value) from the company, key regions/countries, goods and applications, and background data.

Primary Market manufacturers to specify, clarify, and analyze the product sales volume, value, market share, market rivalry landscape, SWOT analysis, and future development plans.

To investigate market competitive developments such as market expansions, agreements, new product launches, and acquisitions.

What is new in 2024?

– Major developments that can change the business landscape as well as market forecasts.

– Addition/refinement in segmentation–Increase in depth or width of segmentation of the market.

– Coverage of new market players and change in the market share of existing players of the market.

– Updated financial information and product portfolios of players operating in the market.

– Updated market developments of the profiled players.

– Any new data points/analysis (frameworks) which was not present in the previous version of the report

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