According to the latest report by IMARC Group, titled “Indoor Farming Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global indoor farming market size reached US$ 17.8 Billion in 2022. Indoor farming, also known as indoor gardening and vertical farming, is a method of growing crops or plants on a large scale in a controlled environment. It is a part of modern agriculture that utilizes a combination of hydroponics and artificial lighting to provide nutrients and light required for the growth of plants. As compared to conventional agriculture, it offers higher productivity, faster growth of the plant, reduced resource consumption, lesser use of pesticides and better food safety. It also saves energy, eliminates wastewater by recycling throughout the operation and reduces risks in the food supply chain.
Global Indoor Farming Market Trends:
Rapid urbanization, rising world population and escalating demand for secure and consistent food supplies are among the key factors creating a favorable impact on the indoor farming market. Apart from this, the scarcity of land and water required for conventional agriculture is also contributing to the widespread adoption of indoor farming across the globe. This farming technique enables food production in a sustainable surrounding, thereby minimizing the use of chemical pesticides and increasing the production of organic yields. Moreover, the development of high-tech, fully controlled, and semi-automated greenhouse facilities in rural areas, in confluence with the growing instances of floods, droughts and other natural disasters, is driving the market further. Other major factors anticipated to propel the market growth include numerous technological advancements in farming sensors and regulating and monitoring devices. Looking forward, IMARC Group expects the market to a CAGR of 10.4% during the forecast period (2023-2028).
- Based on the facility type, the market has been divided into greenhouse, indoor vertical farms, container farms, indoor deep-water culture and others.
- On the basis of the crop type, the market has been segmented into fruits, vegetables, and herbs (lettuce, spinach, kale, tomato, herbs, bell and chilli peppers, strawberry, cucumber and others); flowers and ornamentals (annuals, perennials, ornamentals and others); and others.
- Based on the component, the market has been classified into hardware (structure, LED lights, HVAC, climate control system, irrigation system and others); and software (web-based and cloud-based).
- On the basis of the growing system, the market has been segregated into aeroponics, hydroponics, aquaponics, soil-based and hybrid segments.
- Region-wise, the market has been categorized into Asia Pacific (China, Japan, Singapore, South Korea, and others); North America (the United States and Canada); Europe (the United Kingdom, Netherlands, Germany, France, Italy, and others); Latin America (Mexico, Brazil, and others); and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being AeroFarms, Agricool, Agrilution Systems GmbH, Autogrow Systems Ltd., Bowery Farming Inc., Bright Farms Inc. (Cox Enterprises, Inc.)., Freight Farms, Inc., Freshbox Farms, Garden Fresh Farms, Green Sense Farms Holdings, Inc., Logiqs B.V., Plenty Unlimited Inc., Sananbio, Sky Greens, Spread Co., Ltd., Urban Crop Solutions BV and Voeks Inc.
|Base Year of the Analysis
||Facility Type, Crop Type, Component, Growing System, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Netherlands, Germany, United Kingdom, France, Italy, China, Japan, Singapore, South Korea, Brazil, Mexico
||AeroFarms, Agricool, Agrilution Systems GmbH, AutoGrow Systems Ltd., Bowery Farming, Bright Farms Inc. (Cox Enterprises, Inc.)., Freight Farms, FreshBox Farms, Garden Fresh Farms, Green Sense Farms Holdings, Inc., Logiqs B.V., Plenty Unlimited, Inc., SananBio, Sky Greens, SPREAD Co., Ltd., Urban Crop Solutions, and Voeks Inc.
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