PUBLISHER: The Business Research Company | PRODUCT CODE: 1392714
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392714
“Indoor Farming Technology Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on indoor farming technology market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for indoor farming technology? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The indoor farming technology market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Indoor farming technology employs innovations to create an artificial environment within a closed facility, accelerating plant growth and nutrient uptake compared to traditional farming methods. It involves the use of controlled growing and nutrition systems, LED illumination, and layering for optimal indoor plant cultivation. This agricultural approach offers advantages such as the ability to produce more food using less land and avoiding the use of chemicals.
The primary types of indoor farming technology focus on cultivating fruits and vegetables, flowers and ornamentals, and herbs and microgreens. Fruits, being the mature ovary of a seed plant, are typically generated from flowers and contain seeds that contribute to the plant's reproductive cycle. Vegetables, on the other hand, are edible plants or parts of plants that may not necessarily play a role in the plant's reproductive cycle. These technologies encompass various components, including hardware, software, services, and integrated systems, with facilities such as glass or poly greenhouses, indoor vertical farms, container farms, and indoor deep water culture systems. Indoor farming utilizes cultivation methods like aeroponics, aquaponics, and hybrid techniques to optimize plant growth.
The indoor farming technology market research report is one of a series of new reports from The Business Research Company that provides indoor farming technology market statistics, including indoor farming technology industry global market size, regional shares, competitors with a indoor farming technology market share, detailed indoor farming technology market segments, market trends and opportunities, and any further data you may need to thrive in the indoor farming technology industry. This indoor farming technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The indoor farming technology market size has grown rapidly in recent years. It will grow from $33. 19 billion in 2023 to $37. 51 billion in 2024 at a compound annual growth rate (CAGR) of 13. 0%. The growth during the historical period can be attributed to factors such as increased demand for sustainable agriculture, urbanization, the local food movement, and a rising global population.
The indoor farming technology market size is expected to see rapid growth in the next few years. It will grow to $60. 07 billion in 2028 at a compound annual growth rate (CAGR) of 12. 5%. The anticipated growth in the forecast period can be attributed to various factors, including climate change, water scarcity, shifting consumer preferences, government support and incentives, global pandemics, and concerns about food security. Significant trends expected in the forecast period encompass increased investment, technological innovation, the rise of vertical farming, the expansion of controlled environment agriculture (CEA), advancements in LED lighting, the integration of robotics and automation, the use of AI and data analytics, the development of novel crops and varieties, and an emphasis on collaboration and partnerships within the industry.
The increasing adoption of vertical farming in agriculture is poised to contribute to the expansion of the indoor farming technology market. Vertical farming offers several advantages, including optimized crop growth, reduced water usage, independence from external weather conditions, lowered labor costs, and improved energy conservation. In Europe, there is a notable surge in vertical farming, with several countries competing for market dominance, leading to the establishment of numerous new farms. For example, Jones Food Company in the U. K. produces approximately 400 tons of vegetables annually, such as kale, coriander, and radish, through vertical farming, utilizing around 5,000 square meters of space for vertical farms in Europe. Consequently, the increasing adoption of vertical farming is a driving force behind the growth of the indoor farming technology market.
The rising demand for organic food is anticipated to drive the growth of the indoor farming technology market in the future. Indoor farming technology enables the production of high-quality, sustainable, and pesticide-free organic food. This approach aligns with organic farming practices, emphasizing reduced or no use of synthetic pesticides, herbicides, fertilizers, genetically modified organisms (GMOs), growth hormones, and certain food additives. In 2022, sales of organic food in the U. S. reached $60 billion, according to the Organic Trade Associations (OTA). Hence, the increasing demand for organic food is a significant factor propelling the growth of the indoor farming technology market.
Strategic partnerships are playing a crucial role in shaping the indoor farming technology market, with companies operating in unified endpoint management actively engaging in such collaborations. For instance, in May 2023, Seasony, a Denmark-based robotics company, partnered with iFarm LLC, a Finland-based indoor farming technology provider. This collaboration allows iFarm's customers to automate transportation and monitoring operations by integrating the Watney mobile robot platform into their agricultural installations. The partnership aims to provide farmers with an effective and sustainable indoor farming option, contributing to a transformative shift in the agricultural sector.
Major companies in the indoor farming technology market are prioritizing the development of innovative technologies, such as Growframe 360, to enhance their market presence. Growframe 360, launched by Innovation Agri-Tech Group (IAG) in September 2022, is an advanced vertical farming technology designed to revolutionize global crop cultivation. This precision aeroponic growth technology is fully automated and controlled through a human-machine interface (HMI) with real-time data monitoring. It utilizes coco peat instead of soil, eliminating the need for herbicides, pesticides, or soil maintenance, and consumes 98% less water than traditional farming techniques.
In April 2021, AeroFarms, a U. S. -based indoor agriculture company, entered into a partnership with Hortifrut SA for an undisclosed amount. Hortifrut SA, based in Chile, is primarily involved in the production, distribution, import, and export of horticultural products and is a certified B corporation in Chile. The partnership focuses on researching and developing blueberry and cranberry production in fully controlled vertical farms and indoor environments.
Major companies operating in the in the indoor farming technology market report are Advanced Nutrients Holdings Inc., Agrilution GmbH, American Hydroponics LLC, BrightFarms Inc., General Hydroponics Inc., Hydrodynamics International Inc., Logiqs B. V., Netafim USA, Richel Group SA, Vertical Farm Systems Pty Ltd, AeroFarms LLC, Bowery Farming Inc., Emerald Harvest Inc., Freight Farms Inc., FreshBox Farms LLC, Grobo Inc., Metropolis Farms Inc., The Scotts Miracle-Gro Company, VitaLink Limited, Plenty Unlimited Inc., Crop One Holdings Inc., 80 Acres Farms LLC, Oasis Biotech Limited, AppHarvest Inc., Gotham Greens Holdings LLC, Green Sense Farms Holdings Inc., Lufa Farms Inc., Farm. One Inc., Infarm AG, Square Roots Inc., iFarm Project Ltd., Urban Crop Solutions NV, Local Roots Farms LLC, Kalera Inc., Valoya Oy, Heliospectra AB, Fluence by OSRAM GmbH, AEssenseGrows Inc., Nordic Harvest A/S
North America was the largest region in the indoor farming technology market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the indoor farming technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the indoor farming technology market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The indoor farming technology market consists of revenues earned by entities by monitoring, analyzing, and adjusting climate conditions within greenhouses and indoor farms. The market value includes the value of related goods sold by the service provider or included within the service offering. The indoor farming technology market also includes sales of hydroponics, aeroponics, and aquaponics. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.