Sophia Jonson
The accelerating adoption of indoor farming methods and continuous advancements in indoor farming practice are the two factors that are propelling the growth of the market over the forecast period.
The indoor farming market is likely to witness an increase in demand during the next six years. The increasing adoption of indoor farming across various economies driven by the remarkable benefits offered by the indoor farming methods as compared to the traditional methods of farming, such as improves efficiency and provides the ability to enable farming in a limited space. Moreover, continuous technological advancements and the increasing number of research & development activities in the indoor farming including the implementation of IoT, is leading to the optimization in the food production, which will further accelerate the growth of the indoor farming market size.
The growing population growth rate and rapid urbanization are leading to an increase in the demand for food, thus enhancing the demand of the global indoor farming market over the coming years. The indoor farming market minimizes the effects of severe climatic changes to the yields and offers ample water to the crops. In addition to this, the growing initiatives by the governments to provide subsidies and support programs for the adoption of indoor farming to decrease the use of water and improve the efficiency in production is further surging the market growth.
The emergence of the coronavirus crisis has positively influenced the global indoor farming market, especially in 2020. The growing incidences of farmers refusing to go to the field area due to the unavailability of facemasks and to maintain social distancing are the two major factors that are encouraging the farmers to opt for indoor farming practices. Furthermore, the farmers are largely adopting vertical indoor farming to tackle a range of problems such as less contact of the crop with the external environment, close to the area of consumption, and minimum usage of natural resources.
On the basis of the growing system, the hydroponics segment exhibits substantial growth potential and is projected to gain traction over the forecast period. This is attributed to the high adoption of this system of implementing indoor farming due to the numerous benefits offered such as more efficient use of water as compared to the traditional methods, decreases the usage of insecticide, & herbicides, enhances growth rate, efficient use of nutrients and ability to perform at places where soil and weather conditions are not favorable.
Based on the facility type, the indoor vertical farms segment is predicted to witness considerable growth in the next six years owing to the growing implementation of vertical farms for indoor farming across several countries because of their ability to optimize the energy consumption, use of no pesticides or herbicides, and enhanced crop yield. Additionally, continuous technological advancements and the significant shift in the consumer’s preference towards organic food will further strengthen the growth of the segment in the market.
On the basis of the region, the Asia-Pacific region is projected to lead the indoor farming market in the next six years. This is due to the growing adoption of indoor farming in numerous countries such as Japan and China, to meet the challenge of varying climatic conditions. Moreover, the increasing population rate is leading to a growth in the demand of food and diminishing of arable land and the rising adoption of advanced technologies across Japan, China, and other countries having plenty of indoor vertical farms are some other factors that are responsible for the expansion of the market in this region.
The key players of the indoor farming market include Netafim, Illumitex, General Hydroponics, Argus Control Systems Limited, Logiqs B.V., LumiGrow, Everlight Electronics Co., Ltd., Signify Holding, Vertical Farm Systems, and Hydrodynamics International, among others.
The research report on the indoor farming market provides an in-depth analysis of the market revenue based on growing system, facility type, component, crop type, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
