Vancouver, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The global indoor farming market size was USD 17.80 Billion in 2022 and is expected to register a steady revenue CAGR of 9.8% during the forecast period, according to latest analysis by Emergen Research. Rising demand for fresh foods with nutritive value is the primary factor driving market revenue growth. Indoor farming is the practice of producing plants and crops on a large or small scale totally indoors using hydroponics and artificial light. Artificial light is essential to provide nutrients to the plant and promote plant development. Indoor farming has numerous advantages, such as ability to modify climatic conditions of the farm based on their needs, and pest contamination of crops.
In addition, technological advancements in indoor farming methods is another key factor driving revenue growth of the market. For instance, on 9 June 2023, Certhon and Living Greens Farm announced a collaboration to further develop and spread Living Greens Farm's aeroponic technology globally. Their game-changing vertical farming technique provides a one-of-a-kind product proposition for full-size head lettuce varietals with an extremely long shelf life, as well as ready-to-eat bagged salads and salad kits. However, high initial expenditure owing to great complexity of creating a commercial operation is a key factor, which could restrain market revenue growth.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 17.80 Billion |
| CAGR (2023–2032) | 9.8% |
| Revenue Forecast To 2032 | USD 45.23 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Crop type, technology, component, farm size, end-use, and region. |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | AeroFarms, Bowery Farming Inc., BrightFarms, Gotham Greens, 80AcresFarms, Freight Farms, Inc., AppHarvest, Vertical Harvest, Greener Crop Inc., Eden Green Technology, INFARM, Living Greens Farm, Inc., Revol Greens, Modular Farms, Crop One, Heliospectra, Sundrop Farms, Lufa Farms Inc., Urban Crop Solutions, and Farmshelf |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global indoor farming market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective farming solutions in the market.
Some major players included in the global indoor farming market report are:
- AeroFarms
- Bowery Farming Inc.
- BrightFarms
- Gotham Greens
- 80AcresFarms
- Freight Farms, Inc.
- AppHarvest
- Vertical Harvest
- Greener Crop Inc.
- Eden Green Technology
- INFARM
- Living Greens Farm, Inc.
- Revol Greens
- Modular Farms
- Crop One
- Heliospectra
- Sundrop Farms
- Lufa Farms Inc.
- Urban Crop Solutions
- Farmshelf
Strategic Development
- On 6 February 2023, Kroger extended its partnership with indoor farming business Gotham Greens. Gotham Greens supplied the retailer with vegetables as well as plant-based dips, cooking sauces, and dressings to about 2,000 Kroger shops. This collaboration comes as Kroger expands its environmental initiatives and vertical farming becomes more common in the sector.
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Some Key Highlights from the Report
- The greenhouse farming segment accounted for largest revenue share in the global indoor farming market in 2022. This is attributed to rising demand for greenhouse farming since it enhances crop production that allows the creation of ideal climate conditions for plant growth and produces more plants per square foot than open-field farming. Greenhouse farming protects crops from harsh climate-related occurrences, such as rapid temperature rises or dips and keeps birds and other animals away from crops, which can be harmful. In addition, greenhouses also help to prevent pests, hence driving revenue growth of this segment.
- The hydroponics segment is expected to register steadily fast revenue growth rate in the global indoor farming market during the forecast period. This is due to rising demand for hydroponics farming since in the same amount of space, hydroponics produces three to 10 times more food than conventional agriculture. Hydroponics farming uses 20 times less water than conventional agriculture because the water is recirculated and reused and there is no water pollution or soil contamination from fertilizers or pesticides since it is a closed system. In addition, hydroponics farming also enables plants to grow in hostile areas with weak soils or extreme weather, hence driving revenue growth of this segment.
- The small-scale farms segment is expected to account for significantly large revenue share in the global indoor farming market during the forecast period. Many individuals and families use small-scale indoor farming for personal consumption, which as a result helps to grow fresh herbs, and vegetables. Small-scale indoor farming is ideal for community gardens and urban agriculture initiatives since it enables urban residents to grow their own products. In addition, small-scale indoor farming also contributes to food security by providing a reliable source of fresh produce, which is also expected to drive revenue growth of this segment during the forecast period.
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Emergen Research has segmented the global indoor farming market on the basis of crop type, technology, component, farm size, end-use, and region:
- Crop Type Outlook (Revenue, USD Billion; 2019–2032)
-
- Leafy Greens
- Herbs
- Fruits
- Microgreens
- Root Vegetables
- Mushrooms
- Others
- Technology Outlook (Revenue, USD Billion; 2019–2032)
-
- Hydroponics
- Aquaponics
- Aeroponics
- Vertical Farming
- Greenhouse Farming
- Indoor Vertical Farms
- Container Farming
- Hybrid Farming
- Component Outlook (Revenue, USD Billion; 2019–2032)
-
- Lighting Systems
- Climate Control Systems
- Irrigation Systems
- Sensors and Monitoring Devices
- Growing Media
- Nutrient Delivery Systems
- Climate Control Equipment
- Others
- Farm Size Outlook (Revenue, USD Billion; 2019–2032)
-
- Small-Scale Farms
- Medium-Scale Farms
- Large-Scale Farms
- End-use Outlook (Revenue, USD Billion; 2019–2032)
-
- Commercial Growers
- Community and Urban Farms
- Research and Educational Institutions
- Home and Hobbyists
- Restaurant and Retail Chains
- Cannabis Cultivation
- Other Specialty Crops
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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