The Indoor Farming market is projected to grow at a CAGR of 10.2% to reach USD 53.7 billion by 2026 from 27.2 billion in 2019. The increasing urbanization and rising population have created a growth in the demand for food, this has in turn led to the demand for indoor farming. This market is growing at a double-digit CAGR.
The research report analyses the ecosystem of Indoor Farming and categorizes the Indoor Farming Market to forecast the revenues and analyse the trends in each of the following below-mentioned market segments.
Unique Insights Provided by this report also includes the following:
In terms of Growing System the Aeroponics, the segment is estimated to be the fastest-growing segment during the forecast period
In terms of the Growing System, the global Indoor Farming market can be segregated into Hydroponics, Aeroponics, Soil-Based, Aquaponics, Hybrid and Others. The Aeroponics segment of the Indoor Farming market is projected to be the fastest-growing segment. In Aeroponics, the roots of plants inserted are inserted in containers filled with plant nutrients, instead of soil. This also aids in better oxygenation and further helps the plants absorb nutrients and moisture effectively, thereby assisting in rapid development and cultivation.
The Aeroponics system also enhances crop yields and reduces costs as compared to other traditional farming techniques or to any other alternative farming methods. This farming method does not need pesticides; hence it is highly environment friendly.
By Facility Type, the Indoor Vertical Farm is expected to be the fastest-growing segment
Indoor Vertical Farm is expected to grow at the highest CAGR during the forecast period. The growing demand for sustainable food production in the Middle East countries is possible by adopting Indoor vertical farming technologies in agriculture. It is thus fast gaining popularity and therefore emerging as the fastest-growing segment of the Indoor Farming market. The main advantages of indoor vertical farm-grown fruits and vegetables are that they are pesticide- and herbicide-free, less need for water and land, have short grown cycles, and offer year-round production.
Europe is expected to be the largest segment in the forecast period
Europe accounted for the largest share of the Indoor Farming market. The region is also projected to witness a higher product demand in the coming years on account of higher urbanization, rising demand for organic foods, environment-friendly agriculture practices, shifting consumer preferences, and changing lifestyle habits. Rising disposable income coupled with growing consumer awareness in major Asia- Pacific countries such as Japan, China, India, Malaysia, Singapore, South Korea, and Indonesia has contributed to the growing market of Indoor Farming in this region. Geographically, Asia-Pacific is expected to witness the fastest growth in the indoor farming market.
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Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.