Indoor Farming Market Size Predicted To Reach Total Valuation Of US$ Billion By 2031

Jun 13, 2023

Report Ocean has recently published a comprehensive study on the Indoor Farming Market, covering the prediction period of 2023-2031. Throughout the years, this report has diligently examined the industry, taking into account various factors such as macroeconomic parameters, consumer buying patterns, microeconomic parameters, GDP growth rate, inflation rate, and market demand-supply scenarios.

A comprehensive market research report has recently analyzed the worldwide "Indoor Farming Market" industry, employing segmentation based on Geographical Regions, Country, Company, Types, and Applications. Within the Beauty and Personal Care Packaging sector, numerous prominent Key Players[AeroFarms, Sky Greens, BrightFarms Inc., Green Sense Farms LLC, BrightFarms Inc., Village Farms International Inc., Bowery Inc., Garden Fresh Farms, FreshBox Farms, Metropolis Farms Inc., Everlight Electronics, Argus Control Systems, Grobo, Signify Holding, VitaLink, Hydrodynamics International, Emerald Harvest, Advanced Nutrients, General Hydroponics, Hydroponics System International, Heliospectra AB, Vertical Farm Systems, Richel Group], have emerged as leaders by implementing diverse strategies aimed at extending their market presence and strengthening their industry position. This report furnishes valuable insights to stakeholders and participants operating in the global market, equipping them with a competitive edge and offering a robust resource to fulfill their business needs effectively.

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Report Ocean, revealed that the global indoor farming market was worth USD 15.7 billion in the year 2021. The market is projected to grow at a CAGR of 10.20%, earning revenue of around USD 30.8 billion by the end of 2022

Russia-Ukraine War on Market

The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.

Integration of Advanced Technologies in Indoor Farming Practices is Driving the Market Growth

The integration of advanced technologies is one of the major components of indoor farming to function. Indoor farming deploys multiple technologies including the Internet of Things (IoT), artificial intelligence, big data analytics, robotics, etc., to create a specific environment that the plant or crop needs to grow. These technologies are also used to monitor, test, review and improve predictive analysis through the collection of data by IoT sensors and provide necessary changes to boost production and quality of the output.

Global Indoor Farming Market – By Component

Based on components, the global indoor farming market is segmented into hardware and software & services. The hardware segment holds the largest market share. This segment is further classified into irrigation systems, climate control systems, sensors, lighting systems, communication systems, system controls, and others. These components play a crucial factor in providing the accurate environment for the plants to grow according to their needs, which is driving its overall market growth.

Global Indoor Farming Market – By Crop Type

Based on crop type, the global indoor farming market is segmented into fruits & vegetables, herbs & microgreens, flowers & ornamentals, and others. The fruits & vegetable segment accounts for the largest market share. The companies are significantly focusing on producing fruits and vegetables, among which tomato leafy greens, chili peppers, etc., are emerging as the most popular choice to generate maximum profit. The flowers and ornamentals segment also covers a substantial market share.

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Global Indoor Farming Market – Regional Insights

Geographically, the global indoor farming market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Europe dominates the global indoor farming market owing to the high penetration and investment towards high-end technologies such as Controlled Environment Agriculture, sensors, use of LEDs for lightening, etc. Furthermore, favorable government initiatives such as subsidies to the indoor farming components and infrastructures also play a crucial role in propelling the growth of the market in the European regions.

Market Segment:By Growing System(Aeroponics, Hydroponics, Aquaponics, Soil-Based, Hybrid)By Facility Type (Glass Or Poly Greenhouses, Indoor Vertical Farms, Container Farms, Indoor Deep-Water Culture (DWC) Systems)By Component(Hardware, Software & Services)By Crop Type(Fruits & Vegetables, Herbs & Microgreens, Flowers & Ornamentals, Others)By Region(North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)

PESTLE Five Forces and SWOT Analysis:

The report carries out five forces analysis to better understand market conditions. These factors are the bargaining power of customers, the bargaining power of suppliers, the threat of new competitors, the threat of substitutes, and the threat of rivalry.

-Political (including trade, budgetary, and tax policies, as well as political policy and stability)

-Economic factors (interest rates, employment or unemployment rates, costs of raw materials, and foreign exchange rates)

-Social (shifts in attitudes and habits, as well as shifting family demographics and educational and cultural trends)

Technological (research and development, automation, changes in digital or mobile technologies)

-Legal (labor laws, consumer protection laws, health, and safety laws, international trade regulations and limits)

-Environmental considerations (climate, recycling practices, carbon footprint, waste management, and sustainability)

SWOT is a strategic analytical tool for evaluating a company's strengths and weaknesses, opportunities accessible to the company, and threats the company faces. Both organizational and individual levels can benefit from using SWOT analysis.

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