The global Indoor Farming Market size is estimated to reach USD 122.3 billion by 2030, exhibiting a CAGR of 13.5% from 2022 to 2030, according to the new report conducted by Grand View Research, Inc. The increasing demand for food owing to the rising population is expected to drive the growth. Factors such as declining water supply, urbanization, and climate change have contributed to the loss of arable land. This, in turn, is driving demand for indoor farms to produce food. In addition, challenges, such as rising global temperature and extreme weather conditions, act as a barrier to the traditional farming technique. The European Environment Agency (EEA) has carried out several initiatives to build vertical farms to overcome these challenges and produce food in an eco-friendly way.
Indoor farming increases the crop yield and reduces
the farming impact on the environment by reducing the distance traveled in the
supply chain. It reduces the need for the land space required to grow plants
compared to traditional farming methods by using growing shelves mounted
vertically. Rising consumer awareness regarding the consumption of healthy and
fresh food is anticipated to positively influence the market for indoor farming
during the forecast period. Furthermore, the use of technology, such as LED
indoor farming, to create nature-like conditions will help farmers meet the
expected demand for food supply in the near future.
Europe dominated the market in 2021 and is anticipated
to remain dominant over the forecast period, owing to the continuous adoption
of advanced technologies such as LED lighting, and controlled environment
agriculture. Asia Pacific is expected to exhibit the fastest CAGR from 2022 to
2030, owing to the increasing indoor farms in countries such as China and
Japan. Increasing adoption of greenhouses and vertical farms is expected to
support regional growth. In addition, the rising demand for pesticide-free,
fresh vegetables and fruits is expected to fuel the regional market growth.
Related Press Release@ Indoor Farming Market Report
Indoor Farming Market Report
Highlights
- The greenhouses segment dominated the market in terms of revenue in
2021, as these facilities produce higher yields. Greenhouses offer a
stable and highly controlled environment for the cultivation of flowers,
vegetables, and fruits
- The fruits, vegetables, and herbs segment is estimated to register
the fastest CAGR over the forecast period, owing to the increasing food
consumption along with growing consumer awareness regarding the importance
of healthy eating, especially in regions such as Europe and Asia Pacific
- The climate control systems segment is projected to expand at the
highest CAGR during the forecast period, as crop development can be
controlled by adjusting and monitoring the concentration of minerals
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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