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Written by Ravinder » Updated on: November 19th, 2024
The latest report by IMARC Group, titled “Indoor Farming Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” offers a comprehensive analysis of the indoor farming market scope. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
The global indoor farming market size reached US$ 19.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 43.9 Billion by 2032, exhibiting a growth rate (CAGR) of 9.1% during 2024-2032.
Indoor Farming Market Trends:
The scarcity of arable land due to urbanization, soil degradation, and competing land uses is catalyzing the demand for indoor farming. Traditional outdoor agriculture faces challenges in meeting the growing demand for food while preserving natural ecosystems. Indoor farming offers a solution by maximizing land use efficiency through vertical farming and repurposing non-arable spaces like warehouses. This approach is beneficial in reducing the environmental footprint associated with land conversion and long-distance transportation.
Moreover, indoor farming mitigates soil degradation and nutrient depletion by using soilless cultivation methods. Besides this, indoor farming requires less water as compared to traditional agriculture methods, making it an attractive option in regions facing water scarcity or drought conditions.
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Global Indoor Farming Market Scope & Growth Analysis:
The scope of the market encompasses a diverse range of crops, including vegetables, fruits, herbs, and flowers, cultivated in various indoor environments such as vertical farms, greenhouses, and container farms. Market growth is driven by continuous innovations in farming technologies, such as LED lighting, climate control systems, and advanced sensors, which optimize growing conditions and resource utilization.
In addition, the market is also benefiting from the increasing consumer preference for organic and locally sourced produce, which indoor farming can efficiently provide. The growing adoption of indoor farming due to increasing preferences for fresh and locally sourced produce among the masses worldwide is offering a positive market outlook. Consumers are increasingly focusing on fresh, high-quality, and sustainable food choices. In addition, indoor farming enables year-round production in urban areas. Indoor farms reduce carbon emissions associated with food miles by eliminating the need for long-distance transportation. The ability to grow a variety of crops in controlled environments ensures consistent availability and quality, enhancing satisfaction among individuals.
Competitive Landscape with Key Players:
Key Market Segmentation:
Breakup by Crop Type:
Flowers and Ornamentals
Fruits, Vegetables and Herbs
Others
Breakup by Facility Type:
Breakup by Component:
Software
Hardware
Breakup by Growing System:
Breakup by Region:
Why Choose IMARC Research Report:
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company’s expertise.
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IMARC Group
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