The indoor farming market is estimated to be valued at US$ 42,097.4 million in 2023. In contrast, the market was valued at US$ 38,783.8 million in 2022. The market is expected to grow at a CAGR of 9.8% over the forecast period from 2023 to 2033. The valuation of the indoor farming market is forecasted to be US$ 1,06,963.1 million by 2033.
The modernization of traditional outdoor farming is being aided by indoor farming to satisfy the burgeoning food requirements of an ever-expanding global population. The increasing general population is therefore leading to the implementation of indoor farming technologies.
However, issues such as global warming and land conflicts have continued to create a shortage of arable lands. In the absence of farmable land farmers are resorting to indoor farming. Indoor farming also allows farmers to have a higher level of control. Indoor farming allows farmers to control the consumption of resources and thus they are able save money.
Request a Sample Report and Explore New Growth Opportunities Now:
https://www.futuremarketinsights.com/reports/sample/rep-gb-14291
As farmers gain more control over crop production with modern methods, indoor farming has more scope. Indoor farming enables farmers to grow exotic crops, regardless of geography. Indoor farming also allows first-time and amateur farmers to join the ranks and open small-scale operations.
Key Takeaways from the Indoor Farming Market
· The indoor farming market is expected to be US$ 42,097.4 million in size in 2023.
· Greenhouses are the most common type of facility used in indoor farming. In 2023, greenhouses hold 45.2% of the market share by facility type.
· Hydroponics is the system most used to grow food in indoor farming. The hydroponics segment accounts for 47.4% of the market share in 2023.
· Australia is predicted to be one of the fastest-growing countries in the market. From 2023 to 2033, the CAGR for the market in Australia is expected to be 11.9%.
· Japan is one of the Asian countries with significant potential for market growth. The CAGR for Japan market is predicted to be 11.8% through 2033.
· The CAGR of the market in Canada is pegged at 10.4% over the forecast period.
Gain Immediate Access to Detailed Market Insights: Purchase Now: https://www.futuremarketinsights.com/checkout/14291
Competition Analysis of the Indoor Farming Market
The fragmented market holds promise for both big-name and small-scale players. Sustainability and the preservation of resources are priorities for many of the players in the market. Some of the prominent companies in the market are Argus Control Systems Ltd., Certhon, AeroFarms, Bright Farms Inc., and Richel Group.
Top 10 Key Players in the Indoor Farming Market
· AeroFarms
· Argus Control Systems Ltd.
· Bowery Inc.
· Bright Farms Inc.
· Certhon
· FreshBox Farms
· General Hydroponics
· Hydrodynamics International
· Illumitex
· Lumigrow
Recent Developments in the Indoor Farming Market
· In October 2023, a new plant was announced for the Como region of Italy by Planet Farms. The brand is interested in market expansion.
· In August 2023, Gotham Greens launched a second greenhouse in the Colorado region of the United States. The indoor farm is high-tech and uses hydroponics.
· In May 2022, Fluence was acquired by Signify Holding. By means of the acquisition, Signify Holding takes a step into the lighting sector of the indoor farming market.
About Future Market Insights, Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
Comments
0 comment