Indoor Farming Companies | Forecast by 2033

22 Aug 2024

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Table of Content

1. Indoor Farming Market Companies, Trends and Recent Innovations 2. Market Overview 3. Indoor Farming Market Emerging Trends 4. Top Companies in the Indoor Farming Market 5. Regional Insights 6. Market Potential & Growth Opportunity 7. Indoor Farming Market Highlights 8. Indoor Farming Market News

Indoor Farming Market Companies, Trends and Recent Innovations

The global indoor farming market was exhibited at USD 38.04 billion in 2023 and is anticipated to touch around USD 131.67 billion by 2033, poised to grow at a CAGR of 13.22% during the forecast period. The growing awareness about the importance of consuming fresh and chemical-free vegetables drives the indoor farming market.

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Market Overview

Indoor farming refers to cultivating crops and vegetables within a closed environment. Unlike traditional agriculture, it does not require large equipment for cultivation and allows the growers to optimize the growth of their yield. Also, this practice occupies less space than traditional agriculture, allowing the farmers to grow more plants in smaller spaces. Since it is practiced inside a closed environment, the yields remain protected from natural calamities such as drought or storms.

Deforestation, rapid urbanization, and land degradation have led to the shortage of arable lands. This factor has affected many countries across the globe, leading to the possibility of a food crisis. Food security concerns have played a crucial role in popularizing this practice worldwide, and therefore, the popularity of indoor farming is increasing significantly day by day. For instance, people nowadays have started growing leafy green vegetables, herbs, and medical plants via methods like methods like vertical farming, hydroponics, aquaponics, and so on.

Indoor Farming Market Emerging Trends

• The trend of growing exotic vegetables might create issues while growing up in outdoor farming. It gives an idea about growing and caring for vegetables and helps consume organic food.
• Technological advancement has made it easy to grow fruits and vegetables of your own choice indoors as there are many tools of different sizes available in the market, which makes the workload of farming easy.
• Such farming gives a whole idea of the investment that is required for farming that can help people with new start-up ideas that can help to build farming businesses. Such scope in indoor farming drives the market growth.

Increasing Demand for Fresh Foods and Shortage of arable Lands

Today, the demand for fresh vegetables and fruits is at its peak. People are becoming more conscious about their health; they prefer fresh food items grown without using any pesticide or herbicide and have high nutritional value for consumption. As a result, farmers and even the common people have started practicing indoor farming. Even many big companies have entered this game and are now partnering with other firms to meet the needs. The increasing consumer demand has escalated the growth of the indoor farming market.

• In January 2022, Walmart, an American retail corporation that operates a chain of grocery stores, hypermarkets, and discount department stores, partnered with Plenty to lead the future of fresh produce.

The rapid increase in urbanization, deforestation, industrialization, and other human practices have affected the lands. As a result, many countries worldwide are facing the issue of arable land shortage. Thus, the concept of indoor farming was introduced, which proved to be an effective method to tackle this problem. Many countries like Singapore are coming up with new methods of indoor farming that use limited land and have longer lifespans to fight the food crisis.

• In November 2023, Fischer Farms, a United Kingdom-based private vertical farming company, opened the world’s biggest vertical farm in the heart of Norfolk with an ability to produce 250 times more leafy greens than traditional farming.

The consumption of energy during indoor farming is high which restrain the growth of the indoor farming market. The requirement of climate, moisture, and virtual light while farming indoors is energy-intensive. This high consumption of energy required high initial costs which hinder the growth of the market.

Top Companies in the Indoor Farming Market

• AeroFarms
• Freight Farms
• Plenty Unlimited Inc.
• Infarm
• Bowery Farming
• BrightFarms
• Crop One Holdings, Inc.
• Gotham Greens
• Urban Crop Solutions
• Altius Farms
• AppHarvest
• Babylon Micro-Farms
• Village Farms International
• CubicFarm Systems
• Heliospectra
• Hydrofarm Holdings Group
• Just Vertical Incorporated
• Elevate Vertical Farm
• LettUs Grow
• Oishii
• Vertical Harvest, L3C
• Agrilution

Recent Development by Cox Enterprises

Recent Development by Masdar City

Regional Insights

Asia Pacific is expected to show the fastest growth in the indoor farming market during the forecast period due to the awareness among people about indoor farming practices. The growth in this region is majorly due to the initiatives taken by the governments of countries such as China, Japan, India, South Korea, and Thailand.

The rising development of the market players in this region, which has introduced various new methods and technologies, is driving the indoor farming market rapidly. The continuous investment in the experiments and research studies on this sector also helps in the growth of the market.

• In India during 2014-25, the budget fixed for the agriculture department is Rs. 7.27 lakh crore, which was earlier Rs. 1.37 lakh crore in 2007-14. Pradhan Mantri Fasal Bima Yojana (PMFBY) is considered the largest crop insurance scheme worldwide and in the case of insurance premiums, it is considered as the third largest scheme.

The government of Japan granted financial support to farmers and corporations to support them with the adoption of agriculture machinery and technology. The help is provided by loans to farmers located in unfavorable geographical areas and many such circumstances.

• In December 2023, Oishii launched the RubÄ« Tomato, which is considered the sweetest tomato. The company used AI to gather the data and visual recognition for monitoring and pollination purposes. It is grown by practicing the vertical farming method.

Europe dominated the global indoor farming market in 2023. The rising development in the indoor farming market rapidly by the well-known market players and also the increasing investment by the governments of countries such as Germany, Italy, France, UK, Spain, Sweden, Denmark, and Norway pushing the market and hence the region is dominating worldwide.

• Four British market players, Intelligent Growth Solutions Ltd, James Hutton Institute, UK Urban AgriTech (UKUAT), and RheEnergise, are permitted by the UK government to promote low-cost food and low-carbon production.

The presence of well-developed market players such as Ÿnsect, About Sencrop - F6s Profile, Fork Farms, Freight Farms, Local Bounti, Babylone growers, and many others continuously brings innovation to the market. Regular research in this field and upgrades have led to the development of the indoor farming market.

• In February 2023, Futura Gaïa, which is a French start-up company that has developed an automated soil-based vertical farming solution, this company has raised €11 million to secure vertical agriculture technique.

Market Potential & Growth Opportunity

Various developments are occurring regularly in the indoor farming market, and there is a rising number of market players in this sector. Several governmental funds are needed to make people aware and influence them in this farming sector. By using several types, such as vertical farming, greenhouses, and many others, the market is consistently expanding. With the advancements in the technological field and the introduction of new web-based and cloud-based software, the indoor farming market is rapidly growing. In many developed countries, their governments are introducing schemes to allow insurance policies, loans, and many others to promote this type of farming method.

• In October 2022, the U.S. Department of Agriculture decided to invest $14.2 million in around 52 grants. This is to provide support to urban agriculture and the products associated with it.

Investment with such a huge amount attracts people to indulge in this field to get secure earning sources which result in various startup businesses and also influence the market to grow exponentially.

Indoor Farming Market Highlights

Indoor Farming Market News

• In March 2024, Cox Enterprises introduced Cox Farms and included two indoor farming companies, Mucci Farms and BrightFarms. This step is taken with the intention to support and invest so that the companies can grow new green vegetables.
• In February 2024, Masdar City launched Alesca Technologies, which is an agricultural technology and indoor vertical farm, to resolve food security issues. This project includes AI software that will help to grow various leafy vegetables.

Market Segmentation

By Facility Type

• Greenhouses
• Vertical Farms
  • Shipping Container
  • Building-based
• Others

By Component

• Hardware
  • Climate Control Systems
  • Lighting Systems
  • Sensors
  • Irrigation Systems
• Software
  • Web-based
  • Cloud-based
• Services
  • System Integration & Consulting
  • Managed Services
  • Assisted Professional Services

By Growing Mechanism

• Aeroponics
• Hydroponics
• Aquaponics

By Crop Category

• Fruits, Vegetables & Herbs
  • Tomato
  • Lettuce
  • Bell & Chili Peppers
  • Strawberry
  • Cucumber
  • Leafy Greens
  • Herbs
  • Others
• Flowers & Ornamentals
  • Perennials
  • Annuals
  • Ornamentals
  • Others

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