Westford, USA, Dec. 09, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the indoor farming market size will attain a value of USD 101.92 billion by 2031, with a CAGR of 12.9% over the forecast period (2024-2031). Diminishing availability of arable land around the world and advancements in grow light and LED technologies are expected to primarily drive global indoor farming market growth in the future. Growing emphasis on improving food security and maximizing crop yields from urban farming practices are expected to further bolster the demand for indoor farming over the coming years.
The global indoor farming market is experiencing significant growth, driven by the increasing demand for sustainable and locally grown produce. North America leads the market, particularly in the U.S. and Canada, with technological advancements like hydroponics and vertical farming. Europe follows with a strong focus on sustainability and food security, while the Asia Pacific region is expanding due to rapid urbanization and a rising demand for fresh food. The Middle East is also adopting indoor farming to address water scarcity. Market growth is fueled by innovations in farming technology, consumer preferences for organic produce, and urbanization across all regions.
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Indoor Farming Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 38.61 Billion |
| Estimated Value by 2031 | USD 101.92 Billion |
| Growth Rate | Poised to grow at a CAGR of 12.9% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Facility Type, Component, Growing Mechanism, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Limited availability of arable land around the world |
| Key Market Opportunities | Integration of automation and sustainable technologies |
| Key Market Drivers | Advancements in grow light and LED technologies |
High Yield in Less Space Allows Vertical Farms to Bring in Most Revenue
Vertical farms promote crop growing in a vertical format in layers. This allows for maximization of space utilization whilst improving crop yields as well. Vertical farms are gaining massive traction in urban environments with limited growing space thereby cementing the high indoor farming market share of this segment.
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Increasing Integration of Advanced Technologies Slated to Boost Demand for Novel Software
Growing integration of advanced technologies such as Internet of Things (IoT), artificial intelligence, big data analytics, etc. is expected to present new opportunities for indoor farming providers. All of these technologies necessitate the use of advanced software solutions with user-friendly interface thereby making this a highly opportune segment in the global indoor farming industry.
High Emphasis on Sustainability Aids Europe to Maintain Lead Global Indoor Farming Market
Adoption of sustainable agriculture practices and supportive government initiatives for the same are allowing Europe to hold sway over the global indoor farming demand outlook. Availability of subsidies and incentives for greenhouses and high emphasis on improving food security are also promoting the demand for indoor farming in the European region through 2031. Italy, France, Germany, and the United Kingdom are forecasted to be the most opportune markets in this region.
Indoor Farming Market Insights:
Drivers
- Limited availability of arable land around the world
- Advancements in LED light and grow light technologies
- High emphasis on improving crop yields in urban farming setups
Restraints
- High operational costs and energy consumption
- Limited variety of crops can be grown using indoor farming
- Lack of awareness among people in developing countries
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Prominent Players in Indoor Farming Market
- Infarm (Germany)
- Plenty (USA)
- Aerofarms (USA)
- Gotham Greens (USA)
- Sky Greens (Singapore)
- Lufa Farms (Canada)
- Farm8 (South Korea)
- Urban Crop Solutions (Belgium)
- Agrilution (Germany)
- Inno-3B (Canada)
Key Questions Answered in Indoor Farming Market Report
- How sustainability impacts the adoption of indoor farming?
- Can high operational costs be reduced in the future?
- Which leading companies are mentioned in this global indoor farming market analysis?
- Why is Europe leading the global indoor farming market outlook?
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This report provides the following insights:
Analysis of key drivers (limited availability of arable land, advancements in grow light and LED technologies), restraints (high operational costs, high energy consumption, limited awareness in developing countries), and opportunities (integration of automation and sustainable technologies) influencing the growth of indoor farming market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the indoor farming market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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