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The report on the Indoor Farming Market offers a detailed analysis of the market size, trends, drivers and restraints, industry attractiveness, competitiveness, and long-term forecast to 2025. The report is segmented by growing system (aeroponics, hydroponics, aquaponics, soil-based, and hybrid), facility type (glass or poly greenhouses, indoor vertical farms, container farms, indoor deep water culture systems, and other facility types), and crop type (fruits and vegetables, herbs and microgreens, flowers and ornamentals, and other crop types). The market also includes a geography-based segmentation analysis, covering over 16 countries across the world.
Fastest Growing Market:
The indoor farming market was valued at USD 112.63 billion in 2019, and it is projected to reach USD 131.22 million by 2025, registering a CAGR of 2.5% during the forecast period.
The market for indoor farming is experiencing rapid growth, owing to the limited land use, water efficiency, and the benefits of controlled farming devoid of any climate change. The advent of indoor farming has also spurred concerns over the environmental impact of conventional farming practices, globally. The report on the indoor farming market is segmented on the basis of the current growing systems, facility type, and various crop types. The report also includes a segmentation analysis based on geography, covering all the major countries across the world.
|Glass or Poly Greenhouses|
|Indoor Vertical Farms|
|Indoor Deep Water Culture Systems|
|Other Facility Types|
|Other Crop Types|
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One of the main reasons for the diminishing yield is that the cultivable land has been shrinking over the years. The other reasons for lower yield are unfavorable weather conditions, like droughts, floods, soil erosion, and heavy utilization of pesticides, which is decreasing the fertility of the soil, globally. The main reasons for maximizing crop yields are to feed the increasing population and meet the demand for food. In small regions, high yield with good quality can be achieved using advanced farming techniques, like indoor farming. An increase in health consciousness and consumption of residue-free food has paved the way for the usage of advanced techniques, like indoor farming. People are growing the necessary crops in their own houses on a small scale, in order to have food that is free from pests, and this has resulted in a higher yield. Therefore, the increasing need for maximizing crop yields is expected to drive the indoor farming market in the future.
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North America accounted for the largest share in the global indoor farming industry in 2018. With the help of high-efficiency LED lights and enhanced indoor management practices, the US growers have been able to adopt large-scale indoor farming. Such practices are expected to reduce energy lighting costs by 50%, thus, reducing the carbon footprint of controlled environment agriculture. As per the US Department of Agriculture (USDA), the average yield of conventional lettuce farming doubled by two folds, when cultivated through vertical farming. According to the UN Food and Agriculture Organization, drylands in Mexico occupy approximately 101.5 million hectares of land, thereby, thrusting the need for indoor farming practices. Canada has also seen a positive growth trend, contributing significantly to the world exports of hydroponically grown tomatoes. The growth of hydroponics and aeroponics systems in the region is further driving the overall indoor farming market, majorly due to the increasing focus on adopting innovative and efficient technologies to improve the yields.
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The market for indoor farming is highly fragmented, with the top players accounting for a minor share and the other small companies capturing the major share in the market. Some of the notable players in the market are AeroFarms, Bright Farms Inc., Bowery Inc., FreshBox Farms, Metropolis Farms Inc., Garden Fresh Farms, and Village Farms International Inc. The most adopted strategies by these companies have been mergers, acquisitions, and incurring investments for setting up farms, globally. For instance, AeroFarms, the aeroponics giant based in the US, included IKEA Group and Momofuku Group for investments worth USD 40 million for its global expansion in 2017.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.4 Market Restraints
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Growing System
5.2 Facility Type
5.2.1 Glass or Poly Greenhouses
5.2.2 Indoor Vertical Farms
5.2.3 Container Farms
5.2.4 Indoor Deep Water Culture Systems
5.2.5 Other Facility Types
5.3 Crop Type
5.3.1 Fruits & Vegetables
188.8.131.52 Leafy Vegetables
184.108.40.206.4 Other Leafy Vegetables
220.127.116.11 Other Fruits & Vegetables
5.3.2 Herbs and Microgreens
18.104.22.168 Other Herbs and Microgreens
5.3.3 Flowers and Ornamentals
22.214.171.124 Other Flowers and Ornamentals
5.3.4 Other Crop Types
5.4.1 North America
126.96.36.199 Rest of North America
188.8.131.52 Rest of Europe
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.4.4 South America
18.104.22.168 Rest of South America
22.214.171.124 South Africa
126.96.36.199 Rest of Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.2 Bright Farms Inc.
6.3.3 Bowery Inc.
6.3.4 FreshBox Farms
6.3.5 Metropolis Farms Inc.
6.3.6 Garden Fresh Farms
6.3.7 Village Farms International Inc.
6.3.8 Green Sense Farms LLC
6.3.9 Sky Greens (Sky Urban Solutions)
7. MARKET OPPORTUNITIES AND FUTURE TRENDS