Indoor farming market is anticipated to grow at a significant CAGR of 10.2% during the forecast period (2024–2031). The market growth is attributed to rising concerns over water levels, and land scarcity globally, requiring the adoption of innovative techniques such as vertical and indoor farming, consuming less water and land for farming. For instance, in July 2022, Bustanica opened the world’s largest hydroponic farm, with an investment of $40.0 million. The facility is a joint venture between Emirates Flight Catering (EKFC), one of the world’s largest catering operations serving more than 100 airlines, and Crop One, an industry leader in technology-driven indoor vertical farming. It can produce more than 1,000,000 kilograms of high-quality leafy greens annually, while requiring 95.0% less water than conventional agriculture. At any point in time, the facility grows more than 1m cultivars (plants), which will provide an output of 3,000 kgs per day.
Simultaneously, investments and partnerships are being made by private players to leverage technology and services to optimize their land and water resources. For instance, in January 2022, Walmart announced an agreement to invest in Plenty Unlimited Inc., an indoor vertical farming company, as part of their $400.0 million Series E funding round subject to regulatory approval. Walmart’s equity investment is part of a broader strategic partnership to utilize Plenty’s indoor vertical farming technology platform to deliver fresh produce to Walmart retail stores. As part of the investment, at closing, Walmart will also join Plenty’s board of directors.
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Market Coverage
- The market number available for – 2023-2031
- Base year- 2023
- Forecast period- 2024-2031
Segment Covered-
- By Growing System
- By Component
- By Crop type
- By Facility
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape: Argus Control Systems Ltd., Certhon Build B.V., Richel Group, Bowery Farming Inc., and New AeroFarms, Inc.
Indoor Farming Market Report Segment
By Growing systems
- Aeroponics
- Hydroponics
- Aquaponics
- Soil-Based
- Hybrid
By Crop type
- Fruits and vegetables
- Herbs and microgreens
- Flowers And ornamentals
- Others (Cannabis, and Grains)
By Facility
- Indoor vertical farms
- Container farms
- Indoor deep water culture systems
- Greenhouses
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Indoor Farming Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- Argus Control Systems Ltd.
- Bowery Farming Inc.
- Certhon Build B.V.
- CubicFarm Systems Corp.
- Freight Farms, Inc.
- Gotham Greens Holdings, PBC
- Hydrodynamics International, Inc.
- Infarm Technologies Ltd.
- Intelligent Growth Solutions Ltd.
- Jewish Family Service of Colorado
- Metropolis Farms Inc.
- Netafim Ltd.
- New AeroFarms, Inc.
- Plenty Unlimited Inc.
- Priva Holding B.V
- Richel Group
- Sky Greens
- Spread Co., Ltd.
- Surna
- Urban Crop Solutions BV
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