Indoor Farming Market Analysis 2031: Insights and Trends
The indoor farming market is on the rise, expected to grow at a significant rate of 10.2% between 2024 and 2031. This growth is driven by global concerns around water scarcity and limited land availability, pushing for innovative solutions like vertical and indoor farming that use less water and land. For example, the world’s largest hydroponic farm was opened by Bustanica in July 2022, with a massive investment of $40 million.
This hydroponic farm is a partnership between Emirates Flight Catering (EKFC) and Crop One, a leading technology-driven indoor vertical farming company. It can produce over 1,000,000 kilograms of high-quality leafy greens each year, using 95% less water than traditional agriculture. The facility can grow more than 1 million plants at any given time, yielding 3,000 kgs per day.
Private players are also jumping on the bandwagon, making investments and forming partnerships to optimize their resources. Walmart, for instance, announced in January 2022 that it would invest in Plenty Unlimited Inc., an indoor vertical farming company, as part of a $400 million Series E funding round. This strategic move aims to leverage Plenty’s technology to bring fresh produce to Walmart stores, while also securing a seat on Plenty’s board of directors.
The indoor farming market is segmented by growing systems, crop type, facility, and region. Growing systems include aeroponics, hydroponics, aquaponics, soil-based, and hybrid methods. Crop types range from fruits and vegetables to herbs, microgreens, flowers, and ornamentals, along with others like cannabis and grains. Facilities can be indoor vertical farms, container farms, indoor deep water culture systems, or greenhouses.
Key players in this market include Argus Control Systems Ltd., Certhon Build B.V., Richel Group, Bowery Farming Inc., and New AeroFarms, Inc. Understanding the indoor farming market is essential for all stakeholders involved in this growing industry. If you’re interested in learning more, you can request a sample report or explore detailed market insights to make informed decisions.
