Indoor Farming Market Outlook 2031: Market Insights & Depth Analysis
Indoor farming is on the rise and is expected to grow significantly at a rate of 10.2% from 2024-2031. This growth is being driven by concerns over water scarcity and land limitations worldwide. To combat these challenges, innovative farming techniques like vertical and indoor farming are being adopted, utilizing less water and land for cultivation.
One impressive example of this movement is the opening of the world’s largest hydroponic farm by Bustanica in July 2022. With a $40 million investment, this joint venture between Emirates Flight Catering (EKFC) and Crop One produces over 1,000,000 kilograms of leafy greens each year. What’s remarkable is that this farming operation uses 95.0% less water than traditional agriculture methods.
Another significant area of growth is through strategic investments and partnerships by private companies. Walmart, for example, announced a substantial investment in Plenty Unlimited Inc., an indoor vertical farming company, as part of a $400.0 million Series E funding round to deliver fresh produce to its stores. Through this partnership, Walmart aims to optimize its resources while delivering quality products to consumers.
The indoor farming market is segmented by growing systems, crop types, and facilities. Growing systems include aeroponics, hydroponics, aquaponics, soil-based, and hybrid methods. Different crop types like fruits, vegetables, herbs, microgreens, flowers, and others such as cannabis and grains are being successfully cultivated. Facilities range from indoor vertical farms to container farms, indoor deep water culture systems, and greenhouses.
Key players in this market include Argus Control Systems Ltd., Certhon Build B.V., Richel Group, Bowery Farming Inc., and New AeroFarms, Inc. These companies are leading the way in innovative and sustainable indoor farming practices.
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