Indoor farming is a type of modern farming to grow crops or plants in an indoor environment. Indoor farming is operated in both small and large scale. It is climate friendly and protects the farm from weather-related vagaries which generally acts as a hindrance in conventional crop production. Indoor farming is widely practiced in urban areas owing to limited space for farming. In recent years, growth in technology of farming sensors, monitoring and regulating devices for each aspect of cultivation has promoted indoor farming. Reduction in use of herbicides and pesticides in crop or plant production is expected to gain popularity in the indoor farming market. Indoor farming seems to be more attractive due to its ability to produce more farming products with less human resources. Rising concerns about food security across the globe is one of the major trends expected to boost the indoor farming market. Rising awareness about benefits of indoor farming among end-users over conventional farming has triggered the growth of the market. Scarcity of land for farming is promoting the indoor farming market across the globe.
The global Indoor farming market can be segmented based on cultivation type, crop type, facility type, technology, application, and region. Based on cultivation type, the market is segmented into aeroponics, hydroponics, aquaponics, soil-based, and hybrid. Based on crop type, the market is categorized into fruits & vegetables, herbs & micro greens, and flowers & ornamentals. The indoor farming market based on facility type is categorized into indoor vertical farms, container farms, polyhouses or greenhouse, and indoor deep water culture systems. The market based on technology is categorized into hardware and software solutions. Hardware segment is further sub segmented into sensors, monitoring devices, irrigation systems, environmental control systems, and others. Further, the market can be segregated into residential sector and commercial in terms of application.
Based on region, the global indoor farming market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. In North America, strong support from local and federal governments has raised the demand for indoor farming. In Europe, end-user appreciation of technology in agriculture has propelled the popularity of indoor farming. In Asia Pacific, rapid growth in the population with insufficient supply of food is expected to fuel the growth of the indoor farming market. In addition, the Asia Pacific region is projected to be the fastest-growing market for indoor farming technology over the next five years. This can be attributed to the increase in the number of indoor farms in countries such as China and Japan, and the climate variations in this region. In Middle East & Africa, demand for food and limited space for farming is expected to boost indoor farming during the forecast period. Similarly, South America is also estimated to be an attractive market during the forecast period.
Major drivers of the global Indoor farming market are rise in continuous demand for food supply, growth in human population in urban areas, cost effective method of farming, protection from weather-related variations, reduction in soil-borne insects along with herbicides and pesticides issues in crop production, and ability for continuous crop production across the globe. Major restraints of the global indoor farming market are high initial investment, and limitations on crop varieties. Furthermore, controversy over organic certification as per regional regulating bodies of indoor farming is likely to be a challenging factor for expansion of the global indoor farming market. Nevertheless, collaboration with agro product suppliers and investment in R&D is expected to create significant opportunities for the indoor farming market.
Major players operating in the global indoor farming market include Argus Controls Systems, BrightFarms Inc., Logiqs B.V., Netafim, LumiGrow, Inc., Richel Group S.A., Metropolis Farms, Inc., Just Greens, LLC, General Hydroponics, Freight Farms, Illumitex, SproutsIO, American Hydroponics, Grove Labs Inc., agrilution GmbH, Vertical Farm Systems, Hydrodynamics International, Metropolis Farms, Inc., and Green Sense Farms, LLC.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.