Indoor Farming Market – Why Container Farms are a Good Investment
The Indoor Farming Market is Expected to Reach $12.02 Billion by 2024, Rising at a CAGR of 15.23% – ResearchAndMarkets.com
The growth of the market is largely attributed due to the adoption of technologies pertaining to indoor vertical farms along with software and services in the indoor farming industry.
The global food economy is being progressively compelled by the gradual change in food consumption patterns. Indoor farming is a perfect alternative to conventional farming, which has been adopted since the early 1900s, but at non-commercial and small scales. The practice of growing crops in greenhouses, which have been predominantly low-tech, has been in existence since a long time.
With the innovations in urban planning and sustainability, indoor farming has gained importance as a local method of production in cities. Think tanks in the U.S. and Japan have increased awareness for indoor farming across the globe. This increase in indoor farming has been associated with developments in technology for every operation carried out in an indoor farm. As of 2018, the most established technology is the hardware components, such as lighting, climate control systems, sensors, and monitors, which enable cultivation of crops indoors.
With the increasing need to make an indoor farm profitable, developments in the application of software and related services, along with the trend of automation to eliminate human interference, has taken shape in the industry. Most of the developed nations have become the early adopters of the most advanced technologies. These countries include the U.S., Canada, the U.K., the Netherlands, and Japan, where both technology providers and growers are more concentrated as compared to other countries.
However, emerging nations, especially countries such as China, India, the U.A.E., Mexico, and Singapore, are observing a massive growth in the adoption of technologies incorporated in indoor farms, owing to the rising demand for produce from such facilities. This robust growth in developing regions has been largely propelled by increasing urban population and growing disposable incomes, which in turn have stimulated the growth in the consumption of fresh, healthy, and nutritious food.