Press Release Description
Southeast Asia Indoor Farming Market Anticipated to Grow at a Steady CAGR of 7.20% during 2024-30
The Southeast Asia Indoor Farming Market is anticipated to grow at a CAGR of around 7.20% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The market's demand is being driven by the frequent natural calamities occurring in the region due to the increased effects of climate change. The rise in natural disasters has continuously degraded the soil quality and groundwater level in the region. Since indoor farming has little to no effect on the quality of food grown via indoor farming, it is boosting the demand for indoor farming in the region.
Moreover, the market is expected to have steady growth due to the increasing government support for the expansion of indoor farms in the region, primarily to reduce the dependency on foreign nations for food and improve the food security of the region. Local farmers are increasingly focusing on expanding the production volume of specialty crops like water chestnuts, ice plants, edible flowers, etc. The rising demand for these crops in the region is providing local farmers with lucrative opportunities to generate additional revenue streams by keeping the pace of production in sync with requirements.
Additionally, to encourage the use of indoor farming methods, governments are also providing farmers with tax benefits, grants, and other resources, i.e., another prominent aspect projected to fuel the growth of the indoor farming market in Southeast Asia over the coming years. Furthermore, the plants grown in indoor farms could be replanted again and again without the need for crop rotation. This is due to growing methods such as hydroponics and aeroponics, along with manually adding the required nutrients by making slight adjustments to the reservoirs. Consequently, this allows for reaching economies of scale a lot faster than traditional farming methods, which is anticipated to enhance market growth, further states the research report, "Southeast Asia Indoor Farming Market Analysis, 2024."
Indoor Vertical Farms Segment to Hold Dominant Position in the Market
Based on the facility, the market is bifurcated into greenhouses, indoor vertical farms, container farms, and indoor deep water culture systems. Among them, the indoor vertical farms segment held the largest market share in terms of revenue in historical years and is expected to continue to do so in the years to come. The primary factor driving market growth for the segment is the rapidly depilating crop quality in the region. The crop quality in the region is declining due to the degradation of natural resources such as soil and groundwater, which are essential for growing quality crops via traditional farming methods. Since vertical farming uses less water as compared to normal farming and can also reuse water, it counters the issue of the depleting groundwater levels in the region.
Singapore Poised to Lead the Market
Singapore accounted for the largest market share in terms of revenue in the historical period and is anticipated to lead the market during the forecast period. The limited availability of arable land in Singapore is the primary factor responsible for the rapid growth of indoor farming in the country. As indoor farming can be carried out efficiently on places such as rooftops and kitchen gardens, this solves the problem of limited land availability for farming activities in the country.
Moreover, food grown inside homes decreases the carbon footprint because carbon-emitting activities are not required for such farming, which makes indoor farming more environment-friendly as compared to traditional farming. This helps the government of the country achieve its low carbon-emission goals, thus fueling the rapid adoption of indoor farming in the country.
With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Sky Green, Signify Holdings, Vana Farming, HAVVA Agrotech, Netafim, Orlar, Verti Veggies, Kalera, Ariane Tech, Upgrown Farming, and others, are looking forward to strengthening their market positions.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across various countries?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various countries?
- How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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