Is The Future Of Farming Indoors?
The global population is predicted to reach 9.7 billion by 2050, and to feed everyone, it’s estimated that global food production will need to increase by up to 70% in the next 30 years.
There are many challenges to overcome before fears of a worldwide food shortage can be allayed, including rising temperatures and more frequent droughts caused by global warming. These obstacles are making traditional farming methods increasingly inefficient and unpredictable.
Traditional farming has also been hit hard by the COVID-19 pandemic. According to the FAO, border closures, quarantines and disruptions to supply chains are limiting some people's access to food, especially in countries hit hard by the virus or already affected by high levels of food insecurity.
There’s an emerging consensus that the agriculture industry needs to adapt to use less water and chemicals, make crops less vulnerable to changes in the climate, and produce more reliable yields. Part of the answer may lie in the emerging start-ups growing produce in indoor environments, where growing conditions can be better managed.
Indoor farming technology market is expected to grow at a CAGR of 9.1% in the forecast period of 2020 to 2027. Data Bridge Market Research report on indoor farming technology market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth.
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The Asia-Pacific region is projected to grow significantly for indoor farming technology over the next five years. This can be resulted into the increase in the number of indoor farms in countries such as China and Japan, and the climate variations in this region.
Rise in demand for fresh foods including higher nutritive value, need for higher yields with the help of limited space and water and less Impact of weather conditions externally are the factors driving the growth of the indoor farming technology market. High initial investments and limitations on the types of crops which can be grown are the factors restraining the indoor farming technology market. Development of cost-effective and innovative technologies acts as an opportunity. Lack of Skilled Workforce is one of the challenges faced by the indoor farming technology market.