Farmington, Feb. 21, 2023 (GLOBE NEWSWIRE) -- The Global Urban Farming Market Size Was US$ 137.5 Billion In 2021. It Is Forecast To Grow To US$ 281.9 Billion By 2030 By Registering A CAGR Of 3.1% During The Forecast Period From 2022 To 2030. In 2021, the urban farming market was very big, and over the next few years, it is expected to have high revenue CAGR. Over the next few years, the market is likely to make more money because more people are learning about nutrition, health, education, and food security and using better ways to make things. Also, the growing number of people living in cities, the growing demand for food products and high-quality produce, the use of technology-driven agriculture and advanced agriculture strategies are all key factors that can help the market make more money.
Urban farming, also called "urban agriculture," is a way to grow or raise food in cities and within city limits. People in cities do urban farming to improve their quality of life, their ability to get food, and their chances of making money.
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Recent Developments:
- In February 2020, Urban Crop Solutions teamed up with CropKing to improve service delivery.
- In March 2022, the Delhi Government launched a campaign to promote urban agriculture in Delhi. Through this campaign, the Delhi Government hopes to encourage community and garden farming to make optimal use of space in concrete houses and buildings and provide a ward-wide action plan for the implementation of urban agriculture. The Delhi government is also planning to increase production of high-quality food and reduce the use of chemicals and pesticides. It also envisioned the Delhi Environmental Protection Commission (DEPC) to increase awareness and adoption of urban agriculture. DEPC aims to provide education, training and solutions for urban agriculture.
Segment Overview
Type Insights
Over the next few years, hydroponics is the type of growth that is expected to bring in the most money on the global market. With hydroponics, plants can grow better indoors without soil. Hydroponics is becoming more popular because it is easy to set up, doesn't cost much to keep up, and produces a lot of crops. Hydroponics is also good for the environment because it uses less space and water and saves water. Also, less use of pesticides, a high yield of nutrient-rich produce, and a faster crop growth rate have made hydroponic techniques more popular and helped the urban farming market make more money.
Structure Insights
Depending on the type of building, the indoor urban farming segment is expected to bring in a lot more money over the next few years. Because cities and factories are growing quickly, there is less land available for farming. This has led to more indoor farms in cities. Indoor farming is done in rooms where the temperature and humidity are controlled. This is done with the help of artificial lights, irrigation systems, and growth systems like hydroponics and aquaponics. Indoor farms can also be made to fit any small space or building, and they don't cost much. Because of this, they are a good choice on the market. Using techniques for urban farming, it's easy to grow kale, strawberries, herbs, and shrubs. These key factors are likely to drive the segment's revenue growth over the next few years.
Regional Outlook:
Over the next few years, the most money is likely to come from North America. This is because a lot of money is being put into agriculture, new technologies and farming strategies are being used, and more urban farming techniques like vertical farming are being used in these areas.
In North America, the US is a big player in the market for farming in cities. The Federal Advisory Committee for Urban Agriculture and Innovative Production will hold its first public meeting in March 2022, according to the U.S. Department of Agriculture (USDA). The committee's goal is to help urban farmers by giving them information and suggestions. This will make the local food systems stronger, make it easier for people to get high-yield crops and healthy local food, and make things more fair.
Asia Pacific is likely to have a high rate of revenue growth over the next few years. This is because the number of people living in the area is growing, crops are becoming less dependent on the weather, more people want high-yield crops, and more people are concerned about eating healthy food that isn't made with chemicals. Countries in the Asia-Pacific region are also becoming more urban, and there are less places to farm. It is likely that this will make urban farming there more popular. The revenue share of the urban farming market is also being driven by the fact that big companies are investing more money in the market and by the use of advanced urban farming techniques and equipment to increase the amount of crops grown each year.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 3.1% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 281.9 Billion |
| By Type | Aquaponics, Hydroponics, Aeroponics, Others |
| By Structure | Indoor, Outdoor, Others |
| By Companies | Bowery Farming (U.S.), GrowUP Urban Farms (U.K.), Freight Farms (U.S.), Edenworks Inc. (U.S.), Brooklyn Grange Farm (U.S.), Sky Green (Singapore), BrightFarms (U.S.), Metropolitan Farms (U.S.), Garden Fresh Farms (U.S.), Square Roots (U.S.), SproutsIO (U.S.) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Driver:
Urban farming uses advanced farming techniques and methods that can be used at any time of year. This makes it easier to get a consistent crop yield throughout the year. By shortening the time it takes to harvest, these methods also make it easier to get high-quality crops in a short amount of time. The good thing about urban farming is that it can be done both inside and outside. Because of this, it is a popular way to grow crops and do other things to make and process food. A few other important things that drive the urban farming market are being independent of climate change and environmental conditions and making sure there is enough food for everyone in the world. Urban farming is becoming more and more important as the world's population and demand for food continue to grow by leaps and bounds. In the next few years, the urban farming market should make a lot more money because it will be cheaper to ship and deliver fresh, healthy foods.
Restraint:
High operational costs, high costs to get started, and a lack of skilled workers are some of the main things that can slow revenue growth in the urban farming market. People can worry about food safety when there are heavy metals in the soil in cities. The soil and water can get dirty from urban farming, and it can also cause other problems for the environment. Also, urban farming needs to control things like temperature, lighting, humidity, and water, which can be hard to do and make it more expensive to grow and harvest crops. Also, it takes a lot of power to keep these conditions going, which raises the total cost of production. These things make it harder for people around the world to use urban farming and can slow the market's growth.
Opportunity:
The goal of urban farming is to meet the demand for high-quality products all over the world without using a lot of pesticides or herbicides. It also makes it easier to grow and process more vegetables, fruits, and other foods within the city limits and in small urban areas. Urban farming is likely to become much more important as the population grows and more people move to cities. So, during the time frame of the forecast, there are likely to be more city plans that include farming and more government programmes that help farmers. Also, we need new technologies to make us less reliant on the environment and less dependent on work. This means there are more chances to do research and make new things. There are fewer places to grow crops, and more people want to eat food that is grown in a sustainable way. This is likely to give the big companies in the urban farming market new business opportunities.
Key Segments Covered:
Top Market Players:
Bowery Farming (U.S.), GrowUP Urban Farms (U.K.), Freight Farms (U.S.), Edenworks Inc. (U.S.), Brooklyn Grange Farm (U.S.), Sky Green (Singapore), BrightFarms (U.S.), Metropolitan Farms (U.S.), Garden Fresh Farms (U.S.), Square Roots (U.S.), SproutsIO (U.S.), and others.
By Type
- Aquaponics
- Hydroponics
- Aeroponics
- Others
By Structure
- Indoor
- Outdoor
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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