North America Indoor Farming Market Forecast 2024-2029

Summary:
The North American indoor farming market is projected to grow significantly, with an anticipated compound annual growth rate (CAGR) of 6.28%, reaching a value of $7.676 billion by 2029, up from $5.009 billion in 2022. This growth is driven by changing consumer preferences, technological advancements, and a shift towards sustainable practices. Indoor farming, including vertical farming, allows year-round crop production near urban centers, reducing carbon footprints and meeting the demand for locally grown produce.
The market growth is further propelled by the rising demand for organic fruits and vegetables, spurred by an increasing vegan population and health-conscious consumers. Technological innovations such as hydroponics, aeroponics, and LED lighting are transforming farming practices, making indoor farming more sustainable and efficient.
Key market developments include major investments and expansions by companies such as Cox Enterprises, which formed Cox Farms and acquired hydroponic agriculture companies. BrightFarms and Element Farms have also collaborated to set new standards for indoor-grown vegetables. Competitive players like AeroFarms, Plenty, and Elevate Farms are leveraging advanced technologies to enhance indoor farming productivity and sustainability.
Overall, the indoor farming market in North America is expected to play a crucial role in the future of agriculture, driven by technological advancements, ecological concerns, and evolving consumer preferences.