Europe Indoor Farming Market Forecast To Register CAGR Of Over 10.4% By 2028

Posted by rahul nikade on December 6th, 2022

Europe Indoor Farming Industry Overview

The Europe indoor farming market size is expected to reach USD 23.26 billion by 2028, registering a CAGR of 10.4% from 2021 to 2028, according to a new report by Grand View Research, Inc. The increase in demand for healthy food in Europe is driving the market growth. Additionally, the rising number of people growing healthy food in their own houses is also a major factor contributing to the growth.

Europe Indoor Farming Market Segmentation

Grand View Research has segmented the Europe indoor farming market based on facility type, component, crop category, and country:

Based on the Facility Type Insights, the market is segmented into Greenhouses, Vertical Farms, Others.

• The greenhouses segment dominated the market and accounted for over 83.0% share of the market revenue in 2020. The segment growth can be attributed to the increasing efforts of European greenhouses to enhance productivity.
• The vertical farms segment is anticipated to expand at the highest CAGR over the forecast period. Various European companies are making investments in vertical farms to make them technologically enhanced and efficient, which is thereby driving the segment growth.
• For instance, in June 2019, Ocado, a software company, bought a 58% stake in Jones Food, a vertical farm. The company enhanced the operations of Jones Food through its expertise in artificial intelligence and robotics.

Based on the Component Insights, the market is segmented into Hardware, Software.

• The hardware segment dominated the market and accounted for over 69.0% share of the market revenue in 2020. The growing adoption of smart farming across Europe is expected to drive the segment growth.
• The software segment is expected to register the highest CAGR over the forecast period. The demand for software is high among indoor farmers as it enables them to keep records of files on their phones, tablets, and computers. It also helps them monitor the estimated and incurred costs of operations conducted on the farms.

Based on the Crop Category Insights, the market is segmented into Fruits, Vegetables, & Herbs, Flowers & Ornamentals.

• The fruits, vegetables, and herbs segment dominated the market and accounted for over56.0% share of the market revenue in 2020. The increasing production of fruits, vegetables, and herbs in solar-based greenhouses is driving the segment growth in the region.
• According to the statistics provided by FreshPlaza, a publishing company, six out of ten greens consumed in Europe are grown in solar-based greenhouses located in Spain. The family farms that own greenhouses in Spain produce 4.5 million tons of vegetables and fruits, out of which, 75% of the production is exported to EU countries.
• The flowers and ornamentals segment is expected to witness significant growth over the forecast period. The growing demand for flowers and ornamentals in Europe is expected to drive the segment growth. The flowers and ornamentals cultivated in indoor farming remain unaffected by weather changes.

Europe Indoor Farming Country Outlook 

• U.K.
• Germany
• France
• Netherlands

Key Companies Profile & Market Share Insights

The market is highly fragmented in nature. The players operating in the market are focused on strategies such as partnerships, mergers, and acquisitions.

Some prominent players in the Europe indoor farming market include

• Bridge Greenhouses Ltd.
• LettUs Grow Ltd.
• V-Farm
• Agrilution
• GrowUp Farms Limited
• Netafim
• PRIVA
• Richel Group
• Signify Holding
• Everlight Electronics Co., Ltd

Order a free sample PDF of the Europe Indoor Farming Market Intelligence Study, published by Grand View Research. 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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