GCC Indoor Farming Market Size Set More Than Doubles at Robust CAGR of 13.1%
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the GCC indoor farming market size at USD 602.73 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the GCC indoor farming market size to grow at a robust CAGR of 13.1% reaching a value of USD 1,426.79 million by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the GCC indoor farming market size at USD 602.73 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the GCC indoor farming market size to grow at a robust CAGR of 13.1% reaching a value of USD 1,426.79 million by 2029. GCC indoor farming market is influenced by several driving factors. The region's arid climate and water scarcity issues are pushing for sustainable agriculture solutions, making indoor farming an attractive option. Also, the growing awareness of food security concerns is driving investments in local food production. Advancements in technology, such as vertical farming and hydroponics, are improving the feasibility and efficiency of indoor farming in the GCC. Further, government initiatives, subsidies, and favorable policies to promote agricultural diversification contribute to market growth. Overall, the GCC indoor farming market is driven by the need for sustainable, local food production and technological innovations.
Indoor Farming – Overview
Indoor farming, also known as vertical farming or controlled environment agriculture, is a modern agricultural method that cultivates crops indoors, typically in stacked layers or controlled environments like greenhouses. It utilizes advanced technologies such as hydroponics, aeroponics, and LED lighting to optimize growing conditions, allowing year-round cultivation regardless of external climate. Indoor farming minimizes water usage, reduces pesticide requirements, and decreases transportation distances, making it more sustainable and efficient. This innovative approach holds promise for increasing food production, improving crop yields, and addressing challenges posed by population growth, climate change, and urbanization while also reducing the environmental footprint of traditional agriculture.
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Impact of COVID-19 on GCC Indoor Farming Market
GCC indoor farming market experienced significant COVID-19 impacts. Lockdowns disrupted supply chains and labor availability, causing supply shortages and increased operational costs. However, the pandemic also accelerated interest in indoor farming due to its resilience to external factors. Consumers sought locally grown, safe produce, boosting demand. Also, government initiatives promoting food security and sustainability further fueled growth. Innovations in technology and automation were embraced to enhance productivity and reduce reliance on manual labor. Despite initial challenges, the GCC indoor farming market adapted and expanded, with the pandemic catalyzing the industry's development and long-term potential.
GCC Indoor Farming Market – By Growing Mechanism
By growing mechanism, GCC indoor farming market is divided into Aeroponics, Hydroponics, and Aquaponics segments. Aeroponics holds a significant presence, offering innovative cultivation techniques. Hydroponics, another prominent segment, involves soil-less cultivation, while aquaponics combines aquaculture and hydroponics for sustainable farming. These segments collectively shape the growing landscape of indoor farming in the Gulf Cooperation Council (GCC) region, catering to the increasing demand for year-round, efficient, and resource-conscious agricultural practices.
Competitive Landscape
GCC indoor farming market is fiercely competitive. Major companies in the market include Argus Control Systems Ltd, Certhon, Richel Group, Netafim, General Hydroponics, Hydrodynamics International, Illumitex, Lumigrow, Signify Holding, and Bowery Inc. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in GCC indoor farming market.
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