Micro Farming Market Size Worth $338 Billion By 2030: IndustryARC
Research Reports
Mar 02, 2024
The Global Micro Farming market size is predicted to reach $338 billion by 2030, growing at a CAGR of 4.7% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. The primary factors influencing the market growth are the rising Demand for Local and Fresh Produce, Urbanization and Limited Arable Land, Food Security and Self-Sufficiency, Sustainable and Environmentally Friendly Practices, finds IndustryARC in its recent report, titled “Micro Farming Market – By Farm Type (Commercial, Community, Home Gardens, Corporate, Others), By Growing Medium (Hydroponics, Aquaponics, Aeroponics), By Farming (Indoor, Outdoor), By Crop Type (Food Crops, Non-Food Crops), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030.”
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Asia-Pacific to Register Fastest Growth:
The forecast period is expected to witness substantial revenue growth in the Asia Pacific region, driven by multiple factors. These factors include a continuously increasing population, reduced dependency on climate for crop cultivation, higher demand for high-yield crops, and a growing emphasis on producing healthy, nutritious, and pesticide-free produce. Additionally, the growing urbanization in Asia Pacific countries, along with limited arable land availability, will fuel the adoption of urban farming practices. Advanced urban farming techniques and equipment are poised to enhance annual crop production, while significant investments from major companies contribute significantly to the overall revenue share of the urban farming sector in the region.
Micro Farming Market 2024-2030: Segmentation
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Micro Farming Market Report – Key Takeaways:
- North America to Dominate the Market in terms of Market Share
North America is projected to dominate the market in terms of revenue share during the forecast period, primarily due to substantial investments in the agricultural sector, adoption of advanced technologies and farming strategies,and the widespread utilization of urban farming techniques like vertical farming in this region. The United States plays a significant role in the North American urban farming market. In March 2022, the U.S. Department of Agriculture (USDA) announced the inaugural public meeting of the Federal Advisory committee focused on Urban Agriculture and Innovative Production. The committee aims to provide valuable insights and expertise to urban agricultural producers, with the goal of strengthening local food systems, improving access to high-yielding crops and nutritious local food, and promoting greater equity within the food system.
- The market expansion being fueled by the rising influence of the “Local Food Movement.”
The demand for fresh and locally sourced food products is on the rise among consumers. Micro farming enables the cultivation of crops in close proximity to urban centers and consumers, ensuring that produce is harvested at its peak freshness and quickly delivered to local markets. The local food movement seeks to minimize the distance food travels from the farm to the plate, known as food miles. By focusing on local production, micro farming significantly reduces the requirement for long-distance transportation, leading to a lower carbon footprint and reduced energy consumption.
- Food Security and Self-Sufficiency to drive the market growth
Micro farming empowers individuals and communities to cultivate their own food, bolstering food security and diminishing reliance on external food sources. It instills a sense of self-sufficiency in food production. Moreover, micro farming serves as a safeguard during disruptions in global supply chains. In times of crises or emergencies, such as natural disasters or pandemics, local food sources become crucial in ensuring a continuous food supply to the community. Countries heavily dependent on food imports face risks related to price fluctuations, geopolitical tensions, and trade restrictions. Micro farming mitigates the need for imported food products, fostering a more self-reliant and resilient food system.
- The constraint of limited scale and output poses a challenge for the Micro Farming Market.
Micro farming, due to its small scale, may limit the overall output of agricultural produce, which might not be sufficient to meet the demands of large urban populations or commercial markets. Consequently, micro farms may face challenges in meeting the supply chain requirements and preferences of commercial buyers, who often seek consistent and significant volumes of produce from larger farms. Additionally, the higher production costs per unit of output for micro farms can result in thinner profit margins, making it difficult for micro farmers to sustain their operations and invest in expansion.
- Regulatory and Zoning Issues may hamper the market growth
Some urban areas impose zoning regulations that may hinder or limit agricultural activities, including small-scale farming. These legal constraints pose obstacles for micro farmers seeking to initiate or expand their operations. These regulations frequently allocate land for distinct purposes such as residential, commercial, or industrial use, potentially preventing micro farming in specific zones and creating difficulties for individuals in locating suitable spaces for agricultural practices. Additionally, zoning regulations might stipulate minimum lot sizes or setback requirements for agricultural activities, potentially constraining the dimensions and placement of micro farms within urban settings.
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Key Opportunity Analysis:
The Micro Farming Market is experiencing growth due to the rise in urbanization and the scarcity of arable land.
As urban populations continue to increase, the demand for fresh and locally sourced food rises accordingly. Micro farming, characterized by small-scale, local agricultural practices, presents a valuable response to this demand by providing urban consumers with fresh produce without the need for extensive transportation. Utilizing small spaces such as rooftops, balconies, and community gardens, micro farming efficiently utilizes urban areas to grow food. The growing urban population raises concerns about food security, and micro farming addresses this by empowering individuals and communities to cultivate their own food, reducing reliance on external food sources and promoting self-sufficiency.
Niche and Specialty Crop Production
Niche and specialty crops cater to specific market segments with distinct preferences and tastes. Micro farms can capitalize on this demand by growing unique and rare varieties of fruits, vegetables, herbs, and flowers that are not commonly found in large-scale commercial agriculture. Niche and specialty crops often command premium prices in the market due to their limited availability and unique qualities. This can result in higher profit margins for micro farmers, making the cultivation of these crops financially rewarding. By specializing in niche and specialty crop production, micro farmers can build a distinctive brand identity, distinguishing themselves from larger, conventional farms. This can attract loyal customers who value the uniqueness of the products.
Integration with Smart Cities
As urban areas become smarter and more sustainable, micro farming can be integrated into smart city initiatives, fostering efficient resource use and promoting local food production. Smart cities leverage data and technology to optimize resource use, including water and energy. Micro farms can benefit from smart city infrastructure by efficiently managing their resource consumption, reducing waste, and enhancing sustainability. Smart city initiatives encourage vertical farming and rooftop gardens to make the most of available space. Micro farms can capitalize on this trend, using innovative farming techniques to grow crops in urban settings.
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The Report also covers the following Areas:
- Micro Farming Market Size and Forecast
- Micro Farming Market Trends
- Micro Farming Market Analysis by Farm Type
Micro Farming Market 2024-2030: Key Highlights
- CAGR of the market during the forecast period 2024-2030
- Value Chain analysis of key stake holders
- Detailed analysis of market drivers and opportunities during the forecast period
- Micro Farming Market size estimation and forecast
- Analysis and predictions on end users’ behavior and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the Micro Farming Market
Covid and Ukrainian Crisis Impact:
The pandemic heightened awareness about the significance of local food sources and food security. Consumers demonstrated increased interest in supporting local farmers and purchasing fresh produce, indicating a potential rise in demand for micro-farm products. Moreover, the pandemic led to disruptions in global supply chains, impacting the accessibility of agricultural inputs, such as seeds, fertilizers, and equipment, which may have posed challenges for micro farmers in acquiring these essential resources. Additionally, with restaurants and institutions closing or operating at limited capacity during lockdowns, the demand for specific micro-farm produce, particularly specialty items used in restaurants, may have declined.
The conflict resulted in the destruction of farmlands, irrigation systems, and agricultural infrastructure, leading to a decline in agricultural output. Farmers in regions affected by the conflict may face difficulties in cultivating and harvesting crops, resulting in food shortages and reduced market supply. The ongoing conflicts may discourage investors and financial institutions from investing in agriculture, including micro farming ventures. This lack of investment can impede the expansion and development of micro farming businesses.
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List of Key Market Players in Micro Farming Market:
The Micro Farming Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
- GrowUp Farms Ltd.
- Argus Control Systems Ltd.
- Sky Urban Solutions Holding Pte Ltd.
- Freight Farms, Inc.
- BrightFarms, Inc.
- General Hydroponics, Inc.
- Gotham Greens Holdings, LLC.
- UrbanFarmers AG
- AeroFarm Systems
- Altius Farms, Inc
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