Controlled Environment Agriculture Market to Reach an Estimated Value of USD 1,42,222.6 Million in 2024
- by KD Market Insights
- Feb, 2021
As per KD Market Insights research, the global controlled environment agriculture market is expected to witness robust growth over the next five years to reach an estimated value of USD 1,42,222.6 Million in 2024. The global controlled environment agriculture market is expected to expand at a CAGR of 16.9% in the terms of value during the time period i.e. 2019-2024. Global controlled environment agriculture market is likely to be driven by several factors such as market demand for local food, advancements in greenhouses and others.
The global controlled environment agriculture market has been segmented based on crop, growing method, and components. The controlled environment agriculture crop market is segmented into lettuce & leafy greens, cucumber, tomato, peppers, cannabis, strawberries, and others. In terms of value, the global controlled environment agriculture market for tomato segment was valued at USD 21,316.0 Million in 2018. Moreover, the global controlled environment agriculture market for tomato segment is expected to achieve the absolute $ opportunity of USD 27,537.6 Million between 2019-2024.
In the growing methods segment, the controlled environment agriculture market is sub-segmented into hydroponics, aquaponics, aeroponics, and others. The global controlled environment agriculture market for hydroponics segment is expected to expand at a CAGR of 13.2% in terms of value over the forecast period i.e. 2019-2024. The global controlled environment agriculture market for hydroponics segment accounted for USD 6,422.4 Million in 2018.
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Strong Demand for Local Foods
Today, 55% of the world’s population lives in urban areas, a proportion that is expected to increase to 68% by 2050. Yet, population living in urban areas are demanding locally grown foods such as fruits, vegetables, meat etc. CEA producers across the globe are setting up their production centres near to urban consumers to take advantage of this trend due to their proximity to urban centres. Other advantages of CEA such as requirement of less time and expense in transportation of crop products and better product quality are also expected to strengthen the growth of global controlled environment agriculture market in upcoming years.
Rising Global Demand for Food
The world’s population is expected to grow to almost 10 billion by 2050. It is becoming increasingly difficult to satisfy the rising global demand for food in a sustainable manner. Due to this, in order to meet the food demand of an increasing population, the government and farmers are adopting more advanced farming techniques such as Hydroponics, Aeroponics, Aquaponics, soiled based and other hybrid methods. The farmers are majorly growing leafy greens, tomatoes, cannabis, flowers, microgreens, strawberries, herbs, cucumbers, peppers, mushrooms, onions, leeks, hops, figs, sweet corn, eggplant, fish, insects, carrots, and shrimp. This rising popularity of controlled environmental agriculture techniques is resulting in an increase in the number of small and large indoor farms across the globe and these farms are also encouraging the consumption of other supplies such as nutrients, growing media, and others.
In terms of geography, the controlled environment agriculture market is segregated into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Europe controlled environment agriculture market accounted for a market share of 50.1% in 2018 and is expected to attain a notable market share by the end of 2024.
In terms of value, Europe controlled environment agriculture market is expected to reach USD 64,322.8 Million by the end of 2024 from USD 28,903.5 Million in 2018. The market value of Europe controlled environment agriculture market is expected to rise at a CAGR of 14.9% over the forecast period. In addition to this, Europe controlled environment agriculture market value is projected to witness a Y-O-Y growth of 17.9% in 2024 as compared to previous years.
The report also covers detailed competitive analysis of major market players of the global controlled environment agriculture market, such as Pentair Aquatic Eco-Systems, Inc., Everlight Electronics Co. Ltd., Illumitex Inc., Aerofarms, Amhydro (American Hydroponics), Innovation Agri-Tech Group, Green Sense Farms, Fresh Box Farms, Grow Pod Solutions, LLC, Nelson and Pade, Inc. and other major and niche players. The controlled environment agriculture market is witnessing a wide range of industry activities such as product launch, acquisition, advancement, joint venture and expansion across the globe. For instance, on 06th June 2018, Illumitex Inc. launched harvestedge toplight for controlled environment agriculture. This launch helped the company to provide immense growth opportunities to grow. Apart from this, the product launch helped the company in expand its product range.
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