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South Korea Indoor Farming Market Overview 2027

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    Report

  • 54 Pages
  • August 2022
  • Region: South Korea
  • Bonafide Research
  • ID: 5647134
OFF until Dec 24th 2022
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Worldwide food shortages, rising global temperatures, uneven land terrains, and unpredictable weather conditions have given rise to indoor farming. It has proven to be a boon in times of crisis and has overcome all these uncertainties. Indoor farming is the method of cultivating crops or plants exclusively indoors. Indoor farming, often known as indoor gardening, can be done on small and large scales, both at home and commercially. Indoor farming is especially popular in major cities because parcels of land of any size are scarce for growing and farming. Indoor farming uses 70 to 95% less water than traditional farming. Because indoor farming uses less soil, pests and other diseases are less of a concern. Indoor farming produces organic food that is free of pesticides and air pollution. Indoor farming has several advantages, including high-value crops that are easy to grow and where the majority of the yield may be consumed, and is a fantastic alternative to traditional agriculture. Crops can be produced indoors. The growing conditions can be managed all year, nagging pests can be controlled, and water can be saved and used wisely in controlled quantities. Most importantly, indoor farming can produce more food per acre of land than traditional farming. Indoor farming produces considerably greater yields than traditional agriculture.

According to the report titled South Korea Indoor Farming Market Overview, 2027, the indoor farming market in South Korea is expected to grow rapidly over the forecast period. Indoor farming is a method of growing fresh vegetables and other plants that uses a variety of facilities such as vertical farming, indoor greenhouses, and others. Vertical farms are plants that are piled on levels and are frequently integrated into other structures such as shipping containers, skyscrapers, or warehouses. Vertical indoor farms can produce more than traditional farms. Greenhouses have been the workhorse of indoor gardeners, particularly in the production of flowers and decorative plants. Modern high-tech designs were pioneered in the Netherlands and have since spread around the world. Several instances of these farms may be found throughout the United States, with the largest spanning hundreds of acres. Greenhouse indoor farming is one of the oldest techniques of indoor farming and has the largest market share in South Korea. Vertical indoor farming is a new approach to the indoor farming industry, and it is growing in the country with a higher growth rate. Indoor farming uses fully enclosed and opaque rooms with artificial lighting to grow crops and consists of systems such as hydroponics, aeroponics, aquaponics, soil-based, and hybrids. Indoor farming recirculates and reuses water, using an average of 95% less water to cultivate the same crops as outdoor farming. When plants or crops are produced in vertical greenhouses, the transpiration process occurs, allowing farmers to reuse the water for irrigation.

Soil-based indoor farming has the highest market share in the South Korea. Hydroponic plants produce more fruits and vegetables because they are more tightly packed together in a hydroponic system than the amount of land required to cultivate the same number of plants. Hydroponics increases plant yields. A growth medium is used in some hydroponic systems to support the plant roots and enable more effective water absorption into the root structure. Plants may grow practically anywhere in an indoor hydroponic system all year. Hydroponic systems are available in a number of forms, including vertical stacking systems that take up little space. Hydroponic systems are very successful techniques, utilised in a variety of agricultural fields as well as in natural disasters. However, this system requires fewer personnel, but it is still costly and complicated, despite its great output. Consumers are more health-concerned and prefer veggies that are free of residue. The South Korea hydroponics market share is rising exponentially in the indoor farming market. The aeroponics technology of indoor farming improves nutrient absorption while exerting less stress on the plant, resulting in better overall produce. Aeroponic plants have more nutritional content while also having superior colors, texture, and taste. Aeroponics, when compared to other controlled environment agriculture systems such as hydroponics and aquaponics, has the added benefit of lower water consumption and greater yields. Aeroponics' lightweight trays also make it easy to stack the grow system and grow vertically. Aeroponics technology is the fastest growing technology in the South Korea.

Covid-19 impact: Traditional farming was hit hard during the pandemic due to lockdowns, border closures, quarantines, and supply chain disruptions. This limited access to fresh agricultural produce paved the way for indoor farming. In fact, the pandemic pushed the market demand for indoor farming as the populace was already experiencing high levels of food insecurity. During the pandemic's early stages of spread, the agriculture sector encountered difficulties. There were severe labour shortages on farms; some farmers lost their window of opportunity to harvest seasonal crops; agricultural product prices were plummeting; and logistics were disrupted. All this in spite of the fact that agriculture didn’t face a harsh shut down as it was under essential services that were exempted. The development of indoor farming can also help in addressing all aspects of various food security concerns. Increased health awareness and the consumption of food free of residues have made it possible to use cutting-edge methods, such as indoor farming. In order to have food that is pest-free, people are cultivating the essential crops on a modest scale in their own homes, which has increased productivity.

Considered in this report

  • Geography: South Korea
  • Historic Year: 2016
  • Base year: 2021
  • Estimated year: 2022
  • Forecast year: 2027

Aspects covered in this report

  • South Korea Indoor Farming Market with its value and forecast along with its segments
  • Application wise Indoor Farming distribution
  • Various drivers and challenges
  • On-going trends and developments
  • Top profiled companies
  • Strategic recommendation

Based on Growth Mechanism:

  • Hydroponics
  • Aeroponics
  • Aquaponics
  • Soil-based
  • Hybrid

Based on Facilities type

  • Vertical indoor farming
  • Greenhouse indoor farming
  • Other indoor farming

Based on Crop types:

  • Fruits and vegetable
  • Flower and ornamentals
  • Other crop

The approach of the report:

This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to agricultural industry, food & beverage industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

Table of Contents

1. Executive Summary
2. Introduction
2.1. Market Definition
2.2. Market Scope & Segmentation
2.3. Research Methodology
3. South Korea Macro Economic Indicators
4. South Korea Indoor Farming Market Category Analysis
4.1. Key findings
4.2. Market Drivers
4.3. Market Restraints
4.4. Opportunities
4.5. Policies & Certification
4.6. Value Chain Analysis
4.7. Key Developments - 2021
5. South Korea Indoor Farming Market Trends
6. South Korea Indoor Farming Market Overview
6.1. Market Size By Value
6.2. Market Share
6.2.1. By Growth Mechanism
6.2.2. By Facility
6.2.3. By Component
7. South Korea Indoor Farming Market Segmentations
7.1. South Korea Indoor Farming Market, By Growth Mechanism
7.1.1. South Korea Indoor Farming Market Size, By Hydroponics, 2016 - 2027F
7.1.2. South Korea Indoor Farming Market Size, By Aeroponics, 2016 - 2027F
7.1.3. South Korea Indoor Farming Market Size, By Aquaponics, 2016 - 2027F
7.1.4. South Korea Indoor Farming Market Size, By Soil-based, 2016 - 2027F
7.1.5. South Korea Indoor Farming Market Size, By Hybrid, 2016 - 2027F
7.2. South Korea Indoor Farming Market, By Facility Type
7.2.1. South Korea Indoor Farming Market Size, By Vertical Farms, 2016 - 2027F
7.2.2. South Korea Indoor Farming Market Size, By Greenhouse, 2016 - 2027F
7.2.3. South Korea Indoor Farming Market Size, By Others, 2016 - 2027F
7.3. South Korea Indoor Farming Market, By Crop type
7.3.1. South Korea Indoor Farming Market Size, By Fruits, Vegetables & Herbs, 2016 - 2027F
7.3.2. South Korea Indoor Farming Market Size, By Flower & Ornamentals, 2016 - 2027F
7.3.3. South Korea Indoor Farming Market Size, By Others (rest crops), 2016 - 2027F
8. South Korea Indoor Farming Market Opportunity Assessment
8.1. By Growth Mechanism, 2022F to 2027F
8.2. By Facility, 2022F to 2027F
8.3. By Crop type, 2022F to 2027F
9. Competitive Landscape
9.1. Porter's Five Forces
9.2. Company Profiles
10. Strategic Recommendations11. Disclaimer
List of Figures
Figure 1: South Korea Dietary Supplements Market Size By Value 2016 to 2027F (In USD million)
Figure 2: South Korea Indoor Farming Market Share By Growth Mechanism Type (2016, 2021 & 2027F)
Figure 3: South Korea Indoor Farming Market Share By Facility Type (2016, 2021 & 2027F)
Figure 4: South Korea Indoor Farming Market Share By Component (2016, 2021 & 2027F)
Figure 5: Market Attractiveness Index, By Growth Mechanism
Figure 6: Market Attractiveness Index, By Facility Type
Figure 7: Market Attractiveness Index, By Crop type
Figure 8: Porter's Five Forces Meter of Indoor Farming Industry in South Korea
List of Tables
Table 1: South Korea Indoor Farming Market Size of Hydroponics (2016 to 2027F) (in USD Million)
Table 2: South Korea Indoor Farming Market Size of Aeroponics (2016 to 2027F) (in USD Million)
Table 3: South Korea Indoor Farming Market Size of Aquaponics (2016 to 2027F) (in USD Million)
Table 4: South Korea Indoor Farming Market Size of Soil-based (2016 to 2027F) (in USD Million)
Table 5: South Korea Indoor Farming Market Size of Hybrid (2016 to 2027F) (in USD Million)
Table 6: South Korea Indoor Farming Market Size of Vertical Farms (2016 to 2027F) (in USD Million)
Table 7: South Korea Indoor Farming Market Size of Greenhouse (2016 to 2027F) (in USD Million)
Table 8: South Korea Indoor Farming Market Size of Others (2016 to 2027F) (in USD Million)
Table 9: South Korea Indoor Farming Market Size of By Fruits, Vegetables & Herbs (2016 to 2027F) (in USD Million)
Table 10: South Korea Indoor Farming Market Size of Climate Control (HVAC) (2016 to 2027F) (in USD Million)