South Korea Indoor Farming Market Size, Share, Opportunities, And Trends By Growing System (Hydroponics, Aeroponics, Aquaponics, Soil-based, Hybrid), By Component (Hardware, Software and Services), By Facility Type (Glass or Poly Greenhouse, Indoor Vertical Farm, Container Farm, Indoor DWC System), By Crop Type (Fruits and Vegetables, Herbs and Microgreens, Flowers and Ornamentals, Others) - Forecasts From 2023 To 2028

Indoor farms increase the overall crop output per unit area by layering potted seeds on top of one another, driving the market. Indoor farming is the practice of both small- and large-scale plant or crop growth indoors. It is anticipated that constraints on the kinds of crops that can be produced and the high initial cost of building indoor farms would hinder business growth. Over the predicted period, South Korea is anticipated to have strong growth. Vertical farming, indoor greenhouses, and other facilities are used in the process of indoor farming to grow fresh vegetables and other plants. Plants that are stacked on levels are known as vertical farms, and they are usually incorporated into other buildings like shipping containers, skyscrapers, or warehouses.

N.Thing, NEXTON, Farm 8, and other South Korean firms are leading the country's vertical farming industry. All year long, they strive to offer customers local, sustainable, and fresh food. One of the greatest cities in Asia is Seoul, which is gradually turning into a food desert. Fresh, wholesome food is difficult to get access. Vertical farming essentially permits large-scale local food production.

Plants can be grown using 90% less water in vertical farms created by N.Thing, NEXTON, Farm 8, and other companies. More importantly, they can grow and produce delicious fresh produce without the need for pesticides, herbicides, or fungicides. These clever vertical farms use hydroponics, LED lighting, and algae as growth mediums to cultivate plants. Therefore, compared to traditional farming, they can cut the growth cycle in half. They also employ vertically stacked beds, which yield more output per square foot.

Greenhouse indoor farming is the major factor influencing growth in South Korea

The most popular indoor farming method in South Korea is greenhouse farming, which is also one of the oldest methods. A novel method of indoor farming known as "vertical indoor farming" is expanding in the nation at a faster rate. Crops are grown in totally enclosed, opaque rooms with artificial illumination in indoor agriculture, which includes soil-based, hydroponic, aeroponic, aquaponic, and hybrid systems. When compared to outdoor farming, indoor farming consumes 95% less water on average since it recycles and reuses water. The transpiration procedure takes place in vertical greenhouses where plants and crops are grown, enabling farmers to recycle the water for irrigation.

Benefits to the environment and high demand for fish help to draw in environmentally conscious individuals and may lead to an upsurge in the aquaponics market.

Comparing aquaponics to conventional farming methods reveals some environmental benefits. Aquaponics utilizes at least 90% less water than traditional methods. This advantage of low water usage is expected to propel the aquaponics market over the forecast period. Alternative harvesting methods are required since fish are one of the main sources of protein and because their numbers are quickly diminishing in natural water bodies. As a result, the rising demand for fish across the nation may serve as a significant driver for the aquaponics market during the projection year. A useful solution to the issue of world hunger is aquaponics.

Market Key Developments

• In August 2022, NEXTON, a Korean agri-tech company that has made significant contributions to influencing the future of farming globally, met with Invest Alberta.
• In May 2022, as one of the World Economic Forum's "Technology Pioneers," N.THING, the Seoul-based agri-tech business that developed the modular vertical farm "CUBE" and its solution "CUBE OS," was chosen from among hundreds of applicants. By fusing IoT technology and data, N.THING is a breakthrough in agricultural products along the value chain from farm to table.

South Korea Indoor Farming Market Scope:

Segmentation:

• By Growing System
  • Hydroponics
  • Aeroponics
  • Aquaponics
  • Soil-based
  • Hybrid
• By Component
  • Hardware
  • Software
  • Services
• By Facility Type
  • Glass or Poly Greenhouse
  • Indoor Vertical Farm
  • Container Farm
  • Indoor DWC System
• By Crop Type
  • Fruits and Vegetables
  • Herbs and Microgreens
  • Flowers and Ornamentals
  • Others

1.  INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Assumptions

3. EXECUTIVE SUMMARY

3.1. Research Highlights

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Force Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. SOUTH KOREA INDOOR FARMING MARKET ANALYSIS, BY GROWING SYSTEM

5.1. Introduction

5.2. Hydroponics

5.3. Aeroponics

5.4. Aquaponics

5.5. Soil-based

5.6. Hybrid

6. SOUTH KOREA INDOOR FARMING MARKET ANALYSIS, BY COMPONENT

6.1. Introduction

6.2. Hardware

6.3. Software

6.4. Services

7. SOUTH KOREA FARMING MARKET ANALYSIS, BY FACILITY TYPE

7.1. Introduction

7.2. Glass or Poly Greenhouse

7.3. Indoor Vertical Farm

7.4. Container Farm

7.5. Indoor DWC System

8. SOUTH KOREA INDOOR FARMING MARKET ANALYSIS, BY CROP TYPE

8.1. Introduction

8.2. Fruits and Vegetables

8.3. Herbs and Microgreens

8.4. Flowers and Ornamentals

8.5. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Emerging Players and Market Lucrativeness

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix

10. COMPANY PROFILES

10.1. NEXTON

10.2. Farm8

10.3. Urban Skyfarm

10.4. N.Thing

10.5. ALGA Farm Tech

10.6. FIRMMIT

NEXTON

Farm8

Urban Skyfarm

N.Thing

ALGA Farm Tech

FIRMMIT