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Research Outline

Prepared for Jon | Delivered August 8, 2019

Indoor agriculture in the US

Goals

Find the 2018 market size and the projected growth rates through 2024 for the indoor agriculture market in the United States. Segment the data based on the following three segments: 1) vertical/warehouse farms (produce); 2) smart/controlled greenhouses (produce); and 3) cannabis production.

Early Findings

  • As of 2017, the market size of indoor agriculture in North America was approximately $47 billion. This is based on a global market size of $106.6 billion and North America dominating the market with a 44% market share.
  • The global indoor farming market has a projected CAGR of 3.4% through 2023. Since North America has such a large share of the market, we can assume that North America's growth rate will be similar.
  • The vertical farming segment of the US indoor agriculture market is projected to reach $3 billion by 2024 with a CAGR of 24%.
  • The global smart greenhouse market is projected to reach $2 billion in 2024. The CAGR of this segment is expected to be 13% through 2024.