The pressure on the agriculture industry to meet the growing demand for grains and food leads to the search for high-yielding farming techniques, such as precision farming and urban farming. Indoor farming, thus is looked upon as a potential solution for the growing concern about food security in the coming years.
The indoor farming technology market is estimated at USD 14.5 billion in 2020; it is projected to grow at a CAGR of 9.4% to reach USD 24.8 billion by 2028.
COVID-19 Impact on the Global Indoor Farming Technology Market
Amid the spread of COVID-19 pandemic, many individuals have developed a critical point of view towards outdoor food. With health and food safety becoming the key focus, the populations around the globe have showed an inclination towards home cooking and self-made/homemade meals. This has put the food and hotel industry into jeopardy. After the devastating outbreak of coronavirus pandemic, the adoption rate of urban indoor farming systems around the world are estimated to rise sharply. The agriculture industry faced challenges during the initial phases of the spread of the pandemic. There were huge labour shortages on the farm, some farmers missed their window of opportunity for harvesting for seasonal crops, the falling prices of agricultural products and the disruption of logistics. Many countries also realized their over dependence on imports of food materials and hence began emphasizing on internal and domestic productions.
Indoor Farming Technology Market Dynamics
Driver: Need for higher yields using limited space and water.
One of the main advantages of indoor farming is its higher yield compared to conventional farming methods. Enclosed facilities used in indoor farming create optimum growing conditions for farmers to grow a crop from seed to the harvesting stages in lesser time and obtain higher yields in each cycle with limited land area. According to USDA data, in 2016, the average yield of tomatoes grown in greenhouse hydroponics was 10.59 pounds per square foot, and that of traditionally grown tomatoes was 1.85 pounds per square foot. Therefore, indoor farms can increase the overall crop yield by stacking additional layers and increasing the growing area.
The Report Lists the Key Companies in the Long Term Care Insurance Market:
New York Life, Pacific Life, Lincoln Financial Group, Mutual of Omaha, Brighthouse Financial, OneAmerica Hybrid, GoldenCare, National Guardian Life, LTC Consumer, Minnesota Life, Transamerica, Nationwide, Thrivent, Bankers Life and Casualty, Prudential, UNUM, John Hancock, CNA, Genworth, AXA, State Life, and MassMutual.
The report provides a 360-degree overview of the market, listing various factors restricting, propelling, and obstructing the market in the forecast duration. The report also provides additional information such as interesting insights, key industry developments, detailed segmentation of the market, list of prominent players operating in the market, and other Long Term Care Insurance market trends. The report is available for sale on the company website.
Further, the report acknowledges that in these growing and promptly enhancing market circumstances, the most recent advertising and marketing details are very important to determine the performance in the forecast period and make essential choices for profitability and growth of the Long Term Care Insurance. In addition, the report encompasses an array of factors that impact the growth of the Long Term Care Insurance in the forecast period. Further, this specific analysis also determines the impact on the individual segments of the market.
Product Types: Between 18 and 64 ,Over 65 Years Old
On the Basis of Application: Traditional Long Term Care Insurance, Hybrid Long Term Care Insurance
Regional Analysis for Long Term Care Insurance Market :
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Major Table of Contents for Long Term Care Insurance Market :
4.Key Long Term Care Insurance Market Insights
5.Global Market Analysis, Insights and Forecast, 2015-2027
6.North America Market Analysis, Insights and Forecast, 2015-2027
7.Europe Market Analysis, Insights and Forecast, 2015-2027
8.Asia Pacific Market Analysis, Insights and Forecast, 2015-2027
9.The Middle East and Africa Market Analysis, Insights and Forecast, 2015-2027
10.Latin America Market Analysis, Insights and Forecast, 2015-2027
12.Global Long Term Care Insurance Market Revenue Share Analysis, By Key Players, 2021
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