The global market reports from The Business Research Company have been updated with the most recent market sizing data for 2024 and projections extended to 2033
LONDON, March 26, 2024 (GLOBE NEWSWIRE) — As per The Business Research Company’s Smart Indoor Gardening System Global Market Report 2024, the smart indoor gardening system market is witnessing robust growth, driven by innovations, technological advancements, and shifting consumer preferences. According to recent data, the smart indoor gardening system market size is expected to reach $2.3 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.8% from 2023. The smart indoor gardening system market size is expected to see strong growth in the next few years. It will grow to $2.89 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
Rising Demand for Locally Sourced and Organic Produce
Consumers’ increasing preference for locally sourced and organic produce is a key driver for the smart indoor gardening system market. These systems offer year-round cultivation of fresh produce, meeting consumer demands regardless of weather or season. Precise control over growing conditions ensures sustainable access to fruits, vegetables, and herbs. For instance, recent surveys in the US indicate a significant uptick in organic produce purchases, reflecting growing consumer interest in healthier, sustainable options. Similarly, initiatives like the European Commission’s Farm to Fork strategy underscore the global trend towards organic farming, further fueling market growth.
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Innovative Solutions Driving Market Expansion
Major companies in the smart indoor gardening system market are introducing innovative solutions to cater to evolving consumer needs. Modular plant kits and seed varieties offer versatile gardening experiences, allowing users to customize their cultivation preferences. For example, LG Corporation’s launch of modular plant kits for its indoor gardening gadget, LG Tiiun, showcases the industry’s commitment to enhancing user experience and functionality. These advancements contribute to market expansion and increased adoption of smart indoor gardening systems.
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Market Segmentation and Regional Analysis
The smart indoor gardening system market is segmented by type, technology, and end-use. Floor gardens represent the largest segment, accounting for a significant portion of the market in 2023. North America leads in market share, followed by Asia-Pacific and Western Europe. Looking ahead, Asia-Pacific and North America are projected to be the fastest-growing regions, driven by increasing consumer awareness and adoption of smart indoor gardening solutions.
The smart indoor gardening system market is poised for continued growth, driven by factors such as rising consumer demand for organic produce and innovative product offerings. As companies continue to innovate and expand their offerings, the smart indoor gardening system market is expected to thrive, catering to the evolving needs of consumers globally.
Smart Indoor Gardening System Global Market Report 2024 by The Business Research Company provides insights on the smart indoor gardening system market size, smart indoor gardening system market segments, smart indoor gardening system market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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