South Korea Indoor Farming Market Overview, 2029

South Korea's agricultural sector is a blend of traditional practices and cutting-edge technology, crucial for sustaining its population of approximately 51 million people. Agriculture occupies about 18% of the nation's land, with rice being the most significant crop, accounting for over 40% of farm income and nearly 90% of total grain production. The country has transitioned from a largely agrarian society to a modern economy, yet it remains committed to food self-sufficiency, achieving this milestone for rice in 1978. Recent advancements include the adoption of smart farming technologies, such as automated greenhouses and precision agriculture, which leverage IoT and AI to optimize crop yields and resource management. The government aims to increase the area under smart greenhouses from 14% in 2023 to over 30% by 2027, reflecting a strong focus on innovation. Sustainable practices are also gaining traction, with initiatives promoting organic farming and reducing chemical inputs. Furthermore, urban agriculture is on the rise, with rooftop gardens and community farms enhancing food security in cities.

According to the research report, "South Korea Indoor Farming Market Outlook, 2029," published by Bonafide Research, the South Korea Indoor Farming market is anticipated to add to more than USD 489.70 Million by 2024–29. South Korea's indoor farming market is on the rise, fuelled by the nation's emphasis on technological progress and the pressing need to tackle food security challenges due to limited farmland and climate change. With urban areas expanding, the country is turning to indoor farming strategies like vertical farming and hydroponics to make the most of available space and grow fresh, local crops all year long. The South Korean government is backing this trend by investing in research and development to advance agricultural technology and support sustainable farming practices. In cities, particularly Seoul, vertical farms are popping up, making efficient use of space while minimizing water and land usage. This method also supports South Korea's initiatives to cut down on carbon emissions and provide more organic, pesticide-free produce, which is increasingly sought after by health-conscious shoppers. Technology is a key player in the indoor farming scene, with artificial intelligence, automation, and sophisticated climate control systems being integrated to improve productivity and efficiency.

The indoor farming sector in South Korea is becoming increasingly characterized by a variety of facility types, such as vertical farms, greenhouses, and other innovative structures. Greenhouse indoor farming currently dominates the market, thanks to its long-standing integration into traditional agriculture, which creates an optimal environment for diverse crop growth. These greenhouses excel in the cultivation of flowers and vegetables, making them a fundamental component of South Korea's agricultural framework. Meanwhile, vertical farming is swiftly gaining traction as a contemporary solution, utilizing stacked layers to grow crops in urban areas with limited space. This innovative method incorporates advanced technologies like hydroponics and LED lighting, enabling year-round production while drastically minimizing water consumption. Companies such as N. Thing and NEXTON are leading this charge, developing smart vertical farms that enhance yield and efficiency. Additionally, other facility types, including container farms and aquaponics systems, are emerging as promising alternatives that harness technology to boost sustainability and productivity.

The indoor farming landscape in South Korea is significantly shaped by multiple growth strategies, including hydroponics, aeroponics, aquaponics, soil-based systems, and hybrid models. Soil-based systems lead the market, thanks to their traditional effectiveness in nurturing a variety of crops and facilitating natural nutrient absorption. This method remains a preferred option for local farmers who value its dependability and familiarity. Hydroponics is swiftly gaining popularity, allowing for cultivation without soil through nutrient-rich water solutions that enhance growth rates and maximize yields. This approach is particularly advantageous in urban environments where land is scarce, enabling year-round production of premium crops. Aeroponics, which involves growing plants in a mist environment devoid of soil, is emerging as an efficient alternative that conserves water while promoting rapid growth and higher nutritional content in produce. Aquaponics integrates fish farming with plant cultivation, fostering a sustainable ecosystem that optimizes resource use and boosts food production. Furthermore, hybrid systems that blend these various techniques are being explored to enhance productivity and sustainability.

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 labor 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 shutdown 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 essential crops on a modest scale in their own homes, which has increased productivity.



Considered in this report
• Geography: South Korea
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• South Korea Indoor Farming market with its value and forecast along with its segments
• various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation
By Growth Mechanism
• Hydroponics
• Aeroponics
• Aquaponics
• Soil-based
• Hybrid

By Facility Type
• Vertical Farm
• Greenhouse
• Others

The approach of the report:
We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free.

Intended Audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the battery manufacturers, 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.