Rapid industry growth, consumer demand for fresh local food, and supply chain challenges combined to make indoor agriculture extra appealing in 2021 and investors responded by more than doubling funding in the year. A further $450mn+ was invested in the first quarter.
One example of a proactive approach to food security is the island nation of Singapore. It imports more than 85% of its vegetables; its government has set a target of producing 30% of its nutritional needs by 2030, a ‘30 by 30’ plan*. However, while already paving the way for sustainability and responding to some of the rising concerns within the agriculture and food supply industries, there is still work to be done within the industry as it grows.
Indoor farming allows anyone to become a farmer, even if they don’t have access to land or substantial financial resources. It enhances the built environment but its major drawbacks are its high energy usage and farm profitability. These drawbacks will need to be addressed if the future of the industry is to be plentiful.
See the full report, figures, and takeaways here: ESG in Indoor Agriculture.