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Industry Landscape
The urban agriculture and vertical farming industry is experiencing rapid growth, driven by increasing demand for fresh, local produce, sustainability concerns, and technological advancements. It's becoming a key component of PropTech, enhancing real estate value and tenant experience. Challenges include high initial investment and scalability for mass production.
Total Assets Under Management (AUM)
Indoor Farming Market Size in United States
~The U.S. indoor farming market size was valued at USD 1.83 billion in 2023.
(11.1% CAGR)
- Increasing adoption of CEA technologies. - Rising demand for fresh, chemical-free food. - Expansion of vertical farms in urban areas.
Total Addressable Market
10.4 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
AI-Powered Predictive Analytics
AI-powered predictive analytics can optimize crop yields, predict maintenance needs, and personalize tenant experiences by analyzing growth data and usage patterns.
Biophilic Design Integration
Advanced biophilic design elements will seamlessly integrate vertical farms into architectural spaces, enhancing aesthetic appeal and occupant well-being beyond simple plant walls.
Modular & Scalable CEA Systems
Next-generation modular and scalable Controlled Environment Agriculture (CEA) systems will allow for easier, more cost-effective expansion and customization of urban farm installations within diverse building types.
Impactful Policy Frameworks
The Farm Bill (e.g., 2023 Farm Bill proposal)
While the 2018 Farm Bill is current, proposals for the 2023 Farm Bill (under discussion) often include provisions for urban agriculture, local food systems, and specialty crop block grants to support innovative farming methods.
New Farm Bill provisions could unlock significant federal funding and grant opportunities for Miravel's expansion and R&D efforts, making their solutions more affordable for buildings.
Local Zoning and Building Codes (e.g., Los Angeles Green Building Code)
Cities like Los Angeles are increasingly updating zoning ordinances and building codes (e.g., Green Building Code) to encourage sustainable building practices, including on-site food production and green infrastructure.
Favorable local regulations can streamline the permitting process for Miravel's installations and potentially make their systems a mandatory or highly incentivized feature in new developments, boosting adoption.
Food Safety Modernization Act (FSMA) - Produce Safety Rule
The FDA's Produce Safety Rule (enacted 2016, with staggered compliance dates) sets science-based minimum standards for the safe growing, harvesting, packing, and holding of produce for human consumption, including for indoor farms.
Miravel must ensure its automated systems and processes meet FSMA's produce safety standards, which can be an operational cost but also a competitive advantage by assuring food safety for tenants.
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