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Indoor farming : fancy concept or environmental breakthrough? : economic analysis of a small scaled indoor farm producing iceberg lettuce in Bergen, Norway.

Keleş, Kadir
Master thesis
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URI
http://hdl.handle.net/11250/2560505
Date
2018
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  • Master Thesis [4207]
Abstract
The purpose of this thesis is to evaluate the concept of indoor farming from an economic

perspective. In evaluation of the concept, the study aims to clarify whether current trends and

applications of the concept do consider, to provide a contribution to tackling of environmental

and agricultural challenges. In clarification, the study builds a case of establishing a smallscaled

indoor farm in Norway, by following paths as indoor farms and authorities suggest.

Once the indoor farm is established and costs are determined, the study pursues an additional

task of examining prospects of this indoor farm within Norwegian agricultural market. This

part of the study intends to figure how does pricing and sales strategies of a small scaled

indoor farm varies, depending on profitability and competition.

In evaluating the position of the indoor farm, the study applies two analysis methods from

corporate finance. Initially, the viability of investment to the small-scaled indoor farm is

measured by application of net present value calculation. Secondly, production efficiency and

pricing strategy of the indoor farm is measured by break-even analysis.

Due to significant findings regarding costs determination of the indoor farm, financial

analysis of the study is extended into three different scenarios. While first scenario is kept as

is, in following two scenarios project leader is expected to cover role of some labor used in

production, in order to decrease costs.

As the study reflects several critical factors in economic viability of an indoor farm, most

notable finding is that indoor farmers are currently concerned with gaining economic profit,

rather than contributing to tackling of environmental challenges. With suggestion of further

efforts to aid development and existence of indoor farms in agricultural production, the study

suggests indoor farmers to make further attempts in forming an image to the concept as a

practice to provide a better environment to current and future generations.

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