Controlled Environment Agriculture
Controlled Environment Agriculture
Business Model Description
Invest in companies providing CEA solutions to adopt a B2B model by selling their technology, services and products to farms, grocery stores, and restaurants. They may also adopt a B2C model by selling products directly to consumers through their own stores or online marketplaces. Revenue streams can come from the sale or leasing of CEA systems, ongoing maintenance and support services, as well as the sale of produce. Examples of companies active in this space are:
Agroz Group uses advanced CEA hydroponics technology to optimize growing conditions, such as temperature, humidity, and lighting, resulting in higher crop yields and quality. As of May 2023, VCI Global Limited has signed an IPO advisory mandate with Agroz Group which entails a USD2 million advisory fees and a success fee of 5 per cent of the market capitalization of Agroz when listed (18).
Cultiveat conducts indoor precision farming, deploying CEA technologies that provide optimal growing conditions such as temperature, humidity, and lighting, resulting in higher crop yields and quality. They sell their products via an online marketplace and deliver across Klang Valley. Their price range for fresh lettuce is between RM20 - RM 40 or USD 5 to USD 10 (19).
Boom Grow Farms utilizes their patent-pending 'Machine Farm', a modular CEA hydroponics system that is space efficient and scalable. Automation and precision equipment monitor and control factors including temperature, humidity, and nutrients. As of 2021, Boom Grow raised USD 216,000 from SME Corp, PlaTCOM Ventures and MDEC. Boom Grow has also been funded by Angel Investors (20, 48).
Expected Impact
Increase national food security and self-sufficiency, enhance sustainable agricultural practices for local food production, increase the yields and the agriculture sector's share of GDP, and optimize land use.
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
Disclaimer
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Country & Regions
- Malaysia: Selangor
- Malaysia: Johor
- Malaysia: Melaka
- Malaysia: Penang
Sector Classification
Food and Beverage
Development need
Agriculture employs 1.86 million workers and grapples with social protection related challenges. Malaysia's food trade deficit has surged from USD 371.87 million in 1988 to USD 4.57 billion. The late 2021 and early 2022 floods inflicted nearly RM 90.6 million (USD 19.62 million) in damages to the sector, underlining the need for enhanced resilience. (10, 44, 45)
Policy priority
Under the 12th Malaysia Plan (1), Ministry of Agriculture and Food Security (MAFS) received USD 1.5 billion allocation, setting food security and agriculture as priorities. The 2021 NDCs' emphasizes on these sectors for GHG reduction (46), the First Policy Thrust of the 2021-2030 National Agrofood Policy (2) and 2021-2025 Food Security Plan aim for tech-driven transformations.
Gender inequalities and marginalization issues
Agriculture and food production significantly influence growth, vital for rural areas and smallholder farmers (16). Yet, challenges persist: 56 per cent of workers are non-standard, facing higher retrenchment risks, and over 30 per cent are under protected foreign workers (45). Almost 90 per cent of agricultural establishments are vulnerable SMEs, including 40 per cent micro-enterprises, employing 42 per cent of the sector's workforce. (20)
Investment opportunities introduction
Malaysia prioritizes food security and agriculture development, as RM5.38 billion or USD 1.16 billion is allocated to the Ministry of Agriculture and Food Security (MAFS) under Budget 2023 to address challenges in food production and supply (5). The food & Agri-Tech sector received USD 1.33 billion in private start-up funding during Jan-Nov 2022 (4).
Key bottlenecks introduction
Malaysia remains vulnerable due to extreme weather conditions and climate change, resulting to drought in areas whereby cultivation of crops become unfeasible (11). The late 2021-early 2022 floods inflicted nearly RM 90.6 million (USD 19.62 million) in damages to the sector, due to climate change extreme weather condition is forecasted to bring more damages (47, 11).
Food and Agriculture
Development need
A critical part of the economy, agriculture, employing 1.86 million workers (44), faces social protection issues. Agri-Tech development can promote eco-friendly, efficient farming (15), mitigating RM 482.8 billion (USD 104.54 billion) decade-long food import dependence (45), and addressing climate change.
Policy priority
Malaysia is focused on improving livelihoods for farmers and increasing yields and productivity such as in the Northern Corridor Economic Region (NCER) (6). Private Sector Partnerships with small holder farmers through pilot projects with MDEC and funding from AgroBank are present (49). Budget 2023 has prioritized digitalization of agriculture to boost food security (5).
Gender inequalities and marginalization issues
Agriculture and food production significantly influence growth, vital for rural areas and smallholder farmers (16). Yet, challenges persist: 56 per cent of workers are non-standard, facing higher retrenchment risks, and over 30 per cent are under protected foreign workers (45). Almost 90 per cent of agricultural establishments are vulnerable SMEs, including 40 per cent micro-enterprises, employing 42 per cent of the sector's workforce.
Investment opportunities introduction
Malaysia experienced a 26 per cent growth in Agri-Tech investment from 2014 to 2020 (10), Malaysia's shift from monoculture farming to diversified food crops is accelerated by tech advancements like precision agriculture and CEA. This transition is supported by government incentives for industrial-scale agriculture projects (5).
Key bottlenecks introduction
Structural issues - there is a lack of tailored electricity tariffs for technology-assisted farming practices, which require higher electricity consumption (7, 8). Implementing IoT systems estimated to cost at minimum around USD 10,800 for a 930 sq m farm, can contribute to improved productivity, but costs can be substantial (48).
Agricultural Products
Pipeline Opportunity
Controlled Environment Agriculture
Invest in companies providing CEA solutions to adopt a B2B model by selling their technology, services and products to farms, grocery stores, and restaurants. They may also adopt a B2C model by selling products directly to consumers through their own stores or online marketplaces. Revenue streams can come from the sale or leasing of CEA systems, ongoing maintenance and support services, as well as the sale of produce. Examples of companies active in this space are:
Agroz Group uses advanced CEA hydroponics technology to optimize growing conditions, such as temperature, humidity, and lighting, resulting in higher crop yields and quality. As of May 2023, VCI Global Limited has signed an IPO advisory mandate with Agroz Group which entails a USD2 million advisory fees and a success fee of 5 per cent of the market capitalization of Agroz when listed (18).
Cultiveat conducts indoor precision farming, deploying CEA technologies that provide optimal growing conditions such as temperature, humidity, and lighting, resulting in higher crop yields and quality. They sell their products via an online marketplace and deliver across Klang Valley. Their price range for fresh lettuce is between RM20 - RM 40 or USD 5 to USD 10 (19).
Boom Grow Farms utilizes their patent-pending 'Machine Farm', a modular CEA hydroponics system that is space efficient and scalable. Automation and precision equipment monitor and control factors including temperature, humidity, and nutrients. As of 2021, Boom Grow raised USD 216,000 from SME Corp, PlaTCOM Ventures and MDEC. Boom Grow has also been funded by Angel Investors (20, 48).
Business Case
Market Size and Environment
> USD 1 billion
< 5%
In 2021, Malaysia's gross output value stood at USD 22.92 billion, with its agricultural trade value standing at USD 59.4 billion. Crops account for 88.7 per cent of fixed assets in the sector, followed by livestock (6.9 per cent), forestry and logging (2.9 per cent) and fisheries (1.5 per cent) (13, 14).
Controlled Environment Agriculture would mainly benefit urban areas, such as in the Klang Valley, where 35 per cent of buildings are underutilized or vacant (33).
Indicative Return
> 25%
Expert stakeholders surveyed have indicated typical gross profit margin ranges between 30 per cent to 40 per cent for business operating in Malaysia. This is based on prudent cost management and achieving economies of scale.
Investment Timeframe
Medium Term (5–10 years)
Most vertical farming and controlled environment agriculture facilities in Malaysia can take between 8-9 years to reach scale and start delivering returns (21).
Ticket Size
< USD 500,000
Market Risks & Scale Obstacles
Capital - Limited Investor Interest
Capital - CapEx Intensive
Capital - Requires Subsidy
Impact Case
Sustainable Development Need
Over 2019-2021, the food insecurity prevalence in Malaysia was 15.4 per cent, representing 5 million people, and 800,000 people were estimated to be undernourished (31). Self-sufficiency in fruit and vegetables was 78.2 per cent and 44.6 per cent respectively in 2019 (2).
In Malaysia, the agricultural sector already uses a total of 5.63 million hectares of land, accounting for approximately 17 per cent of the total land area. However, land use efficiency needs to be enhanced to meet the growing food demand and self-sufficiency targets (2).
Agriculture consumes 71 per cent of freshwater resources globally and is one of the main sources of water and environmental pollution due to the use of pesticides, with 80 per cent of Malaysian farmers reported having unsustainable practices, including excessive pesticides usage (2, 42).
Gender & Marginalisation
In Malaysia, less than 10 per cent of the overall female employment is in the agricultural sector (6.54 per cent in 2017). Female smallholders' products are often at the bottom of the supply chain, being sold below fair value. Women constitute only 12-13 per cent of agricultural landowners (35, 36).
Small scale farmers from remote areas, such as Sabah, often do not have access to the bigger markets located in urban areas (35). Additionally, farmers' productivity, especially smallholders', remains low including because of lack of appropriate financing for technology adoption (1, 2, 31).
Expected Development Outcome
Enhanced the country's food security and self-sufficiency, which contributes to the objective of a food trade balance of 2.9 per cent (compared to -6.7 per cent in 2019), with an aim to reach 83 and 79 per cent of self-sufficiency in the supply of fruit and vegetables respectively by 2030 (2).
Controlled environment agriculture, such as vertical farming, increases land use efficiency while enabling urban production and local availability of fresh fruit and vegetables (33).
Controlled environment agriculture increases crop yield while using fewer resources, such as water resources and pesticides, enabling sustainable agricultural practices (34).
Gender & Marginalisation
If proper capacity building is provided, increased Agri-Tech can help reduce women farmers' workload by increasing productivity and boost their revenues, positively contributing to their empowerment (38).
Smallholder farmers can benefit from controlled environment agriculture of high-value products such as fruit and vegetables, organic food products, niche products to service industries such as hospitality, among others, giving them increased access to urban markets (39).
Primary SDGs addressed
2.1.1 Prevalence of undernourishment
2.1.2 Prevalence of moderate or severe food insecurity in the population, based on the Food Insecurity Experience Scale (FIES)
2.3.1 Volume of production per labour unit by classes of farming/pastoral/forestry enterprise size
Less than 2.5 per cent of the population in 2020 (37).
15.4 per cent of the population in 2020 (37).
In 2020, the productivity per employee in the agricultural sector was RM 65,270 (USD 17,623) in 2015 prices, and RM 99,034 (USD 26,739) for all sectors (agriculture and agro-food) (2).
Target of 55 per cent improvement in productivity in the agro-food sector (30).
15.3.1 Proportion of land that is degraded over total land area
15.22 per cent of land in 2019 (37).
Secondary SDGs addressed
Directly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Public sector
Indirectly impacted stakeholders
People
Corporates
Public sector
Outcome Risks
There is a risk that the production only targets export markets, thus not contributing to national food security or self-sufficiency.
Unless supported by renewable energy sources to power the energy requirements for Controlled Environment Agriculture, scaling up current business models using traditional sources of energy will result in higher emissions.
Unless supported by capacity building programs, controlled environment agriculture will remain inaccessible to smallholders and farmers with low technical know-how.
Gender inequality and/or marginalization risk: Lack of consideration for affordability might limit access of smallholder's part of the B40 segment to controlled environment agriculture solutions.
Impact Risks
If the preferences of farmers are not taken into account, the CEA might not be well-perceived by them and might not be embraced.
High upfront investments might prevent farmers, particularly smallholders, from taking up CEA, limiting the impact creation.
Efficiency might be at risk if similar production outputs could be achieved with less technology-reliant agricultural practices, risking the need for CEA.
Gender inequality and/or marginalization risk: Due to high investment costs, controlled environment agriculture might not be available to small scale farmers, limiting the impact creation.
Impact Classification
What
Controlled Environment Agriculture contributes to greater national food security and self-sufficiency, increased yields, more efficient land use and decreased resource consumption.
Risk
Not taking into account farmer preferences, stakeholder participation risk due to the high investment costs and efficiency concerns might limit impact creation.
Contribution
In 2019, self-sufficiency in the supply of fruits and vegetables was 78.2 per cent and 44.6 per cent respectively, the objectives are set at 83 per cent and 79 per cent by 2030 (2).
Impact Thesis
Increase national food security and self-sufficiency, enhance sustainable agricultural practices for local food production, increase the yields and the agriculture sector's share of GDP, and optimize land use.
Enabling Environment
Policy Environment
MyDigital: the policy identifies the agricultural sector digitalization as one of the drivers for economic development and targets a 30 per cent uplift in labor productivity across all agricultural sectors (29).
National Agrofood Policy (2021-2030): the policy aims at modernizing the agricultural sector through greater adoption of smart agriculture solutions, with the aim of developing a sustainable and resilient agro-food sector (2).
Fourth Industrial Revolution Policy: the policy sets a target of 55 per cent improvement in productivity within the agri-food sector, through the enhanced adoption of supportive technology (30).
Nationally Determined Contribution (2021): agriculture is part of Malaysia's climate change action. The sector is mentioned by the report as one of the areas where Malaysia is taking key mitigation and adaptation actions to reduce GHG emissions and achieve the 4 per cent reduction target (43).
Industry4WRD Policy on Industry 4.0: The policy intends to support companies' digital transformation in manufacturing sector through incentives and support for infrastructure, human capital and technology development. (49)
Malaysia Madani: The Malaysia Madani plan has six main principles including Innovation and Sustainability, with aspirations of strengthening MSME resilience and prioritizing food security. (50)
Financial Environment
Financial incentives: Community urban farming programs, for example, allocating USD 13.95 million to MAFI for the Kebuniti (Community Garden) programme nationwide, proving to be a success in supporting food needs of urban and rural residents (27).
Financial incentives: Agrobank offers financing schemes to apply smart farming measures, in line with the adoption of IR4.0, in collaboration with MTDC. The Funding has been extended to 200 entrepreneurs (USD 4.41 million) (40).
Financial incentives: Agrobank's Green Financing portfolio is 5.8 per cent of total portfolio, and they are aiming to expand this component. Companies/projects adopting eco-friendly, and SMART farming practices need to be classified under myGAP, therefore eligible for Green Activity Financing (40).
Financial incentives: Microfinancing programmes such as MDEC-CIMB Islamic MOU to extend the financing to catalyze digital Agri-Tech, up to USD 5.51 million providing financial assistance/incentives to facilitate the widespread adoption of digital agtech solutions (41).
Regulatory Environment
National Land Code 1965: regulates the land and land tenure as well as the land property and registration process (28).
Guideline on Acquisition of Properties: regulates the acquisition of land and prohibits a ‘foreign interest’ (including foreign entities and individuals) to acquire, among other things, properties (including agricultural land) valued at less than USD 220,337 (28).
Marketplace Participants
Private Sector
Agroz Group; Cultiveat; BoomGrow Farms; Farmy; City Farm; 500 Durians; Gobi Partners; RHL Ventures.
Government
Ministry of Agriculture and Food Security (MAFS); Ministry of Science Technology and Innovation (MOSTI); Ministry of Natural Resources, Environment and Climate Change (KeTSA).
Multilaterals
United Nations Development Programme (UNDP); World Bank; Food and Agriculture Organization of the United Nations (FAO); International Fund for Agricultural Development (IFAD); Global Environment Facility (GEF).
Non-Profit
Malaysian Agricultural Research and Development Institute (MARDI); Malaysian CropLife and Public Health Association (MCPA); Malaysian Agricultural and Horticultural Supplies Association (MAHSA); Malaysian National Farmers' Organization (NASH); Malaysian Fertilizer Association (MFA).
Public-Private Partnership
Malaysia Digital Economy Corporation (MDEC); Malaysia Technology Development Corporation (MTDC); Malaysian Global Innovation & Creativity Centre (MaGIC); Malaysian Industry-Government Group for High Technology (MIGHT).
Target Locations
Malaysia: Selangor
Malaysia: Johor
Malaysia: Melaka
Malaysia: Penang
References
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