Chicago, Oct. 04, 2023 (GLOBE NEWSWIRE) -- The plant factory market is a rapidly growing sector within the agriculture and horticulture industry. Plant factories, also known as vertical farms or indoor farms, are controlled environment agriculture facilities where crops are grown in a controlled environment, typically indoors, using advanced technologies such as artificial lighting, climate control, and hydroponics or aeroponics systems.
How big is the plant factory market?
The plant factory market is estimated at USD 138 million in 2023 and is projected to reach USD 196 million by 2028, at a CAGR of 7.3% from 2023 to 2028. As more people move to cities, there is a growing demand for locally grown produce.
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Plant Factory Market Scope:
| Report Metric | Details |
| Market valuation in 2023 | USD 138 million |
| Revenue forecast by 2028 | USD 196 million |
| Growth rate | CAGR of 7.3% |
| Regions covered | North America, Europe, Asia Pacific, South America, and RoW |
| Market Driver | Higher yield as compared to traditional agriculture practices |
| Market Opportunities | Tapping into the organic food market |
Who are the top plant factory manufacturers?
List of Top Companies Operating in the Plant Factory Industry Worldwide:
- AeroFarms (US)
- Gotham Greens (US)
- BOWERY FARMING INC. (US)
- Oishii (US)
- Plenty Unlimited Inc. (US)
Plant Factory Market Report (312 Pages, 285 Tables, and 60 Figures): https://www.marketsandmarkets.com/Purchase/purchase_reportNew.asp?id=199919959
What are the driving factors of plant factory market?
- Urbanization: As more people move to cities, there is a growing demand for fresh produce in urban areas. Plant factories can be set up in or near cities, reducing the need for long-distance transportation of food and addressing urban food security challenges.
- Resource Efficiency: Plant factories are designed to maximize resource efficiency. They use less water compared to traditional agriculture, and their controlled environments reduce the need for pesticides and herbicides. They can also optimize nutrient delivery to plants, leading to higher crop yields.
- Climate Change: Erratic weather patterns and the threat of climate change are making traditional agriculture more unpredictable. Plant factories offer a stable and controlled environment for crop growth, reducing the risks associated with adverse weather conditions.
- Technology Advancements: Advances in LED lighting, automation, and sensor technologies have made it more feasible and cost-effective to operate plant factories. These technologies enable precise control over factors like light, temperature, and humidity.
- Consumer Preferences: Consumers are increasingly seeking out locally grown and pesticide-free produce. Plant factories can meet these demands by providing fresh and clean produce with a shorter supply chain.
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Which segment of plant factory market is expected to dominate the market with the largest share?
Plant factories offer a controlled environment that can be tailored to the specific needs of different plants. This means that growers can adjust factors like temperature, humidity, light, and nutrients to create the optimal growing conditions for each vegetable variety. For example, leafy greens like lettuce and kale require lower light levels and higher humidity, while tomatoes and peppers need higher light levels and lower humidity. Plant factories can create these tailored environments to maximize growth and yield, resulting in higher quality and more nutritious produce.
Which region is witnessing the highest growth rate in the plant factory market?
The plant factory industry has been studied in North America, Europe, Asia Pacific, South America and Rest of the World. The growth of the plant factory market in Europe is driven by a combination of factors, including increased demand for locally grown produce, government support and funding, technological advancements, environmental concerns, and growing consumer interest in sustainable and locally grown produce. Many European countries have implemented policies and initiatives that encourage the adoption of sustainable agricultural practices, including plant factories. For example, the European Union's Horizon 2020 program has allocated significant funding for research and innovation in sustainable agriculture, including plant factory technology. Additionally, some countries offer tax incentives and other benefits to growers who adopt these practices.
Related Reports:
Indoor Farming Technology Market
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:
Company Information
- Detailed analyses and profiling of additional market players
Geographic Analysis
- Further breakdown of the Rest of Europe plant factory market, by key country
- Further breakdown of the Rest of Asia Pacific plant factory market, by key country
